HomeMy WebLinkAbout2024-R-11 Redevlopment Additional Appropriation JEFFERSONVILLE REDEVELOPMENT COMMISSION
ADDITIONAL APPROPRIATION RESOLUTION
RESOLUTION NO. -07-`f- R-( t
WHEREAS, the Jeffersonville Redevelopment Commission ("Commission") has
established the Inner City Road Economic Development Area ("Area") in order to undertake
certain local public improvements, including the construction of certain improvements to
Charlestown Pike Road in, serving or benefiting the Area ("Project"), located in the
Jeffersonville Redevelopment District ("District"), capitalized interest, if necessary, funding a
debt service reserve, incidental expenses incurred in connection with the Project and costs
associated with the issuance of the hereinafter defined Bonds, including premiums for municipal
bond insurance and/or a debt service reserve surety, if necessary;
WHEREAS, the Commission has adopted an amended and restated bond resolution
("Bond Resolution") approving the issuance of its Redevelopment District Tax Increment
Revenue Bonds of 2024 ("Bonds"), payable from Tax Increment, on a parity with the
Outstanding Obligations (each as defined in the Bond Resolution) and, to the extent Tax
Increment is not sufficient, from a special benefits tax levied and collected on all taxable
property in the District under IC 36-7-14-27, in an aggregate principal amount not to exceed
Eighteen Million Dollars ($18,000,000) in order to procure funds to be applied on the incidental
expenses incurred in connection with the Project, funding capitalized interest, if necessary,
funding a debt service reserve, and costs associated with the issuance of the Bonds, including
premiums for municipal bond insurance and/or a debt service reserve surety, if necessary ("Costs
of the Project"); and
WHEREAS, the Commission has published notice in accordance with IC 5-3-1 and IC 6-
1.1-18-5, and on April 24, 2024 held a public hearing regarding the appropriation of the proceeds
of the Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE JEFFERSONVILLE
REDEVELOPMENT COMMISSION AS FOLLOWS:
Section 1. (a) An appropriation in an amount not to exceed Eighteen Million Dollars
($18,000,000), and interest earned thereon, is hereby made to be applied to the funding of the
Costs of the Project,and the funds to meet this appropriation will be provided out of the proceeds
of the Bonds. This appropriation is in addition to all other appropriations provided for in the
existing budget and tax levy of the District for the current year.
(b) The fiscal officer of the Commission is hereby authorized and directed to provide
information to the Department of Local Government Finance concerning this appropriation.
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Section 2. This resolution shall be in full force and effect immediately upon its
adoption.
Adopted at a meeting of the Commission held on April 24, 2024, in Jeffersonville,
Indiana.
JEFF RSONV LE REDEVELOPMENT
CO ISSI• ►‘
President
ATTEST:
X,4./7/r,
Secretary
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