HomeMy WebLinkAbout2007-OR-16
ORDINANCE NO. 2007-0R-16
I
AN ORDINANCE ESTABLISHING JEFFER.SONVILLE ECONOMIC
DEVELOPMENT ABATEMENT NON-REVERTING FUND
WHEREAS, the Common Council for the City of Jeffersonville ("the Council")
has the statutory authority to consider and grant tax abatement requests and;
WHEREAS, I.C. 6-1.1-12-14 allows the Council to collect an annual fee
for the administration, monitoring, and collection of tax abatements granted by
the Council; and
WHEREAS, the Council believes such fees are in the best interests of
the taxpayers; and
WHEREAS, it is economically desirable to create such fund for the long
term funding for economic development projects; and
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the
City of Jeffersonville, Indiana, as follows:
1. That an Economic Development Abatement Non-reverting fund be
established for the purpose of funding economic development projects.
2. The fund shall be entitled "Jeffersonville Economic Development
Abatement Non-reverting Fund.
3. The monies may be expended from the fund only upon the filing of a
proper claim in issuance of a warrant for payment by the Clerk-Treasurer
after appropriation by the City Council except the monies in the said non-
reverting fund shall be soley expended for the funding One Southern
Indiana economic development projects.
4. That the funds are hereby required to be used to the extent and in the
manner allowed by law.
"
This Ordinance shall be in full force and effect from and after its passage and
approval.
Passed and adopted this '2 day of
~" ,EST:
, W.
pegg~
Clerk and Treasurer
,2007.
Presented by me as Clerk -Treasurer to the Mayor of said City of
Jeffersonville this '2- day of Ci ~\ , 2007 at m.
~.
'peggy~~~
Clerk and Treasurer
This Ordinance approved and signed by me t
2007 at m.
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