A RESOLUTION BY THE CITY OF NEW ALBANY, INDIANA PLEDGING ANNUAL CONTRIBUTION OF EDIT FUNDS FOR THE PURPOSE OF THE SEWER WORKS ANNUAL MAINTENANCE AND REPAIR COST.
WHEREAS, the City of New Albany, Indiana desires to continue to maintain, repair and improve the sewage works system; and
WHEREAS, the City receives EDIT Funds; and
WHEREAS, the Common Council finds that the EDIT Funds should be used to for the purpose of annual maintenance and repair costs for the sewage works system;
NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of New Albany, Indiana that;
1. The Common Council does hereby pledge an annual appropriation of $270,000 from the EDIT Fund for the purpose of annual maintenance and repair cost for the sewage works system as defined in the Agreement between the City of New Albany and EMC of Indiana, LLC.
2. The annual EDIT Fund pledge of $270,000 shall be in addition to the $180,000 set aside under the Agreement between the City of New Albany and EMC of Indiana, LLC.
3. If the Common Council does not make an annual appropriation of $270,000 from EDIT Fund, the Sewer Board is directed to present such sewer rate increases to the Council for consideration.
Adopted this 19th day of December, 2002
DECEMBER 19,2002
City Council minutes page 2, para 5
Financial Consultant John Skomp told the council that state officals, at the 11th hour, also began questioning the use of the $270,000 to help pay off the state loan Skomp said, the adminstration prepared a resolution saying the $270,000 would be committed to an annual maintance fund used by EMC, which operates the city's sewer system.
DECEMBER 19,2002
City Council minutes page 5
R-02-51 ANNUAL CONTRIBUTION OF EDIT FUNDS FOR THE PURPOSE OF SEWER WORKS AND MAINTENANCE & REPAIR.
2. The annual EDIT FUND pledge of $270,000 shall be in addition to the $180,000 set aside under the Agreement between the City of New Albany and EMC of Indiana, LLC,
Resolution R-02-51 passed with a show of hands.
Councilman Goldberg voted nay.
DECEMBER 19, 2002
City Council minutes page 3, para 5
G-02-17 ORDINANCE AUTHORIZED THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF CERTAIN IMPROVEMENTS FOR THE SEWAGE WORKS.
Ordinance was approved and became G-02-51
G-02-17 page 3, para 1
"WHEREAS, the bonds will constitute a first charge against the NET REVENUES OF THE SEWER SYSTEMS.
page 6, para 2.
(c) "The Bonds will be payable soley out of and constitute a first charge against the Net Revenues of the System."
EDIT FUNDS FOR SEWER REPAIRS
1997 ORDINANCE G-97-189 Page 2
Refunding Bonds of 1991 and 1993
(iii) "all of the EDIT Bonds to eliminate the pledge of the City's distributive share of the Economic Development Income Tax of Floyd County to the Edit Bonds which, will in turn:
(a) allow the City to fund additional sewer repairs within the city.
G-97-189 page 2
All of the EDIT Bonds to eliminate the pledge of the City's distributive share of the Economic Development Income Tax of Floyd County to the EDIT Bonds which will, in turn (a) allow the City to fund additional sewer repairs within the City (b) lessen the amount of debt subject to the City's constitutional two percent debt limit.
Freedom Of Speech would like to ask:
1. On what basis did H.J.Umbaugh & Associates pledge $270,000 towards Sewage Works Bonds up thru 2021?
2. What Document did H.J. Umbaugh & Associates use to back up that $270,000 EDIT money pledge to the Sewer Bonds?
