Proposed 2012 General Obligation (GO) Bond
The City of Beech Grove has begun the process of issuing a General Obligation (GO) Bond in an amount not to exceed $2,000,000. Bond proceeds will be used for upgrades in municipal buildings, equipment and to address compliance issues with the Federal ADA Compliance Act.
Municipal Bonds are an important financial tool for local governments, providing needed funds for major capital projects or, as in this case, a number of smaller expenditures. GO Bonds are obligations payable out of ad valorem taxes levied and collected on all of the taxable property in the political subdivision issuing the bonds. Revenue Bonds are payable from the revenues of a particular project, such as a sewage works revenue bond.
With the retirement of two GO Bonds that mature in 2012 and 2013, the City is in a good position to issue this new bond to raise the "up front" money to pay for much needed repairs, replacements and infrastructure improvements. Tax dollars used to make payments on the retired bonds will be available to pay for this new bond.
The next steps in the process include finalization and agreement on the proposed expenditures, introduction and adoption of a Special Ordinances for Issuance of the Bond, introduction of a Special Ordinance for the Additional Appropriations for the expenditures and a public hearing on the additional appropriations.
Additional information and documentation will be posted on this webpage as it becomes available.
Mayor Buckley's Letter to the City Council
...in reference to the introduction of and schedule for the proposed 2012 General Obligation (GO) Bond.
Resolution No. 2, 2012 - Passed 05/07/2012
...a resolution that declares official intent to reimburse expenditures pursuant to the proposed 2012 Bond Issue for capital and infrastructure improvements for the City of Beech Grove, Indiana.
Proposed 2012 GO Bond Issue Investments
Itemized list of proposed expenditures of bond proceeds.