HomeMy Public PortalAboutResolution 08-2013-8 RESOLUTION 2013-8
RESOLUTION AUTHORIZING THE REFINANCING OF COUNTY ECONOMIC
DEVELOPMENT INCOME TAX REVENUE BOND,SERIES 2001
WHEREAS, in 2001,the City of Greencastle purchased bonds in the amount of$570,000.00 from
First National Bank for the completion of several City projects, including the acquisition of the City Hall
building and engineering for improvements to Indianapolis Road.
WHEREAS, the bonds were purchased by First National Bank, and the interest rate paid on those
bonds is 5.59%. The maturity date is January 1,2022.
WHEREAS,the current principal balance is$340,605.25.
WHEREAS,interest rates are lower than in 2001,and First National Bank will refinance the bonds to
reduce the interest rate to a 2.25%fixed rate. The maturity date will remain January 1, 2022.
NOW THEREFORE be it resolved by the Common Council of the City of Greencastle that it hereby
approves refinancing the CEDIT bonds purchased from First National Bank in 2001. The interest rate paid on
the bonds shall be reduced a fixed rate of 2.25%. Semi-annual payments shall be made in the amount of
$20,999.83 on January 1 and July 1 of each year,beginning July 1,2013. The maturity date of the bonds shall
be January 1,2022.
NOW THEREFORE be if further resolved that the Common Council grants Lynda Dunbar,the Clerk-
Treasurer the authority to execute all paperwork necessary to effectuate the above refinance.
PASSED AND RESOLVED by the Common Council of the City of Greencastle,Indiana this 1 th
day of /4-p1zt l ,2013.
_ 7/1 -------------
Adam Cohen Mark Hammer
J' sie S. Bingham Terry Sr*1 h
by s Rokicki
Approved and signed by me this day of ,2013,at a:..(--) o'clock
f .m.
ATTEST: Susan V. Murray,Mayor
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yn unbar,Clerk-Treasurer