ORDINANCE – G-2012-13 SPONSOR: LINDSEY
COMMITTEE: ASD
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY
OF EVANSVILLE, INDIANA, AMENDING CHAPTER 2.50
ADDING SECTION 2.50.041 OF THE EVANSVILLE CITY CODE
WHEREAS, the City of Evansville, Indiana, has previously established the Evansville Redevelopment Commission; and
WHEREAS, the Common Council of the City of Evansville, as the fiscal and legislative body of the City wishes to affirm its role of fiscal oversight while assisting the Evansville Redevelopment Commission in continuing its redevelopment efforts,
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Evansville, Indiana, that:
SECTION 1.
Chapter 2.50 of the Evansville Municipal Code shall be amended to add the following Section:
“Section 2.50.041 Redevelopment Commission
A. The following definitions apply throughout this section.
1) “Affiliate†means any person, board, body or entity subject in any manner to the direct or indirect influence, control, appointment or direction of the Redevelopment Commission.
2) “Obligation†means any bond, note, warrant, lease, synthetic lease, agreement, swap, derivative, hedge, installment purchase contract, grant, either directly or through a third party or other structure or instrument under which money is borrowed, or revenue is leveraged.
3) “Public Funds†means all fees, payments, tax receipts and funds of whatever kind of character coming into the possession of the Redevelopment Commission.
B. The Redevelopment Commission may not enter into any obligation, directly or in combination with or through any affiliate, payable from public funds, secured by public funds or guaranteed by public funds without first obtaining the approval, by Ordinance or Resolution, of the Common Council of the City of Evansville.
C. The Redevelopment Commission may not enter into an obligation payable from public funds, unless the Redevelopment Commission first obtains the approval of the Common Council of the City of Evansville as provided in subsection B. The approving Ordinance or Resolution of the Common Council of the City of Evansville must include the following:
1) The maximum amount of the obligation.
2) The maximum interest rate or rates, any provisions for redemption before maturity, and any provisions for the payment of capitalized interest associated with the obligation.â€
SECTION 2. The sections, paragraphs, sentences, clauses and phrases of this Ordinance are separable, and if any phrase, clause, sentence, paragraph or section of this Ordinance shall be declared unconstitutional, invalid or unenforceable by the valid judgment or decree of a court of competent jurisdiction, and such unconstitutionality, invalidity or unenforceability shall not affect any of the remaining phrases, clauses, sentences, paragraphs and sections of this Ordinance.
SECTION 3. In construing or interpreting this Ordinance, the construction or interpretation that resolves any doubts, ambiguities or conflicts shall be applied and adopted which resolves all questions of application, authority or oversight in favor of the Common Council of the City of Evansville and preserves or extends the Council’s authority.
SECTION 4. This Ordinance shall be effective after its passage by the Common Council, signature of the Mayor, and such publication as is required by law.