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County Council Ordinance - March 2006� � ORDINANCE NO. 2006 - 1 AN ORDINANCE AUTHORIZING A TEMPORARY LOAN FOR GIBSON COUNTY, ]NDIANA WHEREAS, Gibson County, Indiana may be in need of a temporary loan to meet cunent expenses; and WI IEREAS, 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 it is in the best interests of the citizens of Gibson County, Indiana to advertise for a tax anticipation loan in an amount not eYCeeding Four million Dollars ($4,000,000.00); and WI-IEREAS, the Gibson County Council did at its February 14, 2006, 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, TI�REFORE, BE IT ORDAINED by the Gibson County Council as follows: l. The Gibson County Auditor is authorized to advertise to receive sealed bids for tvc anticipation warrant or warrants to be issued by Gibson County for a temporary loan in the amount of Four Million Dollars ($4,000,000.00) for the County General Fund in anticipation of the current revenues of Gibson County and for a term not to exceed December 31, 2006. 2. Said bids shall be received up to the hour of 3:00 P.M. on March 13, 2006, at the office of the Gibson County Auditor. :� _ � . . . - � �j a- 3. Each bid shall state the rate of interest to be charged and shall provide that prior to mahuity all or any amount of the principal may be prepaid with accrued interest to the date of repayment. IN WITNESS WHEREOF the Gibson County Council has adopted the Ordinance this /4—day of ;��� , 2006. GIBSON COUNTY COUNCIL BY: �' . l�(��� ATTEST: �� Mary B. I Gibson County Auditor