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HomeMy WebLinkAbout2006-OR-38 Ordinance No. 2006-0R-38 AN ORDINANCE ESTABLISIllNG THE JEFFERSONVILLE CITY HALL BUILDING AUTHORITY WHEREAS, the City of Jeffersonville (the "City") presently maintains its municipal offices in the City-County Building located at 501 East Court Avenue, Jeffersonville, Indiana, which building is under the ownership and control of the Jeffersonville--Clark County Building Authority, a separate municipal corporation established and existing pursuant to the provisions of IC 36-9-13-1, et seq.; and, WHEREAS, the City has determined to relocate its existing municipal offices in such City-County Building to its new City Hall facility at SOD Quartermaster Court, Jeffersonville, Indiana ("City Hall"), and the City has reached an contractual agreement with Clark County terminating its obligations with respect to such existing municipal offices in such City-County Building; and, WHEREAS, the land and improvements on which City Hall is located have been paid to date by funds expended by the Jeffersonville Department of Redevelopment or appropriated by this Common Council, and title to City Hall is presently held in the name of the Jeffersonville Department of Redevelopment; and, WHEREAS, this Common Council has reached agreement with the Jeffersonville Department of Redevelopment that title to City Hall shall be transferred to the Jeffersonville City Hall Building Authority created by this ordinance; and, WHEREAS, under the Home Rule provisions IC 36-1-3-4(b), the City has all powers granted to it by statute, and all other powers deemed necessary or desirable in the conduct of its affairs, even though not granted by statute, except to the extent as provided in IC 36-1-3-5(a) that such powers are not either expressly denied by the Indiana Constitution or by statute, or granted to another entity; and, WHEREAS, while IC 36-1-13, et seq., provides the manner in which a County Building Authority is to be established, but such statute does not prohibit the creation of a City Hall Building Authority by this Common Council, nor does it exclusively reserve to counties the authority to create such a municipal corporation; and, WHEREAS, this Common Council hereby deems it necessary and desirable to utilize certain of the concepts, provisions, and structure of IC 36-1-13, et seq., in establishing the Jeffersonville City Hall Bujlding Authority (the "Authority") pursuant to this ordinance; and, WHEREAS, as there are no specific constitutional or statutory provision requiring a specific manner for exercising the power to establish the Authority, this ordinance is accordingly adopted pursuant to the provisions of IC 36-1-3-6(b) to prescribe the specific manner of exercising the power to create the Authority. . , 4> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE, INDIANA, AS FOLLOWS: Section 1. City Hall is hereby declared to be a "government building" as defined in IC 36-9-13-3(a)(2) as a structure that is utilized for governmental and public activities. For purposes of this ordinance, City Hall shall include, but not be limited to: a. The land used in conjunction with City Hall as described in Exhibit "A" attached hereto and incorporated herein; and, b. The equipment, facilities, appurtenances, materials, and supplies that the Authority considers necessary or convenient to make such a structure and land suitable for use under this chapter, including: (i) heating and air conditioning facilities, (ii) sewage disposal facilities, (iii) landscaping; (iv) walks, (v) drives, and (vi) parking facilities. Section 2. following: As used in this ordinance, the term "system" shall mean any of the a. A computer (as defined in IC 36-8-15-4). b. A communications system (as defined in IC 36-8-15-3(1)). c. Mobile or remote equipment that is coordinated by or linked with a computer or communication system. d. Security services provided by human or nonhuman means. Section 3. This Common Council hereby proposes to establish a separate municipal corporation to be known as the "Jeffersonville City Hall Building Authority" (hereinafter the "Authority", for the purpose of: a. Acquiring land, including without limitation the real estate described in Exhibit" A" attached hereto and incorporated herein; and, b. Financing, acquiring, improving, constructing, reconstructing, renovating, equipping, and operating government buildings and systems, including without limitation, City Hall. Section 4. A public hearing shall be held prior to the third and final reading of this ordinance at a date and time specified by this Common Council. Notice of such hearing shall be provided to the Clark County Auditor and the Jeffersonville Clerk-Treasurer, which notice shall: a. Be signed by the presiding officer of this Common Council and the Mayor of this City; b. States that this Common Council has agreed to hold a public hearing on and consider the creation of the Authority; and c. Fix the time and place for such hearing. 