County Council Ordinance - August 2006=t- -; . .. ,e(�a
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ORDINANCE 2006-�
AN ORDINANCE OF THE GIBSON COUNTY COUNCIL AUTHORIZING A LOAN FOR
GIBSON COUNTY, INDIANA FOR CONSTRUCTION OF A WORK RELEASE CENTER
WHEREAS, I.C. 6-1.1-20-2 provides that a County may issue
notes that it considers necessary; and
WHEREAS, Z.C. 36-2-6-18 provide that a County fiscal body
may by ordinance make loans for purpose of procuring money to be
used in the exercise of County powers; and
WHEREAS, I.C. 36-2-6-18 provides that said Ordinance
authorizing the issuance of bonds must state the purpose for
which the bonds are issued; may provide the bonds are or are not
negotiable; may bear interest at any rate; and may mature by
installments payable annually or otherwise; and
WHEREAS, the Gibson County Council has determined it is in
the best interests of the County to authorize a loan in order to
further the construction of a new Work Release Center for Gibson
County, Indiana; and
WHEREAS, I.C. 36-2-6-18 provides the County fiscal body may
by ordinance make loans of money for not more than five (5) years
and issue notes for the purpose of refunding loans and that the
total amount of outstanding loans may not exceed five percent
(5�) of the County's total tax levy;
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 issuance of a single bond or note which
may be negotiable; said single bond or note to be in an amount
not to exceed the principal sum of One Million Five Hundred
Thousand Dollars ($1,500,000.00); and to be amortized over
periods of five (5), ten (10) and fifteen (15) years; to be
payable semi-annually; with final payment to be due five (5)
years from date of said note together with the right of
prepayment.
2. Said bids shall be received at the Office of the
Gibson County Auditor after notice is given pursuant to Z.C. 5-1-
11-2 and I.C. 5-3-1.
3. Each bid shall specifically state the following:
A. Rate or rates of interest to be charged.
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B. Shall provide amortization schedule for semi-
annual payments for the sum of One Million Five
Hundred Thousand Dollars ($1,500,000.00) for five
(5), ten (10) and fifteen (15) years with a
balloon and final payment due in five (5) years.
C. Each bid shall permit prepayment.
4. The payment of said bonds shall be made from the
Gibson County Corrections Fund, and if said funds are inadequate
to make said payment, the balance thereof shall come from the
Economic Development Income Tax Fund for Gibson County.
PASSED AND ADOPTED by the Gibson County Council this 3rtl day
of August, 2006.
GIBSON COUNTY COUNCIL
By: ,CG/
TonyGi lfe, Pr ident
ATTEST
BY �_/���
Mary K tor
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