ORDINANCE   2   , 2003

AN ORDINANCE AUTHORIZING THE TOWN OF BUNKER HILL TO MAKE LOANS FROM ITS UTILITY DEPARTMENTS

WHEREAS, IC 8-1.5-3-12 AND IC 36-9-23-2 GIVE MUNICIPALITIES THE AUTHORITY TO BORROW SUMS IN ANTICIPATION OF TAXES LEVIED, FROM UTILITIES OWNED BY SAID MUNICIPALITY; AND

WHEREAS, THE TOWN COUNCIL OF THE TOWN OF BUNKER HILL BELIEVES IT TO BE IN ITS BEST INTEREST THAT AN ORDINANCE TO PROVIDE THE COUNCIL WITH THAT AUTHORITY BE ADOPTED; AND

THEREFORE BE IT RESOLVED, THAT SUCH ORDINANCE IS ADOPTED BY THE TOWN COUNCIL OF THE TOWN OF BUNKER HILL, MIAMI COUNTY, INDIANA.

ARTICLE I   GENERAL PROVISIONS

The town may borrow from time to time from the Water or Sewage Departments, sums necessary to provide necessary services to the citizens of the town and to assure the towns ability to meet its obligations, maintain its credit rating, and not incur late charges or interest assessments, under the following conditions:

  1. Loan must be made by resolution.
     
  2. Amount of loan must be in surplus to amounts required to pay indebtedness falling due in the current and following calendar year.
     
  3. Amount of loan must be in surplus of the amount necessary to meet current expenses during the year.
     
  4. Amount of loan must be in surplus of the amount necessary to pay for improvements contemplated to be made during the current calendar year minus estimated receipts during the calendar year.

ARTICLE II   LOAN RESTRICTIONS

The loan amount shall not exceed fifty (50) percent of the amount estimated to be collected from anticipated taxes, and

  1. must be evidenced by an obligation of the town and must be signed by the President of the Town Council, and
     
  2. loan shall have a due date not to exceed thirty (30) days after the last day for the payment of anticipated taxes and may bear an interest rate as determined by the Town Council, payable at maturity.

ARTICLE III   APPROVAL

THIS ORDINANCE WAS DULY ADVERTISED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF BUNKER HILL, MIAMI COUNTY, INDIANA AFTER A PUBLIC HEARING ON THE   21   DAY OF   October   , 2003 WITH AN EFFECTIVE DATE RETROACTIVE TO AUGUST 1, 2003

 
ATTEST:
 
 
                                     
Norman McBride, Clerk/Treasurer 		                               
 
  Leslie H. Briggs        
      Leslie H. Briggs, President

  Doris Gingerich       
      Doris Gingerich, Member

   

 
  Byron Kosanke         
      Byron Kosanke, Member

  Daryl Mosley            
      Daryl Mosley, Member

  Donald Jaberg          
      Donald Jaberg, Member