2 Upon receipt of such notice, the Jeffersonville Clerk-Treasurer shall give notice by publication of the hearing. The notice shall be published in accordance with I C 5-3-1, and must set out the time, place, and purpose of the hearing. - Section 5. The members of this Common Council shall meet at the time and place fIXed in the notice. The presiding officer of the Common Council shall preside as chairman at the hearing, and the Jeffersonville Clerk-Treasurer shall act as secretary at the hearing. All interested citizens and taxpayers of the City may appear and are entitled to be heard at the hearing. The Authority shall be established if, within sixty (60) days after the hearing, this ordinance is finally approved and adopted in accordance with the provisions of Indiana law. A copy of this ordinance that is certified by affidavit of the Jeffersonville Clerk-Treasurer showing the date of adoption of this ordinance shall be ftled in the office of the Recorder of Clark COlUlty, Indiana, for recording in the miscellaneous records. The certified and recorded copy of this ordinance shall be admissible in evidence in any action or proceeding as proof of the establishment of the Authority. Section 6. The Authority shall be appointed in accordance with this section. The Authority shall consists of five (5) members who are appointed in the following manner and for the following initial terms: a. One (1) citizen member appointed by this Common Council for a term of one (1) year. b. two (2) years. One (1) citizen member appointed by this Common Council 'for a term of c. three (3) years. One (1) citizen member appointed by this Common Council for a term of d. The duly elected and serving Mayor of the City, or his/her designee. The duly appointed and serving Building Commissioner of the City. e. A person may be appointed as a citizen member of the Authority by this Common Council only if (i) they are at least thirty (30) years of age, (ii) have been a resident of the City for five (5) years immediately preceding their appointment. The names of all persons appointed under subsections (a), (b), and (c) above shall be transmitted in writing to the Jeffersonville Clerk- Treasurer within the thirty (30) day period. The Jeffersonville Clerk-Treasurer shall mail a notice of appointment to each member immediately after receipt of such notice. Before entering upon their duties, each member shall take and subscribe an oath of office (in the usual form), which shall be endorsed upon his certificate of appointment. The certificate shall be promptly filed with the Clerk-Treasurer. Section 7. As the term of each initial member of the Authority expires, their successor shall be appointed by this Common Council for a term of four (4) years. A member holds over after the expiration of their term until his successor is appointed and qualified. If a person appointed as a Member of the Authority: Section 8. 3 a. mailed to him; or b. Qualifies but then dies, resigns, vacates his office because he is no longer a resident ofthe City, or is removed from office pursuant to this ordinance, a new member shall be appointed by this Common Council for the remaind~r of the vacated term. Fails to qualify within ten (10) days after notice of his appointment is A member who (i) ceases to be a resident of the City shall automatically be deemed to have vacated their office as a member. Section 9. The first members ofthe Authority shall, within thirty (30) days after their appointment, meet at a time and place designated by the Clerk-Treasurer for the purpose of electing officers. The members shall elect from among themselves a president, a vice president, and a secretary. Each of these officers shall serve from the day of their election until the first Tuesday in January after their election, and holds over until their successor is elected and qualified. Section 10. The members may adopt rules and bylaws governing their procedure as they consider necessary for the proper conduct of their proceedings, the performance of their duties, and the safeguarding of the funds and property of the Authority. The members may hold the regular and special meetings as they consider necessary. The members may fix the times of these meetings and the notices required for meetings by resolution or under their rules and bylaws. The proceedings of the members shall be recorded in a book provided for that purpose. A majority of the members constitutes a quorum, and the concurrence of a majority of the members is necessary to authorize any action by the members. Section 11. This Common Council may summarily remove a member from their office at any time, with or without cause (including, without limitation, neglect of duty, incompetence, or inability to perform their duties), by a properly adopted resolution for such purpose. Such removal shall not be subject to administrative appeal or judicial review. Section 12. A member shall be entitled to compensation only as recommended by this Common Council and approved by the Mayor in the City's annual salary ordinance. However, a member is entitled to reimbursement for expenses necessarily incurred in the performance of his duties. Section 13. A member may not have any pecuniary interest in any contract, employment, purchase, or sale made by the Authority. Any such transaction in which a member has a pecuniary interest is void. Section 14. All necessary preliminary expenses that must be paid by the authority of the Authority before the issuance and delivery of bonds or the negotiation of a loan under this ordinance, including expenses incurred in: (a) making surveys, (b) simulating costs and receipts, (c) employing engineers, architects, or consuhants, (d) giving notices, or (e) taking options, may be paid out of money provided by the City from money on hand or derived from taxes levied for that purpose. The fund or funds from which the payments are lllilde shall be fully reimbursed by the board out of the first proceeds of the sale of bonds or the loan negotiated by the Authority before any other disbursements are made from those proceeds. The amount advanced to pay preliminary expenses under this section is a first charge against the proceeds resulting :from the sale of the bonds or the negotiation of the loan until that amount has been repaid. 