Resolution 2 of 2016
A RESOLUTION AUTHORIZING THE TRANSFER OF EDIT FUNDS TO
THE TOWN OF WINAMAC GENERAL FUND
Resolution No. 2 of 2016
WHEREAS, the Winamac Pool Committee (the “Committee”), is in the process of soliciting donations and monetary commitments and matches from interested individuals and businesses for the purposes of design, construction, and maintenance of a town pool; and
WHEREAS, the Town Council of the Town of Winamac (the “Council”) has agreed to make an irrevocable donation of funds in the amount of One Hundred Fifty Thousand Dollars ($150,000.00) to the Committee for use in the design, construction, and maintenance of a town pool; and
WHEREAS, the Town has entered into preliminary negotiations with the Community Foundation of Pulaski County, Inc., (the “Foundation”), an Indiana non-profit organization, to administer a Designated Non-Permanent Fund Agreement (the “Agreement”) between the Foundation, the Committee, and the Town; and
WHEREAS, the Council is desirous of transferring funds in the amount of One Hundred Fifty Thousand Dollars ($150,000.00) from the EDIT fund to the Town’s general fund, for distribution to the Committee pursuant to the Agreement, for the uses listed above; and
WHEREAS, pursuant to Ind. Code § 6-3.5-7-12.7, the Council may, at any time, transfer to its general fund, money that has been deposited in the economic development income tax fund (the “EDIT fund”) established by the Town of Winamac (the “Town”); and
WHEREAS, the Council must also adjust the unit’s capital improvement plan adopted under Ind. Code § 6-3.5-7-15 to reflect the transfer.
NOW THEREFORE, BE IT ORDAINED by the Town Council of the Town of Winamac, Indiana, that this Resolution Authorizing the Transfer of Edit Funds to the Town of Winamac General Fund is adopted as follows:
SECTION I.
Transfer and Adjustment
1. Transfer of Funds. One Hundred Fifty Thousand Dollars ($150,000.00) shall be transferred from the EDIT fund, established in accordance with Ind. Code § 6-3.5-7, et seq., to the Winamac general fund. Such funds shall then be made available to the Winamac Pool Committee, in accordance with the terms of the Agreement, for the purpose of assisting in the design, construction, and maintenance of a town pool.
2. Non-Pledged Funds. The Town warrants that transferring said funds shall not impair the Town’s ability to satisfy any debts, liabilities, or obligations for which the economic development income taxes are pledged or are otherwise encumbered, including transfers required by Ind. Code § 36-7.5-4-2.
3. Adjustment. The Council shall adjust the unit’s Capital Economic Development Income Tax (CEDIT) Capital Improvement Plan for the Town of Winamac, adopted on the 8th day of September, 2014, accordingly, to reflect the transfer.
SECTION II.
Authority
1. Signatory Authority. The Council, having manifested its intent to enter into the Agreement with the Foundation, grants the President of the Winamac Town Council, Mr. Kenneth McFarland, authority to bind the Council to said Agreement, and all terms contained therein. Such authority is limited to the Agreement, as negotiated, and any affiliated contract executed therewith.
SECTION III.
Effective Date
1. Effective Date. This Resolution shall become effective thirty (30) days after notice of the adoption shall have been published in a paper as described in Indiana Code § 5-3-1-4.
PASSED AND ADOPTED BY THE TOWN COUNCIL OF THE TOWN OF WINAMAC, INDIANA, THIS 9th DAY OF MAY, 2016. THE WINAMAC, INDIANA TOWN COUNCIL
Kenneth McFarland, President
Dan Vanaman, Council Member
Tom J. Murray, Council Member
Judy Heater, Council Member
Jim Watkins, Council Member
ATTEST: Melanie A. Berger, Clerk-Treasurer
101-16 G 05/18