County Council Ordinance - April 2004 (2)I�r• � - - _, `� ci`
ORDINANCE NO. 2004-2 CC
AN ORDINANCE AUTHORIZING A TEMPORARY LOAN
FOR GIBSON COUNTY, INDIANA
WHEREAS, Gibson County, Indiana may be in need of a
temporary loan to meet current expenses as a result of tax
statements not being delivered to taxpayers in time for May, 2004
payment; and
_ WHEREAS, Indiana Code 36-2-6-18 provides that the County
'fiscal body may by Ordinance make temporary loans to meet current
operating expenses in anticipation of.and not in excess of County
revenues for the current fiscal.year, which loans sha11 be
evidenced by tax anticipation warrants of the County; and
WHEREAS, the Gibson County Council in consultation with the
Gibson County Auditor is of the belief that it is in the best
interests of the citizens of Gibson County, Indiana to advertise
for a tax anticipation loan in an amount not exceeding Two
Million Dollars ($2,000,000.00); and
WHEREAS, the Gibson County Council did at its April 20, 2004
meeting take action to authorize the advertising of bids by the
Gibson County Auditor; and
WHEREAS, the Gibson County Council desires to memorialize
said action by an Ordinance as required by Indiana Code 36-2-6-
18;
NOW, THEREFORE, BE IT ORDAINED by the Gibson County Council
as follows:
1. The Gibson County Auditor is authorized to advertise to
receive sealed bids for tax anticipation warrant or warrants to
be issued by Gibson County for a temporary loan in the amount of
Two Million Dollars (52,000,000.00) for the County General Fund
in anticipation of the current revenues of Gibson County and for
a term not to exceed December 31, 2004.
2. Said bids sha11 be received up to the hour of 3:00 p.m.
on May 17, 2004 at the office of the Gibson County Auditor.
3. Each bid shall state the rate of interest to be charged
and shall provide that prior to maturity all or any amount of the
principal may be prepaid with accrued interest to the date of
repayment.
I� M -. .
IN WITNESS WHEREOF the Gibson County Council has adopted
this Ordinance this 20th day of April, 2004.
GIBSON COUNTY COUNCIL
--�-
BY: �e • �lr�.�.,� ff�.
TON OLFE, P sident
ATTEST:
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K W. GREUBEL
Gibson County Auditor
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