County Council Ordinance - March 2009m
ORDII`T�NCE N0. 2 00 9- 3
��'I-IEREAS, the Auditor and the Counry Council of the County now find that an
2iTi2'+„".'.:i�� ,"—.`�'s�:= �:=? i�'. vGiTOS'e1I'i� Oi ffi0�.°.}' li'ii�' �:'ri�}'i i0 ulZ2t t�ii° 2XPenses of said Ceanty
that �;il: !�e in���� _:n L«�9 to be paid from t�v L=ene�l Fund o£ said County, ��hich e�enses
must be �si prief .� -Wz re:,eipt cf the Decemb� se�le�;nt wd disiribution oi tvices ior the year
2009, and
`--'-.':-'.�'�r== `�e A.i:dii�r has presenied �o the Ccun.y Gouncil a recomcnendatian th�t z
Y2mpC:?ry iC?:! �� :-"=�'� fir th� G°t?2r^41 Fund iIl ?h2 a..m_,v^t:!+ts 2nd Subj2Ct tC the terr?S h2r2ina*?�r
set forth:
;?t;�-' �::d,K.:.::,:�, BF 1T .'.I:nJ IT i� :'..�'�.,R `' ^:.
� �,RV gF L� D b}' t e CCi:nYy Lo��:,��
oi t�e Cv�.:ct;= vi �����., i��iianp, that a tempor?ry loan b� mzde ior and on behalf oi ifie General
Fund o` s�id Ccur� in ihe amount of S�,OQ0,400 thz p; �ce�s of each loan when drau��n sh�:l be
pisc°.;.+ ia +?�� Gv-� G+ : li::u c: �id reuni}�. :h: Ie2: ;�_r ih� General Fund shsll be uszd ic:
meetin; exY;,�s;.� �f'�e �o�.mty included in th� :egiila� �audg�t and appropriations adopted for
ine year 2uvy, wnicn expenses musi oe mzi prior io ihe receipi oi iiie Becemoer seiiiemeni and
distribution of tases for the year 2009.
Such temporary loan shall be evidenced by warrants of the County dated as of the date of
delivery thereof, bearine interest �i a rate not to exceed S% per annum (the exact rate to bz
determined by biddine).�which interest shall be payable at the time of the final payment oi tha
principai o: said warrants and said w�arrants shall mature and be payabie as follows:
FiJND TOTAL bL4TURING
General �S,OQ0,000 December 31, 2009
Interest shall be calculated on a 365 day basis. The wamant shall be subject to multiple draws
and repayments of prin�ipal prior to maturity. :a sufficient amount of the revenues of the
County to be dem�ed from the General Fund le�y is hereby appropriated and pledged for the
payment oi the principal amount of said warrants to be issued for the respective Funds at
maturity on account o£ the taxes for the year 2008, collactible in the year 2009, and a su�cient
amount of the revenues of the County to be derived from the General Fund and, in the event such
funds are insufficient, a portion of the County's EDIT revenue, is hereby appropriated and
pledged for the payment of interest on said warrants ai maturity. The Treasurer of said County is
hereby authorized and duected to pay the principal amount of the General Fund warrant of the
tv: revenues of each fund and the interest on the watrants from the General Fund upon the
presentation thereof at or after maturity. The warrants r��ill be delivered on or about Mazch 3G,
2009.
�30'�79.1
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Said warrants shall be siened by the Commissioners of the County and the seal of the
�;;1�:�;� s�all '�ae affi�ei tL�r�sn 2IlC� 2t[25Le� by t'r:e �;`n_rare oi the Aud±?o: of t�z County.
��id u�arraais shx?i 'c•� payabie ai tae u�cG tif Trzasurer of Cribs:,n Ccuary, Indiana. S�:d
:_��.,is sh�il,-cn tt?e �u=> s�r c; indicwt� thwt ii __ i;s�.��; ?or :he G�.��� Fuaa and p�yable o::t
Oi ui2 �327i2i3� FUii(i iZPc^iiti2S.
Said a�arrants �.hz11 �c =ssued in sub�tar:i?a"� th: £ollowing ferm, all blanks to be properly
fi::ed in �:-io: to de�v�ry�, t; -�r�it:
UNITED STATES OF :�MERICA
STATE QF II�TDIAi\rA
COtm'TY OF GIBSON, INDL4I�'A
TEh4PORARY L0:11�' ��l'ARRAt�'T
GENERAL FIT1��D
FOR �'ALUE ?tECEIYED, The �^�„nty of Gibson,
��� ���z cf the Tr;,�s�,��, Gibson Coi:nt��,
"'_^•= _ * � e a_ �-=,:- '-� e, � � a
Y,,,, v.�i ;si�ui ,.....,� � .il'ia.,i tC•.. �::c:;1fI::;ui a::ti7 Ci
No.
