HomeMy WebLinkAbout1988-OR-39 88-OR-3'¢
WHEREAS, the City of jeffersonville is authorized under
I.C. 36-4-6-20(a) to make short-term loans of money evidenced
by notes under specified conditions for purpose of procuring
money to use in the exercise of the powers of the City; and
WHEREAS, the City of jeffersonville and its Department of
Redevelopment has incurred obligations in exercising its powers
in improving the Falls Landing Riverfront Development Project,
which activities shall require additional funding; and
WHEREAS, it is the belief of the Common Council of the
City of jeffersonville that expenditures for the improvements
at the Falls Landing Riverfront Development Project are a
proper exercise of the City's powers.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of
the City of jeffersonville that it hereby authorizes the City
of jeffersonville to make a loan for a period of five (5) years
and to issue notes for the purpose of refunding this loan.
Provided further that:
A. The City hereby further pledges the repayment of
these loans with a sufficient amount of tax revenues
for the five (5) year term of such loan and thereby
commits to fully refund such loan.
B. That this loan shall
City designating that
equal to five percent
be evidenced by notes of the
the consideration shall be
(5%) of the City's 1988 total
tax levy plus interest accruing on the notes to their
dates of maturity, that the payments on such notes
shall be made quarterly at the office of the
Clerk-Treasurer of the City of jeffersonville,
Indiana, and that such payments shall be made out of
the General Fund of the City of jeffersonville, or
alternatively from lease paymentS made to the City,
upon
or its Department of Redevelopment, from leasehold
interests within the Falls Landing Riverfront
Development Project.
That this loan shall be made in the same manner as
loans under I.C. 36-4-6-19, and that the Clerk-
Treasurer of the City of jeffersonville is hereby
authorized and directed to advertise in
JEFFERSONVILLE EVENING NEWS and THE CLARK COUNTY
JOURNAL for the sale of such notes pursuant to the
provisions of Indiana law within thirty (30) days
after the adoption of this ordinance, which
publication shall state that bids for the purchase of
the notes issued hereunder shall be accepted in the
office of the Clerk-Treasurer for a period of thirty
(30) days after the publication of such notice. The
most favorable rate offered by a qualified bidder
shall be excepted unless good cause be shown, or when
such rate is less favorable than the prevailing prime
interest rate.
This ordinance shall be in full force and effect
its timely passage, promulgation and approval by the
Mayor ·
Passed
jeffersonville,
and adopted by the Common Council of the City of
Clark County, Indiana, on the ~_~. day of
, 1988.
ATTEST:
~. I~ICHARD SPECTER, ~.
CLERK-TREASUReR
Presented by me as Clerk-Treasurer to the Mayor of said
city of jeffersonville this ~ day of ~ ,
1988.
This ordinance
dayof
approved
and signed by me this
, 1988.
MAYOR DALE L. OREM