ORDINANCE 11 , 2004
WHEREAS, THE TOWN COUNCIL HAS THE RESPONSIBILITY TO PROVIDE BOTH A SAFE AND HEALTHY ENVIRONMENT IN WHICH TO HOLD PUBLIC MEETINGS AND FOR DEPARTMENTS OT TOWN GOVERNMENT TO CARRY OUT THEIR APPOINTED TASKS; AND
WHEREAS, THE STRUCTURAL INTEGRITY OF ITS COMMUNITY BUILDING AT 280 WET BROADWAY IS DEEMED INADEQUATE AND A POSSIBLE HEALTH HAZARD TO PERSONS WORKING IN SAID BUILDING WITHOUT IMMEDIATE ROOF REPAIR; AND
WHEREAS, THE CURRENT CAPITOL IMPROVEMENT PLAN FOR THE TOWN OF BUNKER HILL DICTATES THAT COUNTY ECONOMIC DEVELOPMENT INCOME TAX (CEDIT) MONIES WILL BE SPENT ON IMPROVEMENTS TO THE COMMUNITY BUILDING; AND
WHEREAS, IC 36-5-2-12 AUTHORIZES THE TOWN COUNCIL TO MAKE LOANS AGAINST ANTICIPATED TAX REVENUES TO BE RECEIVED IN THE FUTURE; AND THEREFORE, BE IT ORDAINED THAT THE TOWN COUNCIL BORROW THE SUM OF $40,000.00 AT THE PREVAILING INTEREST RATE FOR THIS TYPE OF LOAN. SAID LOAN TO BE FOR A PERIOD OF FIVE (5) YEARS WITH PAYMENT MADE IN FIVE (5) EQUAL ANNUAL PAYMENTS OF PRINCIPLE AND INTEREST. MONIES FOR PAYMENT OF SAID LOAN TO COME FROM THE TOWNS SHARE OF COUNTY ECONOMIC DEVELOPMENT INCOME TAX (CEDIT).
THIS ORDINANCE WAS APPROVED BY MEMBERS OF THE TOWN COUNCIL OF THE
TOWN OF BUNKER HILL, MIAMI COUNTY, INDIANA AT A PUBLIC MEETING ON THE
ATTEST: Norman A. McBride, Clerk/Treasurer |
Leslie H. Briggs, President
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