4 Section 15. Except as provided in subsection (b), the members of the Authority, acting in the name of the Authority, may: (1) Finance, improve, construct, reconstruct, renovate, purchase, lease, acquire, equip, operate, maintain, and manage land, government buildings, or systems for the joint or separate use of the Cityand/or one or more of its political subdivisions (each an "eligible entity") ; (2) Lease all or part of land, government buildings, or systems to eligible entities; (3) Govern, manage, regulate, operate, improve, recOnstruct, renovate, repair, and maintain any land, government building, or system acquired or financed under this ordinance; (4) Sue, be sued, plead, and be impleaded, but all actIons against the Authority must be brought in either the Circuit Court or a Superior Court of competent jurisdiction in Clark County, Indiana; (5) Condemn, appropriate, lease, rent, purchase, and hold any real or personal property needed or considered useful in connection with government buildings or systems regardless of whether that property is then held for a governmental or public use; (6) Acquire real or personal property by gift, devise, or bequest and hold, use, or dispose of that property for the purposes authorized by this chapter; (7) Enter upon any lots or lands for the purpose of surveying or examining them to determine the location of a government building; (8) Design, order, contract for, and construct, reconstruct, renovate, and maintain land, government buildings, or systems and perform any work that is necessary or desirable to improve the grounds, premises, and systems under its control; (9) Determine, allocate, and adjust space in government buildings to be used by any eligible entity; (10) Construct, reconstruct, renovate, maintain, and operate auditoriums, public meeting places, and parking facilities in conjunction with or as a part of government buildings; (11) Collect all money that is due on account of the operation, maintenance, or management of, 9r otherwise related to, land, government buildings, or systems, and expend that money for proper purposes; (12) Let concessions for the operation of restaurants, cafeterias, public telephones, news stands, and vending machines; (13) Employ the managers, superintendents, architects, engineers, consultants, attorneys, auditors, clerks, foremen, custodians, and other employees or independent contractors necessary for the proper operation of land, government buildings, or systems and fix the 5 compensation of those employees or independent contractors, but a contract of employment may not be made for a period of more than four (4) years although it may be extended or renewed from time to time; (14) Make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this chapter; (15) Provide coverage for its employees underIC 22-3 and IC 22-4; and, (16) Accept grants and contributions for any purpose specified in this subsection. Notwithstanding the above, and except with respect to City Hall, the Authority may not purchase, construct, acquire, finance, or lease any land, government building, or system for use by an eligible entity unless that action is first approved by resolution ofthis Common Council. Section 16. The Authority may operate, maintain, and manage all or any part of a government building or system for the benefit of an eligible entity under a management contract entered into for a period of not more than forty (40) years. The management contract may contain any terms agreed to by the Authority and the eligible entity, including a covenant of the eligible entity to pay the Authority a monthly fee for costs of operation and maintenance of the government building or system pursuant to the annual budget submitted to the governing body by the Authority in accordance with the management contract. The annual budget may contain funds for a working balance and funds for a. reserve account for nonrecurring general maintenance, improvement, or replacement costs as provided in the management contract. The eligible entity may enter into the contract through adoption of an ordinance, an order, or a resolution of the entity's governing body or, in the case ofa city, a resolution oftheboard that is responsible for the government building or system. No other approvals of the management contract are required. To the extent provision for payment from other available revenues has not been made and subject to the provisions of the management contract for cancellation or termination, the governing body of the eligible entity that executes a management contract shall annually levy a tax sufficient to produce each year the necessary money with which to pay the management fee required by the budget submitted by the authority. These levies may be reviewed by other bodies vested by law with that power to determine that the mw.uallevies are sufficient to raise the amount required to meet the management fee under