2012 General Obligation (GO) Bond
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Final Official Statement
Dated July 24, 2012 $1,995,000 CITY OF BEECH GROVE, INDIANA GENERAL OBLIGATION BONDS OF 2012 |
On July 2, 2012, the Beech Grove City Council approved the issuance and sale of 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 and the funds should be available to the City in early August.
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. |
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Presented to the Board of Works and Public Safety:
Indiana Code 5-22-10-4 provides that the city may, under "emergency conditions," forego the usual and customary bidding process and may make a "special purchase" when there exists "a threat to public health, welfare, or safety." Declaration of Public Safety Emergency - Fire Engine - Approved 07/16/2012 Declaration of Public Safety Emergency - Ambulance - Approved 07/16/2012 Declaration of Emergency - Municipal Roofs - Approved 07/16/2012 Declaration of Emergency - Lick Creek Erosion - Approved 08/06/2012 ADA Compliance Agreement - Approved 07/16/2012 ...Fee proposal for ADA Transition Plan |
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2012 GO Bond Approval Process and Documents
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Mayor Buckley's Letter to the City Council
...in reference to the introduction of and schedule for the proposed 2012 General Obligation (GO) Bond. Mayor Buckley's Letter to the Council May 21, 2012 (Re: Updates) Includes an update on continuing work for the proposed 2012 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. Ordinance No. 18, 2012 - Passed 07/02/2012 ...an ordinance of the City of Beech Grove, Indiana authorizing the issuance and sale of bonds for the purpose of providing funds to be used for the costs of acquiring a fire truck and an ambulance, improving several municipal building roofs and various infrastructure improvement and updates, and the incidental expenses in connection therewith. Ordinance No. 19, 2012 - Passed 07/02/2012 ...an ordinance of the city of Beech Grove, Indiana appropriating the proceeds of the 2012 General Obligation Bond. Notice to Taxpayers of Additional Appropriation Public Hearing held on July 2, 2012 |
Peters Municipal Consultants, Ltd GO Bond Comment
Presented to the City Council May 7, 2012. 2012 GO Bond Proposed Timeline Proposed Amortization Schedule Amortization Schedule Draft Sources and Funding Draft - Bond Principal and Use of Funds. Proposed 2012 GO Bond Issue Investments Itemized list of proposed expenditures of bond proceeds. Revised 2012 GO Bond Issue Investments Revised itemized list of proposed expenditures of bond proceeds. Asterisks (*) denote a change in dollar amount. 2012 Beech Grove Parks Improvements Presented to the City Council May 7, 2012. Revision to 2012 Beech Grove Parks Improvements 2012 Department of Public Works Bond Investments Fire Chief Robert Cheshire's Letter to the City Council |