HomeMy WebLinkAbout1996-R-43RESOLUTION OF THE COMMON COUNCIL
OF THE CITY OF JEFFERSONVILLE
WHEREAS, the City of Jeffersonville, Indiana ("Issuer") is authorized by Indiana
Code 36-7-11.9 and 12 (collectively, the "Act") to issue tax-exempt revenue bonds for
the financing of economic development facilities, the funds from said financing to be
used for the acquisition, construction and equipping of said facilities; and
WHEREAS~~yandot") has advised Issuer that Wyandot
proposes that ss~(~(~e~s of a tax-exempt economic deve opment
financing to Wyandot for the acquisition of new machinery and related improvements to
be installed at Wyandot's existing food manufacturing facility in the City of Jeffersonville,
Indiana (the "Project"); and
WHEREAS, Wyandot has requested that Issuer declare its intent to issue
economic development revenue bonds in this resolution, which constitutes official intent
pursuant to Treasury Regulation 1.150-2 to allow bond proceeds to be used to
reimburse certain original expenditures by Wyandot; and
WHEREAS, the economic development revenue bonds shall not in any respect
be a general obligation of Issuer, and shall not be payable in any manner by revenues
raised by taxation; and
WHEREAS, Issuer wishes to declare its intention to authorize an issue of tax-
exempt economic development revenue bonds for the purpose of reimbursing or
defraying the cost of acquisition and construction of the Project, when so requested by
Wyandot, upon such terms and conditions as may then be agreed upon by Issuer,
Wyandot, and the purchaser of bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF JEFFERSONVlLLE, INDIANA (THE "COUNCIL") that the Council does
hereby declare its intention to authorize the issuance of economic development bonds
for the purpose of financing the Project, the interest on which bonds will be excluded
from gross income for federal income tax purposes pursuant to Section 144(a)(4) of the
Internal Revenue Code of 1986, as amended, under and in accordance with Act; in
such amount necessary to defray the cost of acquisition, construction, improving and
equipping the Project, presently estimated not to exceed $2,500,000, and upon such
terms and conditions as may be mutually agreed upon the Issuer, Wyandot and the
purchaser of the bonds, the issuance and sale of the bonds to be authorized by a
resolution of the Council at a meeting held for such purposes.
BE IT FURTHER RESOLVED, that Issuer shall cooperate and assist Wyandot,
its representatives and bond counsel in obtaining an allocation of private activity bond
issuing authority for the proposed bonds from the State of Indiana.
Passed and adopt, ed by the Common/Council of the City,of Jeffersonville,
Clark County, Indiana, this z.~ day of ,/7,/~, ,19~.~__~.
aThomas R.
Presiding Officer
ATTEST:
C. ~i~;hard Spenc~, Jr.
Clerk and Treasurer
Presented by rr)~
Jeffersonville this c.~
as Clerk and Tree,surer to the May~or of said City of
day of /~?~'Z,-'. ,199_(_,~..
'Thomas R. Ga[ligan, May