the contract. Section 17. An eligible entity may lease land or any part of a government building or system from the Authority, and the authority may lease land or any part of a government building or system to an eligible erttity. An eligible entity that enters into such a lease may sublease part of the leased premises to other eligible entities. Such a lease or sublease may not be entered into for a period of more than forty (40) years. An eligible entity may, in anticipation of: (a) the construction or purchase of government buildings, including the necessary equipment and appurtenances, or (b) the purchase of land; enter into a lease with the Authority before the construction or purchase. Such a lease must require the payment of lease rental by the lessee or lessees to begin when the building or land has been acquired or completed and is ready for occupancy, but not before that time. Section 18. Whenever property is to be acquired and reconstructed or renovated under this chapter, an eligible entity may, in anticipation of the acquisition, enter into a lease with the 6 Authority, upon such terms and conditions as may be agreed upon, including: (a) provisions for the lessee to continue to operate the property until completion of the reconstruction or renovation, and (b) provisions for the payment of a lease rental by the lessee for the use of the property while it is being reconstructed or renovated. Section 19. An eligible entity may, in anticipation of the acquisition ofa system, enter into a lease with the building authority before the completion of the acquisition. Such a lease must require the payment of lease rental by the lessee or lessees to begin when acquisition of the system, or a discrete, functional part of the system, has been completed and is ready for use, but not before that time. An opinion or report of an independent expert that the system, or a discrete, functional part of the system, is complete and ready for use is conclusive and binding on all parties and on all taxpayers of an eligible entity. Section 20. A lease under this ordinance may: (1) Provide the eligible entity that is the lessee with an option to renew the lease for the same term or a shorter term, on the conditions provided in the lease. (2) Give one (1) or more ofthe lessees acting jointly or severally an option to purchase before the expiration of the term ofthe lease: (a) on the date or dates in each year that are fixed by the lease, and (b) at a price to be computed by a method set forth in the lease. However, such a lease may not provide, or be construed to provide, that an eligible entity is under an obligation to purchase the leased government building or system or is under an obligation respecting any creditors or bondholders of the Authority. An eligible entity that exercises an option to purchase may issue general obligation bonds for the purpose of obtaining enough money to pay the purchase price or its proportionate share of the purchase price. The bonds shall be authorized, issued, and sold in the manner prescribed by law for the authorization, issuance, and sale of bonds of the eligible entity for other purposes. Section 21. If the Authority proposes to build or purchase and remodel a government building for lease to an eligible entity, it must submit the plans, specifications, and estimates for the building or temodeling to the lessee or lessees before the execution of the lease. The plans and specifications must also be submitted to the state department of heahh, state fire marshal, and any other state agencies designated by law to pass on plans and specifications for public buildings. The Authority proposing to acquire a system may enter into a lease without submitting plans, designs, or specifications to any eligible entity, government body, or agency. However, before the execution of the lease, the building authority must submit to the lessee or lessees an estimate of the cost and a detailed description of the system. Section 22. When the Authority and an eligible entity have agreed upon the terms and conditions of a proposed lease under this ordinance, a notice of a public hearing to be held in the City by the governing body of the eligible entity shall be given by publication to all interested persons. The notice of the hearing shall be published in accordance with IC 5-3-1. The notice must name the day, place, and hour of the hearing, and set forth a brief summary of the principal terms of the lease agreed upon, including the character of the property to be leased, the location of the property to be leased if the property is a government building, the estimated lease rental to be paid, and the number of years the lease is to be in effect. The proposed lease, a detailed description of the government building or system, and any drawings, plans, specifications, and estimates that are available for the government building or system shall be kept open for 7 ,/ inspection by the public after the notice is published and at the hearing. At the hearing, all interested persons are entitled to be heard upon the necessity for the execution of the lease and whether the basis for the determination of the lease rental is fair and reasonable. The hearing may be adjourned to a later date or dates, with the place and date of the continued hearing to be fixed before adjournment. Following the hearing, the governing body may approve the proposed lease