X hits on this document

23 views

0 shares

0 downloads

0 comments

5 / 9

WHEREAS, the Stimulus Act authorizes counties and large municipalities to issue recovery zone facility bonds (the “Recovery Zone Facility Bonds”) to finance property used in a Recovery Zone for a qualified business;

WHEREAS, The County will comply with all other applicable statutory requirements for the issuance of bonds under Indiana law;

WHEREAS, pursuant to the Stimulus Act, each state has been or will be allocated an amount equal to the ratio of a state’s employment decline for 2008 to the aggregate of employment decline of 2008 for all states multiplied by $10 billion for Recovery Zone Bonds, but in no event less than $90 million and multiplied by $15 billion for Recovery Zone Facility Bonds, but in no event less than $35 million (collectively, the “State Allocation”);

WHEREAS, the Stimulus Act provides for the reallocation of the State Allocation to all counties and large municipalities within the State of Indiana (the “State”) in the proportion that each county’s or municipality’s 2008 employment decline bears to the aggregate of the 2008 employment declines for the counties and municipalities in the State (the “Local Volume Cap”);

WHEREAS, IC36-1-3 is known as the Home Rule Act;

WHEREAS, IC 36-1-3-5(a) provides that a unit may exercise any power it has to the extent that the power; (1) is not expressly denied by the Indiana Constitution or by statute; and (2) is not expressly granted to another entity;

WHEREAS, IC 36-1-3-6 provides that if there is a constitutional or statutory provision requiring a specific manner for exercising a power, a unit wanting to exercise the power must do so in that manner, and that in the absence of a constitutional or statutory provision requiring a specific manner for exercising a power, a unit wanting to exercise the power must either: comply with a statutory provision permitting a specific manner for exercising the power or adopt an ordinance prescribing a specific manner for exercising the power;

WHEREAS, IC 36-1-2-23 defines “unit” to include a county;

WHEREAS, IC 36-1-3-6(c) provides that a county desiring to prescribe a specific manner for exercising a power must do so through an ordinance adopted by the county’s executive; and

WHEREAS, the Board of Commissioners is the executive of the County:

NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF FULTON COUNTY, INDIANA:

Document info
Document views23
Page views23
Page last viewedWed Dec 07 15:10:47 UTC 2016
Pages9
Paragraphs152
Words2505

Comments