HomeMy Public PortalAbout09-1993-9 RESOLUTION NO. 1993-9
RESOLUTION APPROVING THE DESIGNATION OF
PUTNAM COUNTY AS THE RECIPIENT
OF A PORTION OF THE CITY'S SHARE OF
THE COUNTY ECONOMIC DEVELOPMENT INCOME TAX
WHEREAS, the County Executive and County Fiscal Body of Putnam County, Indiana
(the "County"), are in the process of planning the construction of a new jail for the County (the
"Project"); and
WHEREAS, all parts of the County will benefit from the Project including the City of
Greencastle (the "City"); and
WHEREAS, the County has determined to issue or provide the issuance of bonds to raise
adequate funds for the Project; and,
WHEREAS, the County Executive and County Fiscal Body have proposed to provide
most or all of the funding for the repayment of such bonds from the County Economic
Development Income Tax ("EDIT") (I.C. 6-3.5-7), or from lease rentals which are funded from
EDIT (such bonds or lease obligations are hereinafter referred to as the "EDIT Obligations")
and,
WHEREAS, pursuant to I.C. 6-3.5-7, a city or town may adopt a Capital Improvement
Plan and thereby receive a part of the funds raised by the EDIT tax or may designate another
unit as the recipient of all of a portion of its share of EDIT; and,
WHEREAS, the City has determined that the City's interests will be served by assisting
in the funding of the Project, by designating the County as the recipient of a portion of the
City's share of the certified distribution of EDIT for as long as the EDIT Obligations remain
outstanding.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF GREENCASTLE, INDIANA, THAT:
1. The City hereby finds that it is in the best interest of the City and its residents to
designate, and hereby designates, the County as the recipient of an amount of the City's share
of the certified distribution of EDIT equal to $75,000.00 per year for a period of five (5) years
and $50,000.00 per year thereafter, but not to exceed the total EDIT Funds distributed beginning
with the pro-rata portion of the 1993 calendar year in which EDIT Funds are collected and
continuing as long as the EDIT Obligations remain outstanding, not to exceed twenty (20)
years. This designation is made for the purpose of providing for the payment of the
EDIT Obligations which will benefit the City and constitutes a pledge of such designated
EDIT revenues pursuant to I.C. 5-1-14.4. Pursuant to I.C. 6-3.5-7-15(f), the City hereby
specifies that the designation made herein and its duration are irrevocable. The City
^ represents and warrants that there are no prior liens, encumbrances or other restrictions
1
on the EDIT Revenues designated herein or City's ability to designate the County as the
recipient of such revenues.
2. A copy of this designation by the City shall be provided to the Putnam County
Auditor and the Putnam County Treasurer.
3. The approval of this Resolution by the Mayor of Greencastle shall constitute the
designation of the City Executive for purposes of I.C. 6-3.5-7-15(a).
ADOPTED this '
ZP day of , 1993, by the Common Council of
the City of Greencastle, Indiana.
COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
Thomas W. Roach Susan V. Murray
Jer ld D. Calbert ichael W. Rokicki
,e-. Charles T. Miles
Approved and signed by me this lift'` day of , 1993 at /O 25
o'cloc . .m.
Michael M. Harmless, Mayor
ATTEST:
Judit Berry, lerk-Treasur
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