COLT'TY OF GIBSQi�i
Indiana, will pay to
L.diana, on December � l,
Dcll� s
��' ;;�itw :�te:�es: !he*eon, �t tne �te vf % per annuu co�uted from the date af
.ac=w �ra«� to tl:e dzi2 �_ -�a5�r-^-ent, czlcuiate� M a 365-day tbasis. �rans upon ttus w!arr�:-�+
�i!ei �2 Yri?.'.�°. U�C)� S:;'.'- �c.}'S V:Tittw T;01iC� �__ _;i�3 U�L iIOLZU �1�'= Litib �L�aITO1�Il. R"tUILI��"-.
�;.�;_; a;:d repa}�meat> �=r;� �° mad: under Yni� v=�rant provided that in: outstanding principai
62!»r.ce r.*�2y at ne time exceed g
This w2r.�aat eezaences a?empo.2r, foan a�¢rea2ting Five Iry+llion ➢ollars ($�;000,000)
H�t�e�ized an Ordirance Yzssed and adopted c j�e �.ounty Council o_` Gibson County, Iudiana
�� ivia;;� =7, 2009, a�d in accordance a�;tu I*d=»aa Code, Title �6, :�iicle 2, Chapter 6, aad ail
��+::vr a::ts ��adaio=;�'u�=uf er suppl..r.en.zl t�+�eto, for the purpose �f rrocuring a temporary
ie�^. fcr r!=e s°ne*21 F�and �f said Ccunh�.
�7115 W'�2L1i i: iS=12v L*i 3IIhCIFicLiOL Ji :.Ei2 `�'Y I2Vj' ffiade iCi L�ie General Fund in Yh?
-- 2�08, c�lle� ibi� iL T�_ yazr =009, �.�hi�h '.�x i�vy is now in t�� Lo�.4-sa oi collection and io
`�v� r?}'IIl�nt cf th� jJ,^.IlCtry amQllPt flP� Lht L'!T�?'��Y Lhereon, Of ?h. I'2Z'-_Pll�S TC b� a211V8C� IS'CII?
LFic. J�lerei Fund Izvy, ^e. �i•.�iCBtlf 2Lri0tliii OI LR8 T'cvznues to be d«;vz�? fre� the Genz,�l Fili�i
:e=�- !�as b�n znd is �e;eb;� zppreprizted and �lvug�.
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U230'J879.1
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Tlvs temnorarv loan warrant has been desienated as a aualified oblieation vursuant to
�c'^.v�� ^:t,.r_.,.�„i r_a.. ., . ., .
�cCii7' _v�,u�;_ J Gi u:c u�eciuci R2VcIIiic^ �wc.
�i ,_ L::::.�} v��i�L�l°.,.� i�l� :T {�: :.k;:C�t:LiCu Oi il'iiS �i'"t.1T8itt� nl: i;`'.^.4:Se�,^.u: Oi iii2
Constituticn zr�a �t;e Statutes of the St�ie of indiana relating thereto have been cor.�plied with,
that the Gen.� at Fun3 tzx le�y from t�e procw,ds from which the principai amount ;,f :.ad interest
th�recn th�S ���.^•2et i� payabie, teg�ther a�i�n �=ner ret��r.ues in that Fund, ?s: ��aud az?d le'al
iet7es; ar,d inai said i,auniy wili reserve a su:n�stni amount in ihe General Fund icr ine paymeni
^c �e lr.�v p� cF-d 1.ferest �n Lhese ����; �.'_s.
.4 YciiT� u�u 1't�11G1\�'"vC. ill2 1.��}�t.� e� =�b�:.�;,. Indiana has M4ItJv11 iSL3 ���G1IHIII �O UZ
;ign.� =:_n it; r_ar-e b4 the Commissiorrs �??� ��.�ted by the �uditor as of it?2 ?OL d�:y of
March; 20Q9.
COIJNTY OF GIBSON, ll`TDIANA
BY �d%��IZti.f..ti�v�/
�mm�ss�oner
County of Gibson; Indiana
BS' �/Li-7��/���_=�/��
Convmssioner
C'niinty nf C',ihcnn Tn�iana �
By _���
/ �
Commissioner
County of Gibson; Indiana
Attest:
Auditor
County ibson, Indiana
Date Amount Drawv or Repaid Outstandine Balance
V2307879.]
