HomeMy WebLinkAbout04) 1996-OR-103 ORDINANCE NO.
AN ORDINANCE AUTHORIZING BORROWING
OF FUNDS FOR ACQUISITION OF LAND
WHEREAS, on December 2, 1996 the Common Council of the City of
· "he
Jeffersonvdle (here nafter t Council") adopted a Resolution expressing its interest in
purchasing a parcel of real estate for the purpose of building a new Animal Shelter; and
WHEREAS on December 6 1996 the Council adopted an Ordinance No. 96-
OR-98 d~recbng the
pectrU~ ~e~,,
WHEREAS, the Board of Public Works has received two (2) appraisals of the
land proposed to be purchased and has presented those appraisals to the Council; and
WHEREAS, the proposed purchase price for the land is Fifty Thousand Dollars
($50,0~)0.00) which is less than the average of the two (2) appraisals; and
WHEREAS, there is a current available balance in the Animal Shelter Building
and Capital Improvement Non-Reverting Fund of $18,000.00 which funds shall be used
as a down payment for said purchase; and
WHEREAS, the balance of the purchase price ($32,000.00) will be paid under
the terms of the Sprint-Spectrum Lease within five (5) years; and
WHEREAS, the Council wishes to borrow the balance of the purchase price from
a local lending institution pledging the proceeds of the Sprint-Spectrum Lease as
collateral;
NOW THEREFORE, BE IT HEREBY ORDAINED that the Mayor of the City of
Jeffersonville (hereinafter "the Mayor") is hereby authorized to borrow Thirty-two
Thousand Dollars ($32,000.00) to be repaid from the proceeds of the Sprint-Spectrum
Lease over a period not to exceed five (5) years.
This Ordinance shall be in full force and effect from and after its passage and
approval.
ATTEST:
Presiding Officer
C. Richard Spenc~
Clerk and Treasurer
Presented by me as C erk and Treasurer [o th Mayor of said City of
Jeffersonvlle this ~ day of._.~' , 19~
Clerk and Treasurer~
/'This Ordinance approved and signed by me this J?~. day of ~,~.~_ · ,
199_~.
s R. Gill/gan, M~yo~~
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