in substantially ftnal form and authorize the execution of the lease within parameters established by the Authority at the time the proposed lease is approved, as originally agreed upon or with any modifications that the Authority agrees to. The governing body may rely on the testimony of independent experts as to the fairness and reasonableness of the lease. Such an authorization must be by resolution or ordinance entered in the official records of the governing body. The lease must be executed on behalf of the eligible entity by the officer or officers authorized by law to execute contracts on behalf ofthat entity, and on behalf of the Authority by the president or vice president and the secretary of its Authority. Section 23. If the terms and conditions of a proposed lease are approved under this ordinance notice of the approval of the lease shall be given on behalf of the eligible entity by publication in accordance with IC 5-3-1. Ten (10) or more taxpayers in the eligible entity: (a) whose tax rate will be affected by the proposed lease, and (b) who are of the opinion that there is no necessity for the lease, or that the method of determining the lease rental is not fair and reasonable; may file a petition in the office of the Jeffersonville Clerk-Treasurer within thirty (30) days after publication of notice of the approval of the lease. The petition must set forth their objections to the lease and facts showing that the lease is unnecessary or unwise, or that the method of determining the lease rental is not fair and reasonable. Upon the filing of a petition under this Section 23, the Jeffersonville Clerk-Treasurer shall immediately certify a copy of it, together with any other data necessary to present the questions involved, to the department of local government finance. Not less than five (5) nor more than fifteen (15) days after receipt of the certified petition and data, the department of local government finance shall fix a time and place in Clark County for the hearing of the matter. The department of local government finance shall give notice of the hearing to the eligible entity and to the first ten (10) petitioners on the petition by registered mail, at least five (5) days before the date of the hearing. The decision of the department of local government finance on a petition under this section is final. An action to contest the validity of the lease or to enjoin the performance of any of its terms and conditions must be instituted within thirty (30) days after publication of notice of the approval of the lease, or if an appeal has been taken to the department of local government finance, within thirty (30) days after the decision of the department. Section 24. An eligible entity that wants to have all or part of a government building constructed, reconstructed, or renovated on land owned or to be acquired by it may: (a) sell that land or building to the Authority, or (b) lease the land or building to the Authority for the same period of years that the eligible entity proposes to lease all or part of the building, and may grant an option to the Authority to purchase the land or building within six (6) months after the expiration of the lease on the building if the eligible entity does not exercise an option to purchase the land or building within the terms of the lease. If the option price of the land or building is not fixed in the lease, then the price to be paid for the land or building under the option shall be determined by an appraisal by three (3) appraisers, who must be residents of the county, and who shall be appointed by the circuit court for the county. A sale or lease ofland or a building under this section must be authorized by resolution or ordinance of the governing body of the eligible entity, which shall be entered in the official records of the governing body. 8 This authorization must be given concurrently with the. authorization by the eligible entity of a lease of the building, or part of it, to be constructed, reconstructed, or renovated wholly or in part on the land. The deed, in the case of a sale of the land, or the lease, must be executed on behalf of the eligible entity by the officer or officers authorized by law to execute contracts on behalf of the entity, and on behalf of the Authority by the president or vice president and secretary of its Authority. Before the sale of any land or building under this section, a petition must be filed with the circuit court of the county requesting the appointment of three (3) appraisers, who must be residents of the eligible entity selling the land or building and disinterested freeholders. The appraisers shall fix the fair market value of the land or building and report their decision within three (3) weeks after their appointment. The eligible entity may then sell the land or building to the Authority for an amount not less than the fair market value fixed by the appraisers, which amount may be paid from proceeds of bonds of the Authority. Section 25. The members of the A authority may issue revenue bonds ofthe Authority for the purpose of obtaining money to pay the cost of: (1) Acquiring or constructing government buildings; (2) Acquiring land; (3) Acquiring systems; (4) Improving, reconstructing, or renovating government buildings, systems, or land; (5) Repaying any advances for preliminary expenses made to the building authority by an eligible