HomeMy Public PortalAbout19-1988-45 RESOLUTION NO. 1988-45
RESOLUTION AUTHORIZING THE USE
OF INDUSTRIAL DEVELOPMENT FUNDS FOR
L,w HEARTLAND WATER LOOP PROJECT AND
SEWER IMPROVEMENTS
WHEREAS, the City of Greencastle, has undertaken Water
Distribution System Project (C.R. 200 South and 10th Street) , and
improvements to the sewer collection system for the purpose of
improving sewer utilities serving the site of the Heartland
Automotive, Inc. and the industrial expansion on the east side
of the City of Greencastle; and
WHEREAS, on July 26, 1988, the Common Council of the City of
Greencastle passed Resolution 1988-36: A Resolution Approving
Plan for Use of Recaptured Funds from Heartland Automotive, Inc.
Loan (Grant No. IIP-II-86-025) which recapture plan provided that
the City of Greencastle would use the entire One Hundred Thousand
Dollars ($100,000.00) recaptured from the loan, along with
interest paid, to fund the above project costs.
WHEREAS, the proceeds of the recaptured loan to Heartland
Automotive, Inc. will not be available for use by the City of
Greencastle until on or about October 31, 1989, and it is
necessary that the project costs pursuant to the recapture plan
be paid within the next sixty days;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Greencastle that an amount not to exceed One Hundred
Thousand Dollars ($100,000.00) be borrowed from the Industrial
Development Fund in order to provide the project costs and that
said amount be repaid to the Industrial Development Fund upon
recapture of the Heartland Automotive, Inc. loan (Grant No.
IIP-86-025) .
PASSED and ADOPTED by the Common Council of the City of
Greencastle at a regular meeting this 10th day of November, 1988.
i• COMMON COUNCIL OF THE CITY
L... OF GREENCASTLE, INDIANA
Sheri 7,_.__$o8th\
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—Tim Conway
Susan V. Murray
Rob rt p. , �%/Seedlack 2
WG 4 / (
hael W. Rokicki
Approved and sign El by me this 10th day of November, 1988,
at IO:s o'clock, jL.m.
Michael M. Harmless,
Mayor
ATTESAik
,‘ A PLAA.t.,ic
_. _. Judi t:erry,
Clerk easurer