EXECUTIVE ORDER NO. 2004-01
An Order Amending
The Town’s Capital Improvement Plan
WHEREAS, pursuant to IC 6-3.5-7 (“Act”) the Economic Development Income Tax (“EDIT”) has been imposed in Allen County (“County”) through the action of the Allen County Income Tax Council;
WHEREAS, the imposition of EDIT made available to the Town of Leo-Cedarville (the “Town”) a share of the distribution of EDIT revenues collected in the County (“Distributive Share”), which share is payable to the Town in semi-annual installments in May and November of each year if the Town has adopted a capital improvement plan that specifies the uses for which the Town proposes to spend at least 75% of the Distributive Share for the entire term of the capital improvement plan;
WHEREAS, the Town desires to finance certain improvements to Grabill Road (“Project”);
WHEREAS, as executive of the Town, I have previously adopted a capital improvement plan (“Capital Improvement Plan”) which specified certain uses for the Distributive Share; and
WHEREAS, it is my intention to amend the Capital Improvement Plan to include the Project and to extend the term of the Capital Improvement Plan until all bonds which may be issued to finance or refinance the Project and which are payable from the Distributive Share have been retired;
NOW, THEREFORE, BE IT ORDERED AS FOLLOWS:
Section 1. As executive of the Town of Leo-Cedarville, Indiana, I hereby amend the Capital Improvement Plan to include the Project and to extend the term of the Capital Improvement Plan until all bonds which may be issued to finance or refinance the Project and which are payable from the Distributive Share have been retired.
Section 2. It is anticipated that the total cost of the Project, including issuance expenses, will be approximately $500,000 and that construction of the Project will take approximately 60 months. The Project will be funded from proceeds of bonds payable from EDIT, the Town’s Distributive Shares of EDIT.
Section 3. The Town has not pledged or otherwise encumbered the Distributive Share, and there are no other prior liens, encumbrances or other restrictions on the Distributive Share.
Section 4. In all other respects the Capital Improvement Plan of the Town relating to the use of the Distributive Share is hereby ratified and confirmed.
Section 5. This order shall be effective on this, the 03rd day of February, 2004.
President, Town Council
Clerk-Treasurer Leo-Cedarville, Indiana