entity; (6) Purchasing plans, designs, programs, and devices for governmental buildings or systems; or (7) Refinancing any loan made under this ordinance. The bonds are payable solely from the income and revenues of the particular governrtlent buildings, systems, or land for which the bonds were issued. The bonds must be authorized by resolution of the Authority, and shall (a) bear interest payable semiannually, and (b) Inflture serially, either annually or semiannually, at times determined by the resolution authorizing the bonds. However, the maturities of the bonds may not extend over a period longer than the period of the lease of the government buildings, systems, or land for which the bonds are issued. The bonds may, and all bonds maturing after five (5) years from date of issuance shall, be made redeemable before maturity at the option ofthe Authority. Such a redemption must be at the par value of the bonds, together with the premiums, and under the terms and conditions fixed by the resolution authorizing the issuance of the bonds. The principal and interest of the bonds may be made payable in any lawful medium. A resolution authorizing the issuance of the bonds must: (i) determine the form of the bonds, including the interest coupons (if any) to be attached to them, (ll) :fix the denomination or denominations of the bonds, and (Ui) fix the place or places of payment of the principal and interest of the bonds, which must be at a state or national bank or trust company within Indiana and may also be at one (1) or more state or national banks or trust companies outside Indiana. 9 The bonds are negotiable instruments under Ie 26-1. The resolution authorizing the issuance of tbe bonds may provide for the registration of any of the bonds in the name of the owner as to principal alone. The bonds shall be executed by the president of the Authority, the corporate seal of the Authority shall be affixed to the bonds and attested by the secretary of the board, and the interest coupons (if any) attached to the bonds shall be executed by placing the facsimile signature ofthe treasurer of the board on them. . The bonds may be sold at a private sale, a negotiated sale, or a public sale. If the bonds are sold at a public sale, notice of the sale of the bonds shall be published in accordance with IC 5-3-1. The Authority shall sell the bonds at public sale, for not less than their par v~lue. The board shall award the bonds to the highest bidder, as determined by computing the total interest on the bonds from the date of sale to the dates of maturity and deducting from that amount the premium bid, if any. Any premium received from the sale of the bonds shall be used solely for the payment of principal and interest on the bonds. If the bonds are not sold on the date fixed for the sale, then the sale may be continued :from day to day until a satisfactory bid has been received. The Authority may issue temporary bonds, with or without coupons. These bonds, which must be issued in the manner prescribed by this section, may be exchanged for the bonds that are subsequently issued. Section 26. In lieu of authorizing and selling bonds under this ordinance, the Authority of the Authority may adopt a resolution authorizing the negotiation of a loan or loans for the purpose of obtaining the required money. The resolution authorizing the loan must set out: (1) the total amount of the loan desired, (2) the approximate dates on which money will be required, and the amounts of the money that will be required on those dates, and (3) any terms, conditions, and restrictions concerning the proposed loan or the submission of proposals that the board considers advisable. Before the consideration of proposals for such a loan, a notice shall be published in accordance with IC 5-3-1. The notice must set out: (a) the amount and purpose of the propQsed loan, (b) a brief summary of other provisions of the resolution, and (c) the time and place where proposals will be considered. The Authority may accept the proposal it considers most advantageous to the Authority. Section 27. The members of the Authority may secure bonds issued under this ordinance or loans made under this ordinance by ~ trust indenture between the Authority and a corporate trustee, which may be any trust company or national or state bank within Indiana that has trust powers. The trust indenture may: (1) Mortgage or grant a security interest in all or part of the land, systems, or government buildings for which the bonds are issued or loan is made; (2). Contain reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders or lenders, including covenants setting forth the duties of the Authority and board concerning: (a) the construction, operation, extension, remodeling, repair, maintenance, and insurance of the government buildings or systems, and (b) the custody, safeguarding, and application of all money received or to be received by the Authority on account of the government buildings or systems financed by the bonds or loan; (3) Set forth the rights and remedies of the bondholders or lenders and trustee; and, 10 (4) Restrict the individual right of action of bondholders or lenders. Except as otherwise provided by this ordinance, the Authority may, by resolution or in the trust indenture, specify: (a) the officer, board, or depository to which the proceeds of the bonds or loan shall be paid, and (b) the method of