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HomeMy Public PortalAbout2012-05 - GENERAL OBLIGATION REFUNDING BONDSI/2786453 1 ORDINANCE NO. 2012 -5 An Ordinance of the City of Greencastle, Indiana Appropriating the Proceeds of the General Obligation Refunding Bonds of 2012 WHEREAS, the Common Council of the City of Greencastle, Indiana ( "City ") has determined to issue bonds to provide for the cost of the current refunding of its General Obligation Bonds of 2001 to produce a net savings to the City, including the incidental expenses in connection therewith and on account of the issuance of the General Obligation Refunding Bonds of 2012 ( "Bonds "); and WHEREAS, a notice of a public hearing on the appropriation of the proceeds of the Bonds in an amount not to exceed Six Hundred Forty -Five Thousand Dollars ($645,000) to be issued for the purpose of procuring funds to be applied on the cost of the current refunding and the incidental expenses to be incurred in connection therewith and with the issuance and sale of the Bonds was properly published in the Banner Graphic and the proof of publication was presented to the Common Council and placed in the City's records; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA, THAT: Section 1. An appropriation in an amount not to exceed Six Hundred Forty -Five Thousand Dollars ($645,000) is hereby made to be applied on the costs of the refunding and the incidental expenses incurred in connection therewith and on account of the issuance of Bonds therefore that the funds to meet said appropriation be provided out of the proceeds of the Bonds in an amount not to exceed Six Hundred Forty -Five Thousand Dollars ($645,000) heretofore authorized; that said appropriation be in addition to all other appropriations provided for in the existing budget and tax levy for the current year. Section 2. The Clerk- Treasurer is hereby authorized and directed to report and certify the additional appropriation to the Department of Local Government Finance. Section 3. This ordinance shall be in full force and effect from and after its passage and approval by the Mayor. Passed and adopted by the Common Council of the City of Greencastle, Indiana, and this 4.Dth day of Junc, 2012: 10 \ Adam Cohen Terry S i .0 Jc( Mar( Hammer ATTEST: /Ly : a R. Dunbar Clerk- Treasurer 1/2786453 1 -2 COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA Qd/Si& nsie B' V Ingham Presented by me to the Mayor of the City of Greencastle, Indiana, this 2012, at Lyl a R. Dunbar Clerk- Treasurer l 0 Signed and approved by me, the Mayor of the City of Greencastle, Indiana, on this' day of 3tmna, 2012, at Susan V. Murray Mayor i' r CITY OF GREENCASTLE WATER, SEWER AND GO REFUNDING TIMETABLE Date Activity ICE MILLER LLP DRAFT FOR DISCUSSION PURPOSES ONLY May 3, 2012 May 15, 2012 Common Council presented with refunding timetable; introduce additional appropriation ordinance for GO Bonds By May 25, 2012 Draft parity report submitted to SRF for sewage works bonds May 28, 2012 June 1, 2012 By June 12, 2012 June 12, 2012 Week of June 18, 2012 July 2, 2012 Closings July 2, 2012 Notice of redemption delivered for all 2001 Bonds (30 days' prior to redemption date) August 1, 2012 All 2001 Bonds redeemed Assumptions: ©Ice Miller LLP May 10, 2012 1/2783340 1 Notice of public hearing on additional appropriation of GO Bond proceeds delivered to newspaper Notice of public hearing on additional appropriation of GO Bond proceeds published in the Banner Graphic Piper Jaffray has [tentative] commitment on terms Common Council adopts refunding Bond Ordinances (water, sewer and GO; assumes suspension of the rules); holds hearing on additional appropriation of GO Bond proceeds and adopts GO Additional Appropriation Ordinance Bond sales negotiated, purchase contract] signed • All bodies comply with Open Door Law • Common Council meets 2nd Tuesday of the month @ 7 00 p.m • Current refunding of 2001 water, sewer and GO bonds; at par, on any date with 30 days' notice • Banner Graphic published daily • All three bonds privately placed