ORDINANCE NO.   6   2000

An Ordinance of the Town of Bunker Hill authorizing a loan by the Town of Bunker Hill for the purpose of refunding a loan previously adopted by the Town of Bunker Hill pursuant to Indiana Code 36-5-2-12 and other relevant statutes.

WHEREAS, the Town of Bunker Hill. (the "Town"), is obligated to repay First of America Bank the sum of $84,675.38; and

WHEREAS, the Town will sign a promissory note with First Farmers Bank and Trust to pay off the First of America Bank loan due and payable; and

WHEREAS, the Town of Bunker Hill will pay said promissory note with First Farmers Bank and Trust in anticipation of revenues of the Town of Bunker Hill, to be levied and collected from the surplus of the Sewage Fund, during the term of the loan to repay the Promissory Note with First Farmers Bank and Trust in the amount of $84,675.38; and

WHEREAS, the Town will repay said Note to First Farmers Bank and Trust in regular payments in the amount of $1,348.24 per month for five (5) years when the balance thereof will become due and payable in full; and

WHEREAS, all conditions precedent to the adoption of this Ordinance for the purpose of refunding said loan have been complied with in accordance with the provisions of Indiana Code 8-1.5-3-11.

NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE TOWN OF BUNKER HILL, INDIANA, AS FOLLOWS:

SECTION 1. CREATION

  1. That it is hereby authorized and established that the Town of Bunker Hill, pursuant to Indiana Code 36-5-2-12,shall sign a promissory note with First Farmers Bank and Trust.
     
  2. Any conflicts or inconsistencies with this ordinance are hereby repealed.

  3. The promissory note with First Farmers Bank and Trust is due and payable within five (5) years of issuance at the rate of $1,348.24 per month for the next twenty-nine (29) months with a balloon payment of $34,217.19 payable on November 22, 2005.

SECTION 2.   EFFECTIVE DATE This Ordinance shall be in full force and effect from and after its passage as provided by law.

Introduced and filed on the   21st   day of   November   , 2000. Motion to consider on first reading or day of introduction was sustained by a vote of   4   in favor and _______ opposed pursuant to Indiana Code 36-5-2-9.8.

Duly ordained, passed and adopted this   21st   day of   November   , 2000, by the Town Council of the Town of Bunker Hill, Miami County, Indiana, having been passed by a vote of   4   in favor and _____ opposed.

                              Town of   Bunker Hill   , Indiana
By its Town Council:
 
Voting Affirmative:   Voting Opposed
  Don Jaberg                  
Town Council President IC 36-5-2-10		                                          
Town Council President IC 36-5-2-10
 
  Doris Gingerich                                                    
  Rex Grismore                                                        
  Norman A. McBride                                              
                                                                                 
 
Attest:
 
  Janice Davis                
Clerk-Treasurer