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HomeMy Public PortalAbout2001-11 Bonds" ORDINANCE NO. A PRELIMINARY BOND ORDINANCE OF THE CITY OF GREENCASTLE, INDIANA, AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF SAID CITY. WHEREAS, the Common Council of the City of Greencastle, Indiana ( "City") has determined to undertake the acquisition and renovation of a building to be used as a City police station, together will all necessary appurtenances, related improvements and equipment ( "Project"); and WHEREAS, the Common Council has determined that the estimated cost, including incidental expenses incurred in connection with the Project and with the issuance ofbonds to finance the Project will be in an amount not to exceed Seven Hundred Fifty Thousand Dollars ($750,000); " and 'WHEREAS, the Common Council has been advised by its financial advisor that the total debt service on the bonds issued for the Project will be less than $2,000,000 and, therefore, the bonds will not be issued to fund a controlled project, as defined in IC 6- 1.1- 20 -1.1; NOW, THEREFORE, BE IT ORDAINED, BY THE COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA, THAT: Section 1 . The Common Council hereby determines to undertake the Project as described above. Section 2 . The City preliminarily determines to issue bonds of the City in an amount not to " exceed $750,000 ( "Bonds ") for the purpose of providing funds with which to pay the costs of the 855706.1 " Project and the incidental expenses necessarily incurred in connection therewith and on account of the issuance of the Bonds. The Bonds shall be payable from an unlimited ad valorem property tax to be levied on all taxable property in the City under IC 6 -1.1- 18.5 -8. The Bonds shall be issued in denominations of $5,000 or integral multiples thereof and shall bear interest at a rate or rates not to exceed 6.5% (such rates to be determined by competitive bidding), with interest payable semiannually. The Bonds will mature semiannually over a term not to exceed twenty (20) years. The Bonds will be designated as "General Obligation Bonds of 2001" and will constitute an indebtedness of the City. The exact terms of the Bonds shall be set forth in a final bond ordinance to be adopted by the Common Council. " Section 3 . The net assessed valuation of taxable property in the City, as shown by the assessment made in the year 2000 for state and county taxes collectible in the year 2001, is $100,260,839, and the outstanding indebtedness of the City subject to the constitutional limitation, exclusive of the Bonds is $1,320,000. Section 4 . After adoption of this ordinance, the Clerk- Treasurer shall publish and post a notice of this preliminary determination in accordance with IC 6- 1.1 -20 -5. Section 5 . This ordinance shall be effective from and after passage and approval by the Mayor. " 855706.1 -2- " ADOPTED this ��Mday of �� U�� , 2001. COMMON COUNCIL OF THE CITY OF GREENCASTLE, �� IAN��c, res ding Officer, Common Council ATTEST: 4L 2=iLr=j Clerk - Treasurer Presented by me to the Mayor of the City of Greencastle this ii day of ,(����F�� 2001 at 7 : 2-0 A.m. o'clock. // '' C IO 4:2 " Clerk- Treasurer Signed and approved by me the Mayor of the City of Greencastle, on this //51 day of 2001 at 7: 2-c) Fm. o'clock. Mayor ATTEST: L'o", / 'a, Clerk- Treasurer " 855706.1