HomeMy Public PortalAbout019-2019 - Bond Issue - Park Bond• r
ORDINANCE NO. 19-2019
An Ordinance of the City of Richmond, Indiana concerning park
improvements by the Park and Recreation Board through the
issuance and sale of bonds, and other matters connected therewith
WHEREAS, the Park and Recreation Board ("Board") of the City of Richmond, Indiana
("City") has determined to issue bonds in an amount not to exceed $750,000 pursuant to IC 36-
10-3 -24 for the costs of constructing the park projects as more fully described in Exhibit A
attached hereto and incorporated herein by reference, together with necessary appurtenances,
related improvements and equipment (collectively,, "Projects"); and
WHEREAS, the Common Council of the City is authorized by IC 3 6--10-3 -25(c) to
approve the issuance of bonds of the District;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, THAT:
Section 1. The Common Council hereby approves the issuance of bonds of the
District by the Board in the amount not to exceed $ 750,000 to apply on the cast of the Projects.
Section 2. The City represents that it will rebate any arbitrage profits to the United
States in accordance with Section 103 of the Intern Revenue Code of 1986, as in effect on the
date of delivery of the Bonds ("Code").
Section 3. Effective Date. This ordinance shall be in full force and effect from and
after its passage and ..execution by the Mayor.
Adopted dais6 day of mil, 019, by a vote of ayes and nays,
COMMON COUNCIL OF THE CITY OF
RI ONO, TND
Pre ' ' g O cer
n13027977.1
ATTEST:
��A 1111111
Clerk
Presented by me to the Mayor of the City of Richmond, Indiana, this ,� day of
2019 a� �m.
Clerk
Signed and approved by me, the Mayor of the City of Richmond, mdiana, on thiOrday
of 201 9.
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i113427977.1
EXHIBIT A
Descri tion of Pro'ects
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