HomeMy Public PortalAbout1999-21 EDIT BondsCOMMON COUNCIL OF THE CITY OF GREENCASTLE, IrNDLANA
® ORDINANCE NO. 1999-21
ORDNANCE OF THE CITY OF GREENCASTLE, INDIANA (THE "CITY ")
APPROPRIATING THE PROCEEDS DERIVED FROM THE SALE OF BONDS
HERETOFORE AUTHORIZED TO BE ISSUED AND DESIGNATED AS "CITY
OF GREENCASTLE, INDIANA, COUNTY ECONOMIC DEVELOPMENT
INCOME TAX REVENUE BONDS, SERIES 2000" (TOGETHER WITH
INVESTMENT EARNINGS THEREON), FOR THE PURPOSE OF FNANCNG
THE COSTS OF ANY OR ALL OR ANY PORTION OF CERTAIN PROPOSED
ECONOMIC DEVELOPMENT PROJECTS OF THE CITY, TOGETHER WITH
EXPENSES IN CONNECTION WITH THE ISSUANCE OF THE BONDS.
WHEREAS, the undertaking of the proposed economic development projects set
forth below has previously been recommended and approved by the Board of Public Works and
Safety of the City (the "Board ") by presentation of its Estimate and Request and by its adoption of
a Resolution on December 15, 1999, recommending the issuance and sale of revenue bonds payable
solely from the county economic development income tax revenues to be received by the City for
the purpose of financing costs of such economic development projects, together with expenses in
connection with the issuance of the bonds: (a) acquisition of real 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 "Project "); and
WHEREAS, the completion of the Project and the financing by the City of the
Project, together with expenses in connection with the issuance of the bonds, are necessary and will
be of general benefit to the City and its citizens; and
WHEREAS, the City has no funds available or provided for in the existing budgets
or tax levies that may be applied to the costs of the Project, together with expenses in connection
with the issuance of bonds, and the issuance of such bonds of the City in the amount of Five
® Hundred Seventy Thousand Dollars ($570,000) (the "Bonds ") to finance costs of the Project,
together with expenses in connection with the issuance of the Bonds, has been heretofore authorized
to procure the necessary funds, and an extraordinary emergency and necessity exist for the making O
of the additional appropriation set out herein; and
WHEREAS, the proceeds of the Bonds (including investment earnings thereon) have
not been included in any regular budget; and
WHEREAS, notice of ahearing on such appropriation has been published as required
by law and such public hearing was held on such appropriation at which all taxpayers and interested
persons had an opportunity to appear and express their views as to such additional appropriation;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF GREENCASTLE, INDIANA, AS FOLLOWS:
SECTIONI. The proceeds derived from the sale of the bonds heretofore authorized
to be issued and designated as "City of Greencastle, Indiana,
County Economic Development Income
Tax Revenue Bonds, Series 2000" in the aggregate principal amount of Five Hundred Seventy
Thousand Dollars ($570,000) and all investment earnings thereon in the approximate amount of
Twenty -Five Thousand Dollars ($25,000) shall be and the sane are hereby appropriated to provide
financing for any or all or any portion of the Project, together with expenses in connection with the
issuance of the Bonds, The financing of the Project, together with expenses in connection with the
issuance of the Bonds, is being undertaken pursuant to the recommendation and approval of the
Board of Public Works and Safety of the City, as expressed in a Resolution approved by the Board
on December 15, 1999. This appropriation shall be in addition to all appropriations provided for in
the existing budget and levy, and shall continue in effect until the City has made full payment for the
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costs of the Project, together with expenses in connection with the issuance of Bonds to provide
;: therefor. Any surplus of such proceeds shall be credited to the proper fluid as required by law.
SECTION 2. The Clerk- Treasurer of the City is hereby directed to transmit a
certified copy of this Ordinance to the Indiana State Board of Tax Commissioners.
SECTION 3. This Ordinance shall be in full force and effect from and upon
compliance with the procedures required by law.
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::ODMAIPCDOCSP ROCS 1 \1767621?
Passed and adopted by the Common Council of the City of Greencastle on the 30th
day of December, 1999.
COMMON COUNCIL OF THE CITY OF GREENCASTLE
Thomas Roach
Mark Haminer
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t'h Gree
Barry Baynard
David Masten
Presented by me to the Mayor of the City of Greencastle on the39 of
December, 1.999, at� o'clock p.m.
Pamela S. Jones, 1 r - Treasurer
This ordinance approved and signed by me on the2O4ay of December, 1999, at
2d o'clock p.m.
ATT:
Pamela S. Jones, Cler reasurer
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