ORDINANCE NO.   2   2001

An Ordinance of the Town of Bunker Hill authorizing a loan by the Town of Bunker Hill, hereinafter called "Town", 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 will sign a promissory note with First Farmers Bank and Trust in the total sum of $26,000.00; and

WHEREAS, the Town of Bunker Hill will pay said promissory note to 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 $26,000.00; and

WHEREAS, the Town will repay said Note to First Farmers Bank and Trust in regular payments in the amount of $3,291.16 per month for eight (8) months 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 Any conflicts or inconsistencies with this ordinance are hereby repealed.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 eight (8) months of issuance at the rate of $3,291.16 per month.

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   18   day of   Dec   , 2001. Motion to consider on first reading or day of introduction was sustained by a vote of   4   in favor and   0   opposed pursuant to Indiana Code 36-5-2-9.8.

Duly ordained, passed and adopted this   18   day of   Dec   , 2001, by the Town Council of the Town of Bunker Hill, Miami County, Indiana, having been passed by a vote of   4   in favor and   0   opposed.

                              Town of   Bunker Hill   , Indiana
By its Town Council:
 
Voting Affirmative:   Voting Opposed:
              4                       
Town Council President IC 36-5-2-10		                 0                       
Town Council President IC 36-5-2-10
 
  Don Jaberg                                                            
  Doris Gingerich                                                    
  Rex Grismore                                                        
  Norman A. McBride                                              
 
Attest:
 
  Janice Davis                
Clerk-Treasurer