HomeMy Public PortalAboutResolution 05-2015-5 GREENCASTLE COMMON COUNCIL
APRIL 14.2015
RESOLUTION NO. 2015 -5
A RESOLUTION OF THE CITY OF GREENCASTLE
COMMON COUNSEL APPROVING THE ISSUANCE OF
BONDS
WHEREAS the Greencastle Redevelopment Commission ( "Commission) has
determined to issue its Tax Increment Revenue Bonds of 2015 in the principal amount not to
exceed $7,500,000 ('Bonds ") in order to finance the construction of a community center and
road and water infrastructure improvements (collectively, "Projects ") in, serving or benefiting the
Greencastle Economic Development Area ( "Area ") to fiord a debt service reserve and to pay
costs of issuance and all other incidental expenses incurred in connection with the issuance of the
Bonds:
WHEREAS, the debt service on the Bonds shall be payable from incremental ad valorem
real property tax revenues levied and collected in the Southeast Allocation Area located within
the Area ( "Southeast Tax Increment "), and as allocated and deposited as provided in the bond
resolution adopted by the Commission on March 18. 2015 authorizing the Bonds (collectively,
'Bond Resolution "):
WHEREAS, pursuant to IC 36- 7- 14- 25.1(c), the public purpose of the Bonds is to benefit
the public health and welfare of the citizens of the Area and the City, and to promote economic
development in the Area by improving the quality of life of the citizens of the Area and
encouraging job growth, economic vitality and elimination of economic deterioration and blight
and the Bond proceeds shall be used for such purposes; and
WHEREAS. the Common Council is required by IC 36- 7- 14- 25.1(p) to approve the
issuance of the Bonds:
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 the Bonds in an
aggregate principal amount not to exceed $7.500 with a term ending no later than twenty -
five (25) years after the date of issuance of the Bonds and a maximum interest rate of six percent
(6 %) per annum.
Section 2. The Bonds shall be issued in denominations of 55,000 and integral
multiples thereof, or, if the Bonds are sold to a sophisticated investor the Bonds may be issued
in minimum denominations of $100.000 and in integral multiples of $5.000 thereafter. The
Bonds shall be payable upon presentation at the office of the Paying Agent (as, defined in the
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Bond Resolution) or at the principal corporate trust office of any successor paying agent
appointed under the Bond Resolution.
Section J. The Bonds are redeemable at the option of the Commission. at face value,
plus in each case accrued interest to the date fixed for redemption on any date, beginning no
later than ten years after the date of issuance of the Bonds. at par, in whole or in part, upon A
days' written notice. in order of maturity determined by the Commission and by lot within
maturities and are subject to mandatory sinking fund redemption as determined upon the sale of
the Bonds.
Section 4. This resolution shall be in full force and effect from and after its passage.
ADOPTED by the Common Council of the City of Greencastle, at its regular meeting
this 14th day of Apri l. 2015.
COMMON COUNCIL OF THE CITY OF GRE CASTL�EE, INDIANA
Ji sie S. Bingham dam Cohen
Mark N. Hammer Ph` Ross leokicki
Tyler 'a
Presented by me to the Mayor of the City of Greencastle. Indiana. this 14th day of April.
2015 ate: Dnt.
Lr da Dunbar. Clerk- Treasurer
Approved and signed by me this 14th day of April. 2015 at'G:�1m.
Susan V. Murray. Mayor
ATTEST:
L da Dunbar. Clerk- Treasurer
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