HomeMy Public PortalAbout16 - 2022-16 - ISSUANCE OF BONDS BY REDEVELOPMENT COMMISSION • 1
GREENCASTLE COMMON COUNCIL
RESOLUTION NO. 2022-16
A RESOLUTION OF THE GREENCASTLE COMMON COUNCIL
APPROVING ISSUANCE OF BONDS BY REDEVELOPMENT
COMMISSION
WHEREAS, the City of Greencastle ("City") Redevelopment Commission
("Commission") has determined to issue bonds pursuant ti a bond resolution adopted on
October 13, 2022 ("Bond Resolution") designated as "RedevIelopment District Tax Increment
Revenue Bonds of " (to be completed with the year in which issued) in the principal amount
not to exceed $17,500,000 ("Bonds") for the purpose of procuring funds to be applied on the cost
of the construction of a facility to house a YMCA and medical office building, together with all
necessary appurtenances, related improvements and equipment (collectively, "Project") in,
serving or benefitting the Greencastle Economic Development Area ("Area"), funding a debt
service reserve, if necessary, and premiums for municipal bond insurance and/or a debt service
reserve, if necessary, incidental expenses incurred in connection with the Project and costs
associated with issuance of the Bonds;
WHEREAS, the debt service on the Bonds shall be pa able solely out of Tax Increment,
on a parity with the Outstanding Obligations, collected in the reencastle Allocation Area (each
as defined in the Bond Resolution);
WHEREAS, pursuant to IC 36-7-14-25.1(c), the public purpose of the Bonds is to benefit
the public health and welfare of the citizens of the Area and the City, and to promote economic
development in the Area by improving the quality of life of the citizens and businesses in the
Area, encouraging job growth, economic vitality and elimination of economic deterioration and
blight and the Bond proceeds shall be used for such purposes; and
WHEREAS, the Commission is required by IC 36-7-1 -25.1(p) to seek the approval of
the issuance of the Bonds by this Common Council;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF GREENCASTLE, INDIANA, THAT:
1. The Common Council hereby approves the issuance of the Bonds in an aggregate
principal amount not to exceed $17,500,000, with a term ending no later than February 1, 2040,
and a maximum interest rate of seven percent (7.0%) per annum.
2. The Bonds shall be issued in denominations f $5,000 and integral multiples
thereof or, if sold to a sophisticated investor, may be issue in minimum denominations of
$100,000 and in integral multiples of$5,000 thereafter, and shall be payable upon presentation at
the office of the Paying Agent (as defined in the Bond Resolution) or at the principal corporate
trust office of any successor paying agent appointed under the Bond Resolution.
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3. The Bonds are redeemable at the option of the ommission, at face value, plus in
each case accrued interest to the date fixed for redemption, n any date, beginning no sooner
than five years after their date of issuance, in whole or in part,upon 30 days' written notice, in
order of maturity determined by the Commission and by lot within maturities and may also be
subject to mandatory sinking fund redemption as determined upon the sale of the Bonds.
4. This resolution shall be effective from and after passage and approval by the
Mayor.
Passed and adopted by the Common Council of the City of Greencastle, Indiana, this 13th
day of October, 2022.
COMMON COUNCIL OF THE CITY OF
GREENCASTLE, INDIANA
(7
(:,/c
Presidi g Officer
ATTEST:
C rk-Treasurer
Presented by me to the Mayor of the City of Greencastle, Indiana, on the /3 ' day of
October, 2022, at 9 :Oyp.m.
er reasurer
Signed and approved by me, the Mayor of the City of Greencastle, Indiana, this /3#lay
of October, 2022, at 9 :07e.m.
I .
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