HomeMy WebLinkAbout2002-OR-16Ordinance No. 2002-OR~16
An Ordinance Authorizing the Jeffersonville City Clerk Treasurer
to Seek A Temporary Short Term Loan In Anticipation of Current Revenue
Pursuant to Indiana Code 36-4-6-20
WHEREAS, the Jeffersonville City Council has determined that an emergency
exists which makes it necessary to seek additional funding in order to pay claims, which
have been lawfully submitted, to the Jeffersonville City-Clerk Treasurer;
WHEREAS, the Jeffersonville City Clerk Treasurer has received health insurance
claims which have been submitted pursuant to the City of Jeffersonville's Health
Insurance plan;
WHEREAS, the City has exhausted it's budgeted funding for the payment of
these claims;
WHEREAS, pursuant to Indiana Code 36-4-6-20 the legislative body instructs the
Jeffersonville Clerk-Treasurer to "make loans of money for not more than five (5) years
and issue notes for the purpose of refunding those loans in anticipation of revenues of
the city that are anticipated to be levied and collected during the term of the loans.";
WHEREAS, the City Council acknowledges and understands that they have the
authority to make said loans for a period of not more than five (5) years. However, the
Council instructs the Clerk-Treasurer to make.s.~id !oap fqr p.~t~..r~.9[~ [~ period of
one (1) year from the date of the execution of th~ appropriate loan documents;
WHEREAS, the City Council hereby understands that the City of Jeffersonville's
total tax levy is Ten Million Four Hundred and Sixteen Thousand Two Hundred and
Fifty One Dollars ($10,416,251) and pursuant to Indiana Code said loan shall not
exceed Five Hundred Twenty Thousand Eight Hundred and Twelve Dollars and
Fifty Five Cents ($520,812.55);
WHEREAS, the Council shall, by adopting this ordinance and instructing the
Clerk-Treasurer to seek said funding, appropriate and pledge to their payment a
sufficient amount of the anticipated revenue necessary to retire said indebtedness in
both principal and interest;
WHEREAS, the Council instructs the Clerk to evidence said loan by time
warrants of the city in terms designating the nature of the consideration, the time and
place payable, and the revenues in anticipation of which they are issued and of which
they are payable.
WHEREAS, the Council acknowledges, understands and agrees that they shall
set a rate of taxation for the year 2003 in such an amount and rate that the total tax levy
of the City Of Jeffersonville shall be in an amount necessary to pay for those items set
forth in those budgets adopted and passed by the City Council as well as that amount
necessary to pay the principal and interest of that loan which the Council has instructed
the Clerk-Treasurer to secure herein.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Jeffersonville, Indiana, that this Ordinance shall be in full force and effect from and after
its passage and approval.
Passedthis ~Ot day°f ~2~'3~~2' ''ThomasR. a~l~ n~( Presiding Officer
ATTEST:
Peggy ~c~r
Clerk and Treasurer
Presented by me as Clerk and Treasurer to the Mayor of said City of
Jeffersonville this f~-O day of tC~° .~?k-- ,2002.
Peggy~Vild~fO ~
Clerk and Treasurer
This Ordinance approved and signed by me this ~;)~") day of
G{~ilig'~0, [Yfay~ '
,2002.