County Council Ordinance - April 2003�
_ y
ORDINANCE NO. 2003-1
AN ORDZNANCE AUTHORIZING A TEMPO�RY LOAN
FOR GIBSON COUNTY, INDIANA
WH�REAS, Gzbson Coun�y, Zndiana may be in need o= a
L2ID[�Orfl-}� !OdII LO TiBEC curren� expenses dS �c i'25LIL OI Ldi:
stzcemen�s no� beina delivered �o taxpayers in �ime �or May, 2005
payment; and
w��REAS, indiana Code 36-2-6-18 prov_des that tre County
=iscal body may bti Ordinance make temporary loans to mee� currer.�
OpET'dL1S1CJ expenses 1I] an�icipa�ion Oi dI1C� IIOi 1P. BXCESS O� COU:?LV
revenues for che current fiscal year, whicn loans shall be
evidenced by tax an�icipation warran�s o� �h2 County; �nd
WH_REAS, �he Gibson County Council in consulta�_on with tr�
Gibson County Audi�or is o` �he belie` tha� i� is in �'�e best
ir.�eres�s o= �he ci�_zens o� Gibson Coun�y, Icdian� �o adver�_se
LOT 8 LcX dIlL1C1DcL10.^. ! OdP. 1P. an amount POL exceeding Four
Mill-on Dollars (54,000,000.00); and
"vdH�REAS, �ne Gibson County Council did a� i�s March 18, 2003
mee�inc ca'{e ac�_o-� �o authorize the adver�isir.g o� b=ds by the
Gibsor� Coun�y �udi�or; and
w�:=BEAS, ��?e Gibson Coun�y Councii des_res to �<<2�<<orialize
said Gc�ion by an Ordinance as required by Indiana Code 36-2-6-
18;
NOW, THER�cOR�, BF TT pRDAiNED by Lhe GibsOn Conn�V CoLnCi1
as =ollows:
i. Tne Gibson County Audi�or is au�horized �o adcertise �o
rece-ive sealed bids for tax anticipation warrant or warrants to
be iss�ed by Gibson County �or a temporary loan in the amount o:
�our Million Dol�ars ($9,000,000.00) for che County 6eneral cund
lII c7'i�iClpd�i0i7 Oi �7"!2 curren� revenues of Gibson COlirL�% dRCj `OY
a �erm -�ot �o exce�d December 31, 2003.
2. Sz�d bids shall be received up �o �he hour o� 3:00 p.m.
or. May 19, 2003 a� �ne office of the Gibson County Aud_�or.
,. Each bid shall s�a�e �he ra�e oi in�eres� �o be cha�g=d
d.^.Cl Shfl�l� 1JI'OV:Cj2 Lh3L prlOr LO ma�urity nl� OT any a?'�011P.L Oi LY'e°
principal mzy be oreaaid wi�h accrued interes� co �he dzLe of
repaym2n�.
�•r
, " . -�i � - � a�a-
IN WZTNESS WHEREOe�e Gibson C nt� Counc_1 has adop�ed
this Ordinanc2 �his � day o� 2003.
GIBSON COUNTY COUNCIL
tsY :
TONY LFE, Pre den�
P.T_EST:
KEN "vd. GREUBEL
Gibson County �uditor