County Council Ordinance - May 2005ORDINANCE NO. 2005-
AN ORDZNANCE ?�JTHORIZING A TEMPORARY LOAN
FOR GIBSON COUNTY, INDIANA
WHEREAS, Gibson County, Indiana may be in need of a
temporary loan to meet current expenses; 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 shall 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 ic 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 February 8,
2005 meeting take action �o authorize the advertising of bids by
the Gibson County Auditor; and
iv'?-?EREAS, �he Gibson County Council desires to memorialize
said action by an Ordinance as required by Sndiana Code 36-2-6-
18;
NOW, THEREFORE, BE IT ORDAINED by the Gibson County Council
as follows:
l. 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 ($2,000,000.00) for the County General Fund
in anticipation of the current revenues of Gibson County and �or
a term not to exceed December 31, 2005.
2. Said bids shall be received up to the hour o� 3:00 p.m.
on March 7, 2005 at the office of the Gibson County Auditor.
3. Each bid shall state the rate of ir_terest to be charged
and shall provide that prior to ma�urity all or any amount of the
principal may be prepaid with accrued interest to the date of
repayment.
r'� �
' " ���
IN WITNESS WHEREOr the Gibson County Council has adopted
th�s Ordinance this / B day of �, 2005.
GIBSON COUNTY COUNCIL
BY : �� � `
ATTEST:
MARY KE
Gibson unty _uditor
�:\L?H\DOCS\34392\oRD\H2'836.DOC