disbursing those proceeds. Section 28. The proceeds of any bonds issued under this ordinance or of any loans made under this ordinance shall first be applied to the reimbursement of all amounts advanced for preliminary expenses under this ordinance. The proceeds shall then be applied solely to the payment of the costs for which the bonds are issued or the loan is negotiated, including incidental expenses and interest during construction or acquisition. The bondholders under this ordinance, lenders under this ordinance, or members under this ordinance have a lien upon the proceeds of the bonds or the loan until those proceeds are applied in the manner prescribed by this section. Section 29. An eligible entity that executes a lease under this chapter shall annually levy a tax sufficient to produce each year the necessary money with which to pay the lease rental required by the lease. These levies may be reviewed by other bodies vested by law with that authority, in order to determine that the levies are sufficient to raise the amount required to meet the !<(ntal under the lease. The first tax levy shall be made at the first annual tax levy period following the date of the execution of the lease. However, if the lease was entered into in anticipation of the purchase of land, construction or purchase of a government building, or acquisition of a system, the first tax levy shall be made at the first annual tax levy period immediately before the date fixed in the lease for the beginning of the lease rental The first annual levy shall be made in an amount sufficient to pay the estimated amount of the first annW:1l lease rental to be made under the lease. The annual lease rental shall be paid to the Authority semiannally, following settlements for tax collections. Section 30. The annual operating budget of the Authority is subject to review by the county board of tax adjustment and then by the department of local government finance as in the case of other political subdivisions. Section 31. All the property and revenues of the Authority are exempt from taxation for allpurposes. Section 32. All the bonds and other securities issued by the Authority, including the interest on them, are exempt from taxation for all purposes. Section 33. Except as otherwise provided in this ordinance, all money coming into possession of the building authority shall be deposited, held, and secured in accordance with the general statutes concerning the handling of public funds. The handling and expenditure of money coming into possession of the Authority is subject to audit and supervision by the state board of accounts. Any employee of the building authority authorized to receive, disburse, or in any other way handle money or negotiable securities of the Authority shall execute a bond payable to the state, with surety to consist of a surety or guaranty corporation qualified to do business in Indiana. The bond must be in an amount determined by the Authority of the Authority and must be conditioned upon the faithful performance of the employee's duties and the accounting for all money and property that may come into his hands or under his control. The cost of the bond shall be paid by the Authority. 11 Section 34. All contracts let by the Authority for the construction and equipment of a government building must be let in accordance with the general statutes concerning public contracts. All contracts let by a the Authority for the acqui~ition of a system may be entered into in accordance with the general statutes concerning similar contracts. Section 35. The records ofthe Authority are public records. This ordinance shall be in full force and effect after passage by the Common Council of the City of Jeffersonville and approval by the Mayor of the City of Jeffersonville. Approved by the Common. Council of the City of Jeffersonville this of , 2006. Barbara Wilson, President Jeffersonville Common Council Passed and adopted by the Common Council of the City of Jeffersonville this day of , 2006. ATTEst: Peggy Wilder, Clerk Treasurer Robert L. Waiz Jr., Mayor Presented by me as Clerk ~~rer to the ayor of said City of Jeffersonville .91 ti iss ~a a~y of ,2006 ~ '.~~ Peggy Wilder, Clerk Treasu er .. Approved and signed by me this ----" day of ,2006 Robert L. Waiz Jr., Mayor Vetoed by me this 2006 12 BEFORE THE COMMON COUNCIL FOR THE CITY OF JEFFERSONVILLE STATE OF INDIANA IN THE MATTER OF THE VETO OF ORDINANCE NO. 2006-0R- 3 r STATEMENT OF REASONS Comes now the Mayor for the City of Jeffersonville, Robert L. Waiz, Jr., having reviewed Ordinance No. 2006-0R-1.l, hereby vetoes said ordinance and in support states the following: 1. That said ordinance states in error that the City Hall property has been transferred to the city. 2. That the operation and supervision of the City Hall is an executive function. 3. That the City Hall is owned by the Redevelopment Commission, which financed the bonds for the project with Tax Increment Financing (TIP) proceeds. The City Hall should remain titled to the Redevelopment Commission until the bonds are paid in full. J -t1 SO VETOED ON THIS ~ DAY OF JULY, 2 This Ordinance shall be in full force and effect after the Jeffersonville City Council votes by 2/3 majority to over ride the Veto of Ordinance No. 2006-0R-38, An Ordinance Establishing The Jeffersonville City Hall Building Authority, by Mayor Waiz on this /7 t!t. day of July 2006. V oted Against: