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HomeMy Public PortalAbout2001-01 EDIT BondsCOMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA ORDINANCE NO. 2001- 1 s AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA, AMENDING ORDINANCE NO. 1999 -20 (AS PREVIOUSLY AMENDED BY ORDINANCE NO. 2000-2), AUTHORIZING THE ISSUANCE AND SALE OF COUNTY ECONOMIC DEVELOPMENT INCOME TAX REVENUE BONDS OF THE CITY, AND CERTAIN MATTERS RELATING THERETO WHEREAS, on December 30, 1999, the Common Council (the "Common Council ") of the City of Greencastle, Indiana (the "City ") adopted Ordinance No. 1999 -20 (the "Original Ordinance ") - authorizing the issuance and sale of county economic development income tax revenue bonds of the City in the aggregate principal amount of Five Hundred Seventy Thousand Dollars ($570,000) (the "Bonds "), the proceeds of which are to be applied to pay the costs of a portion of the following economic development projects: (a) acquisition ofreal estate to provide for office space for the City, and (b) engineering study and design work relating to Indianapolis Road from Wood Street east to State Road 240 in the City (collectively, the "Economic Development Projects "); and WHEREAS, on March 14, 2000, the Common Council adopted Ordinance No. 2000 -2 amending and supplementing the Original Ordinance for the purpose of authorizing the issuance and sale of bond anticipation notes in an aggregate principal amount not to exceed Five Hundred Fifty Thousand Dollars ($550,000) (the "BANS "), which BANS were duly issued on April 7, 2000 in order to provide interim financing to apply to a portion of the costs of the Economic Development Projects, in anticipation of the issuance of the Bonds; and WHEREAS, the BANS mature on March 1, 2001, and the Common Council now desires to amend and supplement the Original Ordinance, as previously amended and supplemented by Ordinance No. 2000 -2, in order to permit the timely repayment of the BANS and to include certain ® additional provisions relating to the Bonds; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA, AS FOLLOWS: SECTION 1. The first two paragraphs of Section 2 of the Original Ordinance are hereby replaced with the following language: "In order to procure funds for such loan, the City is hereby authorized and directed to have prepared and to issue and sell negotiable county economic development income tax revenue bonds of the City, to be designated as "City of Greencastle, Indiana, County Economic Development Income Tax Revenue Bonds, Series 2001" (the "Bonds "), in an aggregate principal amount not to exceed Five Hundred Seventy Thousand Dollars ($570,000). The final aggregate principal O amount of the Bonds shall be set forth in a Certificate executed by the Clerk- Treasurer of the City prior to th,, sale of the Bonds. The Bonds shall be payable solely from the Sinking Fund referred to below. The Bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars ($5,000) or an integral multiple thereof ("Authorized Denominations ") not exceeding the aggregate principal amount of Bonds maturing in any year. The Bonds shall be numbered consecutively from 0IR -1 upwards and shall bear interest payable semiannually commencing July 1, 2001 and each January 1 and July 1 thereafter, at a rate or rates not to exceed eight percent (8 %) per ammm (the exact rate or rates of interest to Le determined by negotiation or by competitive sale as set forth in Section 4 hereof). Interest shall be • -2- ::OMNwm910DMAWM 1w 2e4, 22 calculated on the basis of twelve (12) thirty (30) -day months for athree hundred sixty S (360) -day year." "The Bonds shall mature serially on January 1 in the years and amounts as set forth in a Certificate executed by the Clerk - Treasurer of the City prior to the sale of the Bonds." SECTION 2. The eighth paragraph of Section 2 of the Original Ordinance is hereby replaced with the following language: "The Bonds shall bear an Original Date which shall be their date of delivery, and each Bond shall also bear the date of its authentication. Bonds authenticated on or before Jute 15, 2001, shall be paid interest from the Original Date. Bonds authenticated thereafter shall be paid into est from the interest payment date next • preceding the date of authentication of such Bonds unless the Bonds are authenticated between the fifteenth day of the month preceding an interest payment date and the interest payment date, in which case interest thereon shall be paid from . such int test payment date." SECTION 3. The form of the Bonds set forth in Section 3 of the Original Ordinance is hereby amended to appropriately reflect amendments to the Original Ordinance contained in Sections 1, 2 and 5 of this Ordinance. SECTI 4. The Bond proceeds shall be applied first to the retirement of principal of and interest on the outstanding principal amount of the BANS, as soon as possible after the issuance of the Bonds. Any Bond proceeds remaining after the retirement of the BANS shall be deposited in the Construction Fund in accordancc with Section 9 of the Original Ordinance. • -3- ::OD1 MNOODbM47MN A 1:264412;2 SECTION 5 . The Bonds are hereby designated as "qualified tax - exempt obligations" for ® the purposes of Paragraph (3) of Section 265(b) of the Internal Revenue Code of 1986, as amended (the "Code "), and any or all officials, officers, members, employees and agents of the City are hereby authorized to execute on behalf of the City any documents necessary or appropriate to evidence further such designation. The reasonably anticipated amount of "tax- exempt obligations" (as such tern is used in Section 265(b) of the Code) (other than obligations described in Section 265(b)(3)(C)(ii) of the Code) which will be issued by the City or subordinate entities during the calendar year 2001 does not exceed $10,000,000, and not more than $10,000,000 of obligations issued by the City or subordinate entities have been or will be designated "qualified tax- exempt obligations" during calendar year 2001. The designations set forth in this Section 5 as to the Bonds, if any, may be revoked in writing by the Mayor of the City prior to the issuance thereof. SECTION 6. This Ordinance is adopted by the Common Council for purposes of amending ® and supplementing the Original Ordinance, as previously amended, and the terms and conditions of the Original Ordinance, as previously amended, to the extent not inconsistent with the terms of this Ordinance, are incorporated herein by reference and shall apply to the Bonds as if set forth herein. O -4- %ODNM%U ODMAVNIhL N1;2&412;2 Passed anca adopted by the Common Council of the City of Greencastle on this Egay of • February, 2001. COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA Tom Roach Hammer • • Presented by me to the Mayor of the City of Greencastle, Indiana, on the / "day of February, 2001, at f: x o'clock p.m. ( z e �,j Pamela S. Jones, t r. Treasurer This Ordinance approved and signed by me on the L5qay of February, 2001, at 20 o'clock p.m. AT Pamela S. Jones, Cler Tblurer :.OD\IAUHODI AVNIM NI;MW11;? &I Nancy A. i hael, Mayor Norm Crampton V