HomeMy WebLinkAbout1992-OR-08ORDINANCE NO. 92-0R_~__
ORDINANCE AUTHORIZING BORROWING OF MONEY TO
REFURBISH CITY FIRE FIGHTING EQUIPMENT
WHEREAS, Common Council of the City of Jeffersonville desires to maintain its
fire fighting equipment in compliance with state and federal safety standards; and
WHEREAS, the City of Jeffersonville is the owner of a 1971 Mac Quad Pumper
Fire Truck which must be refurbished before it is in a condition proper for continued use
in the Jeffersonville Fire Department; and
WHEREAS, there are no unincumbered funds presently available in a sufficient
amount to pay for said repairs; and
WHEREAS, the Common Council of the City of Jeffersonville is empowered to
borrow money in order to operate the City of Jeffersonville; and
WHEREAS, it is in the best interests and safety of the community of Jeffersonville
that said Fire Truck will be refurbished and placed back in operation in the City of
Jeffersonville;
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Jeffersonville, State of Indiana, as follows:
That the Clerk-Treasurer of Jeffersonville should advertise for bids a loan in the
amount of $117,000.00, which loan shall be procured and repaid under the following
circumstances:
(a) That the 1971 Mac Quad Pumper Fire Truck which is
to be refurbished shall be placed as collateral upon said loan,
(b) Repayment shall be made quarterly over a five (5) year
term commencing in July of 1992. The City shall be allowed
to repurchase the fire truck at the expiration of such term for
an additional payment of $1.00.
(c) That the City of Jeffersonville, as a tax exempt
organization under the laws of the State of Indiana and the
United States of America, shall seek a qualified bid for a tax
exempt rate for the above-described financing.
(d) That such financing shall be closed within five (5)
working days after the acceptance of the lowest responsible
and responsive bid.
The Clerk-Treasurer of the City of Jeffersonville shall repay the above loan by
withdrawing monies from the cumulative capital development fund as payments become
due.
This Ordinance shall be in full force and effect upon its timely passage,
promulgation and approval by the Mayor.
Passed and adopted by the Common Council of City of Jeffersonville, Clark
County, State of Indiana, on the ~-! day of
ATTEST:
C. RICHARD SPEllER, Jl~,/ -
CLERK-TREASURER
[;;r',,~j. \-~ ,1992.
DREw WIL-'EiA~, III
IESIDENT, COMMON COUNCIL
Presented by me as Clerk-Treasurer to the Mayor of said City of
Jeffersonville this ~ day of ~'74~/, ,1992.
This Ordinance
approved and signed by me this ~// day of
,1992.