HomeMy Public PortalAbout3245-1977 - AUTHORIZING AN APPLICATION TO THE STATE FOR A LOAN AND TO BORROW FOR THE CITYORDINANCE NO. 3245-1977
AN ORDINANCE AUTHORIZING AN APPLICATION TO THE STATE OF INDIANA FOR A LOAN
AND TO BORROW FOR THE CITY OF RICHMOND, INDIANA,SOARD OF AVIATION COMMISSIONERS
THEREOF, FUNDS TO AID THE CITY OF RICHMOND, INDIANA, IN INSTITUTING, ACCOM-
PLISHING AND ADMINISTERING THE CONSTRUCTION OF TWELVE (12) NESTED -TYPE T
HANGARS AT THE RICHMOND MUNICIPAL AIRPORT.
WHEREAS, it is in the best interest of the City of Richmond, Indiana, to
borrow money for the construction funds for the building of twelve
(12) nested type T hangars at the Richmond Municipal Airport as
the present twenty (20) hangar spaces on said airport are full
and, having been constructed in the early 1950's, will not now
accommodate large single and twin engine aircraft; said facts
being the findings of the Board of Aviation Commissioners; and
WHEREAS, the total estimated cost of said construction is approximately
ninety thousand dollars ($90,000.00) and the Common Council of
the City of Richmond, Indiana, by Ordinance No. 3196-1977, dated
May 16, 1977, having previously appropriated twenty thousand
dollars ($20,000.00) for said project; and
WHEREAS, under IC 18-1-1.5-2 (g), a city has the power to borrow money; and
WHEREAS, said funds can be borrowed from the Indiana Department of Commerce
at four per cent (4%) per annum with repayment to be made from the
rents obtained from said constructed hangars.
NOW THEREFORE BE IT ORDAINED by the Common Council of the City of Richmond,
Wayne County, Indiana, that:
1. The City of Richmond, Indiana, and the Board of Aviation Commissioners
be and are hereby authorized and empowered to borrow seventy thousand dollars
($70,000.00) for the project as described above; and
2. The Mayor of the City of Richmond, Indiana, be and is hereby authorized
and directed to execute such documents that are necessary to effectuate the
securing and the borrowing of the funds set out in one (1) above; and
3. The Board of Aviation Commissioners shall, upon securing the proceeds of
the herein described loan, cause to be constructed twelve (12) nested type T
hangars at the Richmond Municipal Airport.
PASSED AND ADOPTED by the Common Council of the City of Richmond, Wayne County,
Indiana, this __,�g�ay of C1 1977.
Pr sident of the Common Council
ATTEST:
City Clerk
PRESENTED BY ME, the City Clerk, to the Honor le ayor of the City of Rich-
mond, Indiana, this aC .5-,Ckday of 1977.
City Clerk
APPROVED by me, this ��ay of 1977.
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ATTEST:
C' y Clerk `�
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