County Commissioner Ordinance-August 2010-1�
:�� �
ORDINANCE 2010-1
An Ordinance of the Gibson County Commissioners
Declaring a Recovery Zone
WHEREAS, the Boazd of Commissioners of Gibson County, Indiana (the
"Commissioners'�, intend to undertake certain impmvements to facilities ow�ned andlor leased
by Gibson County (ihe "County"), which improvements include repairs and upgrades of various
public buildings, equipment associated with the same, and related public infi-astructure (the
"Project'�); and
WHEREA3, the Commissioners fmd Gibson County, Indiana to be an area characterized
by significant poverty, unemployment, rate of home foreclosiues, and general disticss; and
WHEREAS, as a result of the aforementioned characteristics, the Commissioners further
find Gibson County to fall under the definition of a"recovery zone", as defined in 26 U.S.C.A. §
1400li-I(b); and
WHEREAS, the Project wil) iherefore promote development and ocher economic activity
in a recovery zone; and
WHEREAS, lhe Project involves: al capital espendihues to be paid or incurred with
respect to property located in a recovery zone, and b) expenditures for public infrastructure and
construcdon of public facilitics located in a recovery zone, and
WHEREAB, the Commissioners furthcr 6nd the Project to be a"qualified economic
development purpose" within thc meanin� of 26 U.S.C.A. § 1400U-2(c); and
WI�EREAS, the Commissioners are mal:ing the aforementioned Gndings in support of
their intent to issue a certain volume of Recoverv Zone Lconomic Development bonds pursuant
to 26 U.S.C.A. § 14QOU-2 for the purpose of imdertaking the Project �vithin a recovery zone, atl
in accordance with the meanings and limitations described therein.
NOW, THEREFORE, BE TT ORDAINED AS FOLLOWS:
I. Cribson County is hereby declazed to be a recovery zone; as defined in 26 U.S.C.A. §
1400U-1(b).
(Rernainder ofpage inten7ionnlly b/ank)
Ortlin, ncz ?D�0-1, recovery zone desienation v3
Dnty PASSED AND ADOP1'ED this /� day of August 2010, by the Board of
Commissioners of Gibson County, having been passed by a vote of �3 in favor and �_
opposed.
Board of Commissioners of
Gibson County, Indiana, by:
��2�-� �
Robert To�+msend, President
OnliMnce?010-1. recovery rn�re designatioo �:'_ '="
Attest:
�%� �
Mary I{e��tor
��a