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EXECUTIVE ORDER NO.0196 / _ 2 '�" <br /> OF THE MAYOR OF THE CITY OF JEFFERSONVILLE, INDIANA <br /> An Order to Amend <br /> the City's Capital Improvement Plan <br /> WHEREAS, the Indiana General Assembly has authorized counties to impose a county <br /> economic development income tax (EDIT) on the adjusted gross income of county taxpayers, <br /> in accordance with IC 6 -3.5 -7 ("Act"); <br /> WHEREAS, the Clark County ( "County ") Council imposed EDIT at a rate of one -fourth <br /> of one percent (0.25 %) annually on the adjusted gross income of County taxpayers; <br /> WHEREAS, the Act provides that a county, city or town which fails to adopt a capital <br /> improvement plan may not receive: (1) its fractional amount of the certified distribution of <br /> revenues from EDIT ( "Distributive Share "); or (2) any amount of EDIT revenues designated for <br /> its use by a city or town in the county; <br /> WHEREAS, the City of Jeffersonville ( "City ") has adopted a Capital Improvement Plan <br /> ( "Plan ") for its Distributive Share and receives its Distributive Share semiannually in May and <br /> November from the County Auditor; <br /> WHEREAS, the City now desires to amend the Plan to include the construction of certain <br /> park improvements ( "Project "); <br /> WHEREAS, the City expects the Project to promote economic development in the City <br /> and County as authorized by the Act and the Project is further described in Exhibit A attached <br /> hereto and incorporated herein by reference; <br /> WHEREAS, the City now desires to extend the term of its Plan until all the debt service <br /> or the lease rental payments to finance or refinance the Project which are payable from the City's <br /> Distributive Share have been made ("Extended Term") and the Extended Term will exceed two <br /> (2) years as required by the Act; <br /> WHEREAS, the City now desires to show that the City will use, together with its existing <br /> Plan and this amendment, at least seventy -five percent (75 %) of its Distributive Share for the <br /> Extended Term as reflected in Exhibit B attached hereto and incorporated herein by reference; <br /> NOW, THEREFORE, BE IT ORDERED AS FOLLOWS: <br /> 1. As executive of the City, I hereby amend the Plan to include the Project as set <br /> forth in Exhibit A. <br /> 2. The Plan is hereby amended to increase the term to the Extended Term. <br /> -1- <br /> I/29g1998.1 <br />