Winona Lake Revenue Bonds
September 17, 2020 at 12:17 p.m.
By -
The taxpayers of the Town of Winona Lake, Indiana (the “Town”) are hereby given notice that the Town Council of the Town, at its meeting held September 15, 2020, adopted Ordinance No. 2020-8-1 (the “Ordinance”) determining to issue revenue bonds of the Town pursuant to Indiana Code 36-4-6-19 and other applicable provisions of the Indiana Code (collectively, the “Act”) payable out of legally available revenues of the Town to be designated “Town of Winona Lake, Indiana Revenue Bonds, Series 2020” (the “Bonds”) to be issued in an aggregate principal amount not to exceed One Million Two Hundred Fifty Thousand Dollars ($1,250,000), for the purpose of financing the costs of certain infrastructure projects within the Town, consisting of any or all or any portion of the following: (i) a municipal water main extension from approximately 1093 250 East, South along 250 East to Pierceton Road, then continuing East along Pierceton Road to approximately 3085 E Pierceton Road consisting of a total expansion of about 1.3 miles of water main for the purpose of supporting future residential and commercial development along that route, (ii) simultaneous greenway trail installation along the same route in an effort to mitigate total costs by allowing the installation of the greenway in conjunction with the water main extension work, and (iii) paying related expenses, including the costs of issuing the Bonds.
The proposed Bonds will have a final maturity date not later than fifteen (15) years from the issuance date of the Bonds. The Bonds will bear interest at a rate or rates not exceeding 4.00% per annum, the exact rate or rates to be determined by means of public bidding at a competitive sale. All or any portion of the Town’s payments of principal of and interest on the Bonds may be payable from revenues legally available to the Town. The Bonds and the obligation to pay interest thereon do not now and shall never constitute a debt, a liability, a general, moral or other obligation or a pledge of the full faith and credit of the Town, the State or any political subdivision thereof, or a charge against the general faith and credit or taxing powers, if any, of any of them, within the meaning of any constitutional or other provision, but shall be secured as aforesaid, such Bonds being payable solely from the legally available revenues of the Town. No holder of any of the Bonds shall have the right to compel the taxing powers, if any, of the Town, the State or any political subdivision thereof to pay any principal of, premium, if any, or interest on the Bonds.
Dated this 18th day of September, 2020.
TOWN OF WINONA LAKE, INDIANA
9-18,25 hspaxlp
The taxpayers of the Town of Winona Lake, Indiana (the “Town”) are hereby given notice that the Town Council of the Town, at its meeting held September 15, 2020, adopted Ordinance No. 2020-8-1 (the “Ordinance”) determining to issue revenue bonds of the Town pursuant to Indiana Code 36-4-6-19 and other applicable provisions of the Indiana Code (collectively, the “Act”) payable out of legally available revenues of the Town to be designated “Town of Winona Lake, Indiana Revenue Bonds, Series 2020” (the “Bonds”) to be issued in an aggregate principal amount not to exceed One Million Two Hundred Fifty Thousand Dollars ($1,250,000), for the purpose of financing the costs of certain infrastructure projects within the Town, consisting of any or all or any portion of the following: (i) a municipal water main extension from approximately 1093 250 East, South along 250 East to Pierceton Road, then continuing East along Pierceton Road to approximately 3085 E Pierceton Road consisting of a total expansion of about 1.3 miles of water main for the purpose of supporting future residential and commercial development along that route, (ii) simultaneous greenway trail installation along the same route in an effort to mitigate total costs by allowing the installation of the greenway in conjunction with the water main extension work, and (iii) paying related expenses, including the costs of issuing the Bonds.
The proposed Bonds will have a final maturity date not later than fifteen (15) years from the issuance date of the Bonds. The Bonds will bear interest at a rate or rates not exceeding 4.00% per annum, the exact rate or rates to be determined by means of public bidding at a competitive sale. All or any portion of the Town’s payments of principal of and interest on the Bonds may be payable from revenues legally available to the Town. The Bonds and the obligation to pay interest thereon do not now and shall never constitute a debt, a liability, a general, moral or other obligation or a pledge of the full faith and credit of the Town, the State or any political subdivision thereof, or a charge against the general faith and credit or taxing powers, if any, of any of them, within the meaning of any constitutional or other provision, but shall be secured as aforesaid, such Bonds being payable solely from the legally available revenues of the Town. No holder of any of the Bonds shall have the right to compel the taxing powers, if any, of the Town, the State or any political subdivision thereof to pay any principal of, premium, if any, or interest on the Bonds.
Dated this 18th day of September, 2020.
TOWN OF WINONA LAKE, INDIANA
9-18,25 hspaxlp
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