HomeMy Public PortalAbout067-2009 - Parks - Bonds - Park Improvements.ORDINANCE NO. 67-2009
An Ordinance of the City of Richmond, Indiana concerning park
improvements by the Park and Recreation Board through the
issuance and sale of bonds, and other matters connected therewith
WHEREAS, the Park and Recreation Board ('Board") of the City of Richmond, Indiana
("City") has determined to issue bonds in an amount not to exceed $1,995,000 for the costs of
constructing the park projects as more fully described in Exhibit A attached hereto and
incorporated herein by reference, together with necessary appurtenances, related improvements
and equipment ("Projects"); and
WHEREAS, the Common Council of the City is authorized by IC 36-10-3-25 to approve
the issuance of bonds of the District;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, THAT:
Section 1. The Common Council hereby approves the issuance of bonds of the
District by the Board in the amount not to exceed $1,995,000 to apply on the cost of the Projects.
Section 2. The City represents that:
(a) The bonds are not private activity bonds as defined in Section 141 of the Code;
(b) The City hereby designates the bonds as qualified tax-exempt obligations for
purposes of Section 265(b) of the Code;
(c) The reasonably anticipated amount of qualified tax-exempt obligations (including
qualified 501(c)(3) obligations and tax-exempt leases but excluding other private activity bonds)
which will be issued by the City and all entities subordinate to the City during 2009 and 2010
does not exceed $30,000,000; and
(d) The City, any body acting in the name of the City, and any entities subordinate to
the City, have not designated and will not designate more than $30,000,000 of qualified
tax-exempt obligations during 2009 or 2010.
Therefore, the City expects the bonds to qualify for the exception in the Code from the
disallowance of 100% of the deduction by financial institutions of interest expense allocable to
newly acquired tax-exempt obligations.
Section 3. Effective Date. This ordinance shall be in full force and effect from and
after its passage and execution by the Mayor.
Adopted this _16th day of November , 2009, by a vote of 8
ayes and 1 nays.
COMMON COUNCIL OF THE CITY OF
RICHMOND, INDIANA
S/S Bruce Wissel
Bruce Wissel, President
ATTEST: _S/S Karen Chasteen City Clerk
Karen Chasteen
PRESENTED to the Mayor of the City of Richmond, Indiana, this _17th —day of November
2009, at 9:00 a.m.
_S/S Karen Chasteen City Clerk
Karen Chasteen
-2-
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this _17th day
of November 2009, at 9:05 a.m.
S/S Sarah L. Hutton Mayor
Sarah L. Hutton
ATTEST: _S/S Karen Chasteen City Clerk
Karen Chasteen
-3-
EXHIBIT A
Project Description
GLEN MILLER PARK
• Site Plan for Park Renovation
• Lighting study for Park
• Splash Pad
• Reforesting
• Roosevelt Hill Bandshell Improvements
• Bridge Replacement/Spillway Repair
• Rehabilitation of Recreation Office, Charles House and GMGC Clubhouse
• Trash receptacles/Site Amenities
CLEAR CREEK PARK
• Replace Wading Pool Filter System (Cordell Pool)
• Capital Improvements (lighting, scoreboards)
loth STREET PARK
• Restore Historical Park Landscape
HIGHLAND LAKE GOLF COURSE
• Renovate Irrigation System
SENIOR CENTER
• Renovation and Upgrades of existing facility
PARK SYSTEM WIDE
• Corrective Pruning
• Paving