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home : public notices : public notices June 25, 2016

11/8/2013 12:00:00 PM
WARSAW - DECISION TO ISSUE BONDS

NOTICE TO TAXPAYERS OF
DECISION TO ISSUE BONDS IN
EXCESS OF FIVE THOUSAND DOLLARS
    Notice is hereby given pursuant to Indiana Code 6-1.1-20-5(a) to the taxpayers of the Redevelopment District of the City of Warsaw, Indiana (the "District") that the City of Warsaw, Indiana, Redevelopment Commission (the "Commission") did, on the 4th day of November, 2013, adopt a Resolution, pursuant to which Resolution the Commission has determined to issue bonds in an aggregate principal amount not to exceed One Million Two Hundred Thousand Dollars ($1,200,000) (the "Bonds"), for the purpose of procuring funds to pay for the cost of redevelopment and economic development in or serving the Northern Economic Development Allocation Area, including, without limitation, financing a portion of the acquisition costs of the equipment required for Winona PVD Coatings, LLC (the "Company") to implement a third manufacturing line at its facility, together with certain financing costs and costs of issuance related to the Bonds.  The Bonds are to bear interest at the rate or rates not exceeding eight percent (8.0%) per annum (the exact rate or rates to be determined by bidding), and are to mature serially in various amounts with a final maturity not later than February 1, 2028.  The Bonds are to be payable from tax increment revenues received by the Commission from increases in the assessed valuation of the real property improvements and the equipment resulting from the Project (as defined in the Resolution) to the extent available (the "Project TIF Revenues").  To the extent the Project TIF Revenues are not sufficient therefor, the Bonds will be payable from (i) payments to be made by the Company under a taxpayer agreement (the "Company Payments"); (ii)  should Company Payments be insufficient, then from tax increment revenues, other than Project TIF Revenues, received by the Commission from increases in the assessed valuation of real property located in the Area (as defined in the Resolution), to the extent available (the "Area TIF"); and (iii) should the Project TIF Revenues, Company Payments and the Area TIF not be sufficient to pay the principal of and interest on the Bonds, then from a special benefits tax levied upon all of the taxable property of the District.
    Dated this 8th day of November, 2013.
WARSAW, INDIANA,
REDEVELOPMENT COMMISSION
11-8,15 hspaxlp







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