HomeMy WebLinkAbout1969-OR-16ORDINANCE NO. ~-~/f-/~
An Ordinance to amend Sec. 3 of Ordinance No.
69-OR-12, entitled "An Ordinance concerning the
construction by the City of Jeffersonvitle, In-
diana, of improvements and extensions to its sew-
age works, the zssuance of additional revenue
bonds to provide funds for application on the
cost thereof, the collection, segregation and
distribution of the revenues of said works, the
safeguarding of the interests of the holders of
said bonds, and other matters connected therewith"
WHEREAS, the Common Council has heretofore, on July 14,
1969, adopted Ordinance No. 69-0R-12, which ordinance, among
other things, authorized the issuance of bonds of the City
designated "Sewage Works Revenue Bonds of 1969," and the pub-
lic sale of the same bearing interest at a rate or rates not
exceeding slx and one-half per cent (6-1/2%) per annum (the
exact rate or rates to be determined by bidding); and
WHEREAS, the Council now finds that, due to deteriora-
tion of the municipal bond market since such time, the market-
ability of said bonds at such maximum interest rate is ques-
tionable; and
WHEREAS, the Common Council finds that said ordinance
should be amended to increase the maximum interest rate author-
ized for such bonds to seven per cent (7%) per annum; now
therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF
JEFFERSONVILLE, INDIANA:
Section 1. That Sec. 3 of ordinance No. 69-OR-12, en-
titled "An Ordinance concerning the construction by the City
of Jeffersonville, Indiana, of improvements and extensions to
its sewage works, the issuance of additional revenue bonds to
provide funds for application on the cost thereof, %he collec-
tion, segregation and distribution of the revenues of said
works, the safeguarding of the interests of the holders of
said bonds, and other matters connected therewith," adopted by
the Common Council on July 14, 1969, be and the same is here-
by amended to read as follows:
Sec. 3. The City of Jeffersonville shall issue
its sewage works revenue bonds in the amount of One
Million One Hundred Ten Thousand Dollars ($1,110,000)
for the purpose of procuring funds to be applied on
the cost of said works, as defined in Sec. 1 of said
Act.
Said bonds shall be issued in the denomination
of Five Thousand Dollars ($5,000), numbered conse-
cutively from 1 upwards, dated as of June 1, 1969,
and shall bear interest at a rate or rates not ex-
ceeding seven per'cent (7%) per annum, payable on
the first days of June and December in each year,
beginning on December 1, 1969. Such interest shall
be evidenced by coupons attached to said bonds. Both
bonds and interest coupons shall be payable in law-
ful money of the United States of America, at Tke
Clark County State Bank, in the City of Jefferson-
ville, Indiana, or, at the option of the holder,
at the Continental Illinois National Bank and Trust
Company of Chicago, in the City of Chicago, Illinois,
and such bonds shall mature serially in numerical
order on December 1 in the years and amounts as
follows:
- 2 -
Year Amount
1984 $ 5,00U
1985 5,000
1986 10,000
1987 10,000
1988 15,000
1989 30,000
1990 30,000
1991 35,000
1992 35,000
1993 40,000
1994 40,000
1995 40,000
Year Amount
1996 $45,000
1997 45,000
1998 50,000
1999 50,000
2000 55,000
2001 60 000
2002 60 000
2003 65
2004 70
2005 70
2006 75
2007 85
2008 85
000
000
000
000
000
,000
Sec. 2. That the bond forms, when printed, be revised
to reflect the existence of this amendatory ordinance.
Sec. 3. This ordinance shall be in full force and ef-
fect from and after its passage and signing by the Mayor.
Passed and adopted by the Common Council of the City
, PreSiding O~cer
A%te st:
Cle~-Treas~er
ville on the .~ . day of
hour of .7~~ ~. M.
Presented by me to the Mayor of the City of Jefferson-
~~-~ , 1969, at the
Cle~Trea~urer
day
This ordinance approved and signed by me
on the ~
· 1969, at~he hour of ~ '/~.M.