PIERCETON ECONOMIC DEVELOPMENT
November 22, 2016 at 5:15 p.m.
By -
FOR PROPOSED TOWN OF PIERCETON, INDIANA
ECONOMIC DEVELOPMENT REFUNDING REVENUE BONDS, SERIES 2016
(LASTING CHANGE, INC. PROJECT)
Notice is hereby given that the Pierceton Economic Development Commission will conduct a public hearing on December 12, 2016 at 6:00 p.m. in the Town Hall located at the Town Community Building, 105 Walnut Street in Pierceton, Indiana to consider comments regarding the proposed issuance by the Town of Pierceton, Indiana (the "Issuer") of its Economic Development Refunding Revenue Bonds, Series 2016 (Lasting Change, Inc. Project) in an aggregate principal amount not to exceed $4,050,000.00 (the “Series 2016 Bonds”) and the lending of the proceeds thereof to Lasting Change, Inc., an Indiana not-for-profit corporation (the “Borrower”).
The Series 2016 Bonds are proposed to be issued to (i) currently refund the Town of Pierceton Economic Development Revenue Bonds, Series 2010 dated as of December 1, 2010, issued for the purpose of refunding the Town of Pierceton Economic Development Revenue Bonds, Series 2007 dated as of April 1, 2007 originally issued to finance the construction and equipping of campus facilities for children who have been removed from their homes as a result of abuse, neglect or delinquency, including residential group homes, an alternative school and recreational facilities situated on a 59 acre tract of land located in the Pierceton Industrial Park, 27 Pequignot Drive, Pierceton, Indiana (the “Facility”), (ii) to refinance and currently refund the entire outstanding principal balance in the approximate amount of $369,086 of that certain loan made pursuant to a Commercial Loan Agreement dated June, 2016 between the Borrower and iAB Financial Bank, a state banking corporation (“iAB Financial Bank”), under the terms of which iAB Financial Bank made a 5-year term loan to the Borrower in the original principal sum of Four Hundred and 00/100ths Dollars ($400,000) to assist the Borrower in financing the construction and equipping of its new Chapel building, and (iii) to assist Borrower in financing up to $150,000 of security improvements to the doors and related hardware of the Facility.
The Series 2016 Bonds will be issued by the Town of Pierceton, Indiana pursuant to Indiana Code 36-7-11.9, 36-7-12 and 5-1-5. The Series 2016 Bonds are to be limited obligations of the Issuer payable from the revenues, receipts and security pledged therefor. The Series 2016 Bonds shall not be a debt or a pledge of the faith and credit or the taxing power of the Issuer, the State of Indiana (the "State") or any other political subdivision or body corporate and politic of the State.
The public hearing is being held pursuant to Indiana Code 36-7-12-24 and Section 147(f) of the Internal Revenue Code of 1986, as amended. Interested persons may appear at the hearing to comment on the proposed issuance of the Bonds. Written comments may also be submitted to the President of the Pierceton Economic Development Commission until 3:00 p.m. on December 11, 2016 by delivering such comments to James L. Walmer at 827 South Union Street, Warsaw, Indiana 46581.
Matthew Garcia, President
Pierceton Economic Development Commission
11-28 hspaxlp
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FOR PROPOSED TOWN OF PIERCETON, INDIANA
ECONOMIC DEVELOPMENT REFUNDING REVENUE BONDS, SERIES 2016
(LASTING CHANGE, INC. PROJECT)
Notice is hereby given that the Pierceton Economic Development Commission will conduct a public hearing on December 12, 2016 at 6:00 p.m. in the Town Hall located at the Town Community Building, 105 Walnut Street in Pierceton, Indiana to consider comments regarding the proposed issuance by the Town of Pierceton, Indiana (the "Issuer") of its Economic Development Refunding Revenue Bonds, Series 2016 (Lasting Change, Inc. Project) in an aggregate principal amount not to exceed $4,050,000.00 (the “Series 2016 Bonds”) and the lending of the proceeds thereof to Lasting Change, Inc., an Indiana not-for-profit corporation (the “Borrower”).
The Series 2016 Bonds are proposed to be issued to (i) currently refund the Town of Pierceton Economic Development Revenue Bonds, Series 2010 dated as of December 1, 2010, issued for the purpose of refunding the Town of Pierceton Economic Development Revenue Bonds, Series 2007 dated as of April 1, 2007 originally issued to finance the construction and equipping of campus facilities for children who have been removed from their homes as a result of abuse, neglect or delinquency, including residential group homes, an alternative school and recreational facilities situated on a 59 acre tract of land located in the Pierceton Industrial Park, 27 Pequignot Drive, Pierceton, Indiana (the “Facility”), (ii) to refinance and currently refund the entire outstanding principal balance in the approximate amount of $369,086 of that certain loan made pursuant to a Commercial Loan Agreement dated June, 2016 between the Borrower and iAB Financial Bank, a state banking corporation (“iAB Financial Bank”), under the terms of which iAB Financial Bank made a 5-year term loan to the Borrower in the original principal sum of Four Hundred and 00/100ths Dollars ($400,000) to assist the Borrower in financing the construction and equipping of its new Chapel building, and (iii) to assist Borrower in financing up to $150,000 of security improvements to the doors and related hardware of the Facility.
The Series 2016 Bonds will be issued by the Town of Pierceton, Indiana pursuant to Indiana Code 36-7-11.9, 36-7-12 and 5-1-5. The Series 2016 Bonds are to be limited obligations of the Issuer payable from the revenues, receipts and security pledged therefor. The Series 2016 Bonds shall not be a debt or a pledge of the faith and credit or the taxing power of the Issuer, the State of Indiana (the "State") or any other political subdivision or body corporate and politic of the State.
The public hearing is being held pursuant to Indiana Code 36-7-12-24 and Section 147(f) of the Internal Revenue Code of 1986, as amended. Interested persons may appear at the hearing to comment on the proposed issuance of the Bonds. Written comments may also be submitted to the President of the Pierceton Economic Development Commission until 3:00 p.m. on December 11, 2016 by delivering such comments to James L. Walmer at 827 South Union Street, Warsaw, Indiana 46581.
Matthew Garcia, President
Pierceton Economic Development Commission
11-28 hspaxlp
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