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**� End ofFortn of Warrant**'�
T'he Auditor of the County is hereby authorized and directed to have said warrants
'r'-='r'^=�`� `— -`Li `vj�" `�=�=i' r�v*1d=� :�,u the s�licitztion ef bids by the Auditcr i; hereby
n•--
�� '�:��:: ^�� wt�fi«. T:nw n�ar.anY> �:� hereoy a�s�zrded in the amount of S3,400,000 to the First
_;..uG�� "- - ni �z:=.:i � a�n u.ie*esi *�ze af �.C�O% and in ihe amount of S2,OOO,dQO io Oid
;:... �...._. .,
�__4;;�� �=-� _: w intere F rate oi ?.25�5. The Commissioners and Auditor are herebv
:.w,^v^.; µ 2�d dirv�i°.: ic �xe�ai� 32:u n•arr�:fs �or the Crneral Fund in the forzr, herein
rr�::aec, zW� ��,° T* 2� �-er is h,::�by zuthorszed and directed to deliver said �k�arrants when so
ev:c:atv�s :� �r aueut �i�*v� =0 �Ors.z, ie ihe �zspective purchaser or purchasers thereof, upon
���-i «t Lg �:iu r;:reNas:r �*�ureh�..r ofth� first drzw upon thz n�arrants.
'y. v.*dYr .7 �*esen�e ihe excl�sion of �terest on the watrants from gross income for
�°d:ra? ��cvr° t�..i rum�s�s .ne as ���ue°ment tc purchasers of the warrants, the County
�2r��c5: �`e=, COY2-i�eS 2iu aSicZS i�'i$i:
-. "- ����_-�:� c� e�titc=, �;har than ihe C�unh� or another governmental unit, will use
� 4_
rr�ce�� oi £r.e �a.•:a.*�*.c_ or gro�er:y ��anced by the warrant proceeds other than the County or
zeether �o��e:-r1-??entzl �.:.�!it nrill own properh� financed by wamant proceeds or will have actual or
"ey��� �.' �se :�*." s�ch p*operty pws�,:an! te a Iez.e, a management or iacentive payment contract
c;� :;; :.�;_ ;;�k;r *Jre :;r ar:at:ge*:.eai chat �i3�entiates t�ha! person's er entity's use o£ such
�rCC�t''�`:: �rCm �ha ��S° L'ti Ltie. DL'blfC 2t i2.°2°.
'�. i?o •:+��*rant ��ceed� �k°�11 �e !o2ned ±o aey enrity or person. �v'o warrant proceeds will
ve ±r9r.s£ared, di:��ily u* indirectl��; or deemed trar.sferred to a nongovemmental person in any
�.e�:e° a4»: :tiuulc :n s����iance �e::s�t��ta »'.azr. oi !he wztrant proceeds.
a The County will, to the extent necessary to preserve the exclusion of interest on the
warrants from gross income for federal income tax purposes, rebate all required arbitrage profits
on warrant proceeds or other monies treated as w�arrant proceeds to the federal eovernment as
previded in Section 143 of the Internal Revenue Code of 1956, and will set aside such monies in
a Rebate account to be held by the �,uditor in trust ior such purpose.
d. The Counry will 81e an information report with the intemal Revenue Service as
required by Section 149 of the Intemal Revenue Code of 1986.
e. The Counry will not take any action nor fail to tal:e any action with respect to the
warrants that would result in the loss of the exclusion from eross income for fzderal income taac
purposes of interest on the warrants pursuant to Section 103 of the Internal Revenue Code of
1986; as e3ci�ting on the date of issuance of the warrants, nor will the County act in any other
manner w�hich would adversely affect such exclusion.
u�:o�8�4.�
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The County represents that tax-exzmpt obligations issued by or on behalf of it and any
enti.-y- suoortiinate tc i; :� t�e calendzr s��r i009 will no� exceed �30;t��fl,000 and that there are
P.0 e'??l.?s3 ?0 R'�11Ch SL ie eLCUtd1Il?±8. �Se County v.�l des+:P�218t� �?2 16'2178tlt5 SS C��Sa1'vfed
obiig�r�n� f r pur�c,s �i Section 36�;hj{sj of the Ir.t��t Revenue ��de af 1986, reta�r.g to
the di.°?�n�•ance o` IC�C% of the ��u�ion fer ��#.rzsi exp:n_e €llocable tc t�=-�xer,�gt
ODLisaIIvi- au�iliI2u aRcs _n.11�u� �� i�ii�J.
Adopted this Mazch 27; 20G9
Atte�:
.�uditor
Countt� ibson, Indiana
U230'&79.1
C_'OUI�'Ti' OF GIBCQN; LNDi��?�
By: �.� ��
Presiding Gffic of Co-�ci1
County of Gibson, indiana
'�=° End ofOrdinance'*#
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