HomeMy Public PortalAbout2001-39® RESOLUTION NO. 3
OF THE CITY OF GREENCASTLE, INDIANA
APPROVING ISSUANCE OF
PARK DISTRICT REFUNDING BONDS
WHEREAS, the Board of Park Commissioners of the City of Greencastle ('City") has
determined to issue bonds in an amount not to exceed $900,000 to provide funds to be applied on
the cost of the refunding of certain outstanding park district bonds of the Greencastle Park and
Recreation District ('Park District ") originally issued to construct a swimming pool in the Park
District;
WHEREAS, the refunding of the bonds will effect a savings to the Park District; and
WHEREAS, the Common Council of the City ('Common Council ") is authorized by IC 36-
10 -4 -35 to approve the issuance of bonds of the Park District;
® NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA, THAT:
Section 1 . The Common Council hereby approves the issuance of bonds of the Park District
by the Board of Park Commissioners in an amount not to exceed $900,000 to apply on the cost of
the refunding of certain outstanding bonds of the Park District to effect a savings to the Park District.
Section 2 . The City represents that:
(i) The refunding bonds are not private activity bonds as defined in Section 141 of the
Internal Revenue Code of 1986, as existing on the date of issuance of the bonds ('Code ");
(ii) The City hereby designates the refunding bonds as qualified tax - exempt obligations
for purposes of Section 265(b) of the Code;
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® (iii) The reasonably anticipated amount of qualified tax - exempt obligations (including
qualified 501(c)(3) obligations and tax - exempt leases but excluding other private activity bonds)
which will be issued by the City and all entities subordinate to the City during 2001 does not exceed
$10,000,000; and
(iv) The City, any body acting in the name of the City, and any entities subordinate to the
City, have not designated and will not designate more than $10,000,000 of qualified tax - exempt
obligations during 2001.
Therefore, the City expects the refunding bonds to qualify for the exception in the Code from the
disallowance of 100% of the deduction by financial institutions of interest expense allocable to
newly acquired tax - exempt obligations.
Section 3 . Effective Date This resolution shall be in full force and effect from and after its
passage and signing by the Mayor.
Passed and adopted this 13 " day of November, 2001.
A TT�EST:
_
Clerk- Treasurer
L
COMMON COUNCIL OF THE CITY OF
GREENCASTLE, INDIANA
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e Presented by me to the Mayor of the City of Greencastle this /, 3day of November, 2001
at .m.
i l/ /' z" _J �
Clerk- Treasurer
Signed and approved by me, the Mayor of the City of Greencastle, on this �ay of
November, 2001 at Z:Y�
llt'aC[t a _
Mayor
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