HomeMy Public PortalAbout19-2001-39 D., SCANNED
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RESOLUTION NO. 3q
OF THE CITY OF GREENCASTLE, INDIANA
APPROVING ISSUANCE OF
PARK DISTRICT REFUNDING BONDS
WHEREAS, the Board of Park Commissioners of the City of Greencastle ("City") has
determined to issue bonds in an amount not to exceed $900,000 to provide funds to be applied on
the cost of the refunding of certain outstanding park district bonds of the Greencastle Park and
Recreation District ("Park District") originally issued to construct a swimming pool in the Park
District;
WHEREAS, the refunding of the bonds will effect a savings to the Park District; and
WHEREAS,the Common Council of the City("Common Council")is authorized by IC 36-
10-4-35 to approve the issuance of bonds of the Park District;
NOW,THEREFORE,BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA, THAT:
Section 1. The Common Council hereby approves the issuance of bonds of the Park District
by the Board of Park Commissioners in an amount not to exceed $900,000 to apply on the cost of
the refunding of certain outstanding bonds of the Park District to effect a savings to the Park District.
Section 2. The City represents that:
(i) The refunding bonds are not private activity bonds as defined in Section 141 of the
Internal Revenue Code of 1986, as existing on the date of issuance of the bonds ("Code");
(ii) The City hereby designates the refunding bonds as qualified tax-exempt obligations
for purposes of Section 265(b) of the Code;
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r-•, (iii) 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 2001 does not exceed
$10,000,000; and
(iv) 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 $10,000,000 of qualified tax-exempt
obligations during 2001.
Therefore, the City expects the refunding 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 resolution shall be in full force and effect from and after its
'—.., passage and signing by the Mayor.
Passed and adopted this 13th day of November, 2001.
COMMON COUNCIL OF THE CITY OF
GREENCASTLE, INDIANA
7)-1;e '6,i .
Presiding 0 ficer
ATTEST:
CL
Clerk-Treasurer
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Presented by me to the Mayor of the City of Greencastle this IL 'y of November, 2001
at • .m.
Clerk-Treasurer
Signed and approved by me, the Mayor of the City of Greencastle, on this f,3 day of
November, 2001 at Z: ,,,cf-1 PAO(/'0.
Mayor
n
893108.1 - 3 -
RESOLUTION NO. DO / 2_ feqn W .�
A Resolution of the Park and Recreation District of the City of
Greencastle, Indiana appropriating the proceeds of the Park District
Refunding Bonds of 2001
WHEREAS, the Park and Recreation Board ("Board") of the City of Greencastle, Indiana
has determined to issue bonds to provide for the cost of refunding certain outstanding Park District
Bonds of 1991 ("1991 Bonds"),and the incidental expenses in connection therewith and on account
of the issuance of the Park District Refunding Bonds of 2001 ("Bonds"); and
WHEREAS,the Board has determined to issue the Bonds in an amount not to exceed Nine
Hundred Thousand Dollars($900,000)to be issued for the purpose of procuring funds to be applied
on the cost of the refunding of the 1991 Bonds and the incidental expenses to be incurred in
- connection therewith and with the issuance and sale of the Bonds; and
WHEREAS,a notice of a public hearing on the appropriation of the proceeds of the Bonds
was properly published in the Banner-Graphic and the proof of publication was presented to the
Board and placed in the records;
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF PARK COMMISSIONERS
ram., OF THE CITY OF GREENCASTLE, INDIANA, THAT:
Section 1. An appropriation in an amount not to exceed Nine Hundred Thousand Dollars
($900,000)is hereby made to be applied on the costs of the refunding and on account of the issuance
of Bonds therefor, and that the funds to meet said appropriation be provided out of the proceeds of
the Bonds in an amount not to exceed Nine Hundred Thousand Dollars ($900,000) 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 State Board of Tax Commissioners.
Section 3. This Resolution shall be in full force and effect from and after its passage.
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