CITY OF WARSAW GENERAL OBLIGATION BONDS
November 9, 2016 at 11:26 a.m.
By -
OF THE COMMON COUNCIL OF THE CITY OF WARSAW, INDIANA,
TO ISSUE GENERAL OBLIGATION BONDS OF THE CITY
Notice is hereby given to the taxpayers of the City of Warsaw, Indiana (the "City"), that the Common Council of the City (the "Common Council") did, on the 7th day of November, 2016, following a public hearing held pursuant to Indiana Code 6-1.1-20-3.1, adopt a resolution determining to issue general obligation bonds of the City in one (1) or more series for the purpose of financing the construction and equipping of an approximately 15,000 square feet fire station which will be located on W 200 S. between the intersections of Falcon Drive to the West and S. County Farm Road to the East in Wayne Township in the City (collectively, the "Project").
The term of such bonds shall not exceed twenty (20) years, and the maximum aggregate principal amount of such bonds shall not exceed Three Million Nine Hundred Thousand Dollars ($3,900,000). The estimated interest rates on bonds which may be issued are expected not to exceed six percent (6.0%) per annum, and the total interest cost of such bonds is estimated to be Eight Hundred Thousand and 00/100 Dollars ($800,000.00). The City's current debt service levy is $404,393 and the current debt service tax rate is $.0487 per $100 of net assessed valuation. If such bonds are issued, the estimated annual increase in the City's debt service levy would be approximately $325,000 and the estimated increase to the debt service rate would be approximately $.0392 per $100 of net assessed valuation. It is expected that Wayne Township will make a financial contribution to the payment of the annual debt service in accordance with a Memorandum of Understanding to be entered into between the City and Wayne Township. Due to the retirement of other outstanding bonds and the expected payment by Wayne Township, the overall impact to the debt service tax rate by the issuance of the Bonds is estimated to be $.0228, with the maximum total debt service tax rate estimated to be $.0259 beginning in 2018 compared to the debt service tax rate in 2016 of $.0487.
Any owners of property located within the City or registered voters residing within the boundaries of the City who want to initiate a petition and remonstrance process provided by Indiana Code 6 1.1 20 3.2 against the proposed debt service on such bonds must file a petition that complies with Indiana Code 6 1.1 20 3.1(b)(4) and (b)(5), not later than thirty (30) days after the publication of this notice.
Dated: November 11, 2016.
City of Warsaw, Indiana
Clerk-Treasurer
11-11 hspaxlp
OF THE COMMON COUNCIL OF THE CITY OF WARSAW, INDIANA,
TO ISSUE GENERAL OBLIGATION BONDS OF THE CITY
Notice is hereby given to the taxpayers of the City of Warsaw, Indiana (the "City"), that the Common Council of the City (the "Common Council") did, on the 7th day of November, 2016, following a public hearing held pursuant to Indiana Code 6-1.1-20-3.1, adopt a resolution determining to issue general obligation bonds of the City in one (1) or more series for the purpose of financing the construction and equipping of an approximately 15,000 square feet fire station which will be located on W 200 S. between the intersections of Falcon Drive to the West and S. County Farm Road to the East in Wayne Township in the City (collectively, the "Project").
The term of such bonds shall not exceed twenty (20) years, and the maximum aggregate principal amount of such bonds shall not exceed Three Million Nine Hundred Thousand Dollars ($3,900,000). The estimated interest rates on bonds which may be issued are expected not to exceed six percent (6.0%) per annum, and the total interest cost of such bonds is estimated to be Eight Hundred Thousand and 00/100 Dollars ($800,000.00). The City's current debt service levy is $404,393 and the current debt service tax rate is $.0487 per $100 of net assessed valuation. If such bonds are issued, the estimated annual increase in the City's debt service levy would be approximately $325,000 and the estimated increase to the debt service rate would be approximately $.0392 per $100 of net assessed valuation. It is expected that Wayne Township will make a financial contribution to the payment of the annual debt service in accordance with a Memorandum of Understanding to be entered into between the City and Wayne Township. Due to the retirement of other outstanding bonds and the expected payment by Wayne Township, the overall impact to the debt service tax rate by the issuance of the Bonds is estimated to be $.0228, with the maximum total debt service tax rate estimated to be $.0259 beginning in 2018 compared to the debt service tax rate in 2016 of $.0487.
Any owners of property located within the City or registered voters residing within the boundaries of the City who want to initiate a petition and remonstrance process provided by Indiana Code 6 1.1 20 3.2 against the proposed debt service on such bonds must file a petition that complies with Indiana Code 6 1.1 20 3.1(b)(4) and (b)(5), not later than thirty (30) days after the publication of this notice.
Dated: November 11, 2016.
City of Warsaw, Indiana
Clerk-Treasurer
11-11 hspaxlp
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