Resolution 20-2023 Approving the Mooresville Public Library's Issuance of Bonds

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RESOLUTION NO. 20 - 2023 RESOLUTION OF THE MOORESVILLE TOWN COUNCIL APPROVING THE MOORESVILLE PUBLIC LIBRARY'S ISSUANCE OF BONDS WHEREAS, Mooresville Public Library (the "Library") is a public library organized and existing under the provisions of Indiana Code § 36-12; and WHEREAS, Indiana Code § 36-12-3-9 states that a public library board may, by resolution, issue bonds in order to finance the acquisition, construction, extension, alteration or improvement of structures and equipment necessary for the proper operation of a library; and WHEREAS, the Board of Trustees (the "Board") of the Library found that its present facilities are not adequate to provide the proper library services to present and future library patrons utilizing its facilities; and WHEREAS, the Board of the Library found that there are not sufficient funds available or provided for in existing tax levies with which to pay the total cost of the renovation and improvements to the Library facilities, including the purchase of equipment and technology (the "Project'), and that the Library should issue bonds in an amount not to exceed $5,700,000 for the purpose of providing funds to be applied to the Project; WHEREAS, Indiana Code § 6-1.1-17-20.5 requires that before an appointed library board may issue bonds it must obtain the approval of the applicable fiscal body; and WHEREAS, more than 50% of the parcels of real estate within the Library district are located within the town limits of the Town of Mooresville and pursuant to Indiana Code § 6-1.1- 17-20.5 the Mooresville Town Council (the "Council") is the applicable fiscal body to approve the issuance of the Library bonds, NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF MOORESVILLE, THAT: 1. The issuance of bonds by the Library to be repaid solely by the Library for the purpose of obtaining funds to be applied on the cost of the Project, in a principal amount not to exceed $5,700,000 is hereby approved and authorized. 2. By the approval contained in this resolution, the Council in no way becomes obligated to repay the bonds of the Library nor do such bonds count against the Council's Constitutional debt limit. .3. The Council approves the appropriation by the Library of the proceeds of the General Obligation Bonds of 2023 in an amount not to exceed $5,700,000 plus any premium and investment earnings thereon to be applied on the cost of the Project and that this appropriation is to include the incidental expenses necessary to be incurred in connection with the Project and the issuance of the Bonds on account thereof and that said appropriations shall be in addition to all 4859-9913-1505.1