ORDINANCE   2013-4   OF THE TOWN COUNCIL OF
LEO-CEDARVILLE, INDIANA

AN ORDINANCE ESTABLISHING A RIVERSIDE GARDENS CONSTRUCTION FUND FOR THE TOWN OF LEO-CEDARVILLE, INDIANA AND APPROPRIATING MONIES PAID INTO SAID FUND FOR PAYMENT OF THE RIVERSIDE GARDENS IMPROVEMENT PROJECT

WHEREAS, the Town Council of the Town of Leo-Cedarville borrowed money from iAB Bank for the purpose of paying off an existing loan from Grabill Bank and for completing a public works project known as the Riverside Gardens Improvement Project;

WHEREAS, it is necessary to establish a fund in which to place the surplus loan funds for use as needed to complete the Riverside Gardens Improvement Project; and

WHEREAS, it is necessary for the Town Council to appropriate funds for the completion of the Riverside Garden’s Improvement Project;

NOW, THEREFORE, IT IS ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF LEO-CEDARVILLE, ALLEN COUNTY, INDIANA:

Section 1:       THE FUND

There is hereby established the Town of Leo-Cedaville Riverside Gardens Improvement Project Construction Fund (“the Fund”). This is a non-reverting, Capital Projects Fund.

Section 2:       REVENUE SOURCES FOR THE FUND

The surplus loan proceeds from the iAB lam ($330,000.00) shall be the revenue source for the Fund. In addition, any matching grant funds from the federal or state government relating to the park development, and any donations made to the Town for the park’s improvement may be put into the Fund.

Section 3:       AUTHORIZING EXPENDITURES

The Leo-Cedarville Town Council hereby appropriates the revenue in the Fund for use in completing the Riverside Gardens Improvement Project including payment of all design, engineering, surveying, testing, and construction costs on the project. Any excess loan proceeds remaining in the fund following completion of the Riverside Gardens Improvement Project shall be used to repay accrued interest and outstanding principal on the iAB loan.

The First $330,000.00 (Amended) unrestricted donations for the Park that are deposited into the fund (i.e. donations that are not restricted by the donor for another specific use in the park) shall be first applied to repaying accrued interest and outstanding principal on the iAB loan before being used for any other park project.

The Council appropriates any excess money in the Fund, following completion of the Riverside Gardens Improvement project and repayment in full of all accrued interest and principal of the iAB loan, for use in maintaining the Riverside Garden’s park or for payment of other capital projects on the Park.

Strike Section 4 By Amendment

Section 5:       MISCELLANEOUS

This Ordinance shall replace and repeal any prior ordinance inconsistent with its terms.

Passed and adopted by the Town Council of the Town of Leo-Cedarville, Indiana on this   9th   day of   July  , 2013.

FOR THE TOWN OF LEO-CEDARVILLE:

  John Clendenen        
John Clendenen
Council President

  Tim Richards             
Tim Richards
Council Vice-President

  Ted Garton                
Ted Garton
Council Member

  Kevin Veatch             
Kevin Veatch
Council Member

  R. Paul Steffens         
R. Paul Steffens
Council Member

Attestation of Clerk-Treasurer

I,   John Eastes   , the Clerk-Treasurer for the Town of Leo-Cedarville, Indiana, hereby attest that the ordinance set forth above was adopted by the legislative body of the Town of Leo-Cedarville on  July 9, 2013   and signed by the Executive for the Town of Leo-Cedarville, and properly executed in my presence on   July 9, 2013  .

John Eastes      
John Eastes
Clerk-Treasurer