Chesterton Tribune

Porter County Commissioners ORDINANCE NO 11-10 PORTER COUNTY BOARD OF COMMISSIONERS AN ORDINANCE CREATING A PORTER COUNTY JAI...

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ORDINANCE NO 11-10
PORTER COUNTY BOARD
OF COMMISSIONERS
AN ORDINANCE CREATING A PORTER
COUNTY JAIL RAINY DAY FUND
WHEREAS, pursuant to I.C. 36-1-8-5.1 a political subdivision may establish a Rainy Day Fund; and
WHEREAS, a Rainy Day Fund may be established through passage of an ordinance; and
WHEREAS, the Porter County Board of Commissioners is the executive pursuant to I.C. 36-2-2-2 and the legislative body pursuant to I.C. 36-1-2-9 in Porter County, and has the authority to pass an ordinance pursuant to I.C. 36-1-8-5.1; and
WHEREAS, pursuant to I.C. 36-1-3-6(c) when it becomes necessary for a local unit of government to create a local fund, said fund must be created by ordinance of the county executive; and
WHEREAS, an ordinance adopted pursuant to I.C. 36-1-8-5.1 must specify the specific purpose of the Rainy Day Fund; and
WHEREAS, pursuant to I.C. 36-1-8-5.1(b)(B) the sources of the funding for the Rainy Day Fund may include any funding source (I) specified in the ordinance and (ii) not otherwise prohibited by law; and
WHEREAS, on May 19, 2011 the Porter County Jail Building Corporation did participate in a partial refinancing of the Porter County Jail Building Corporation First Mortgage Refunding Bond Series 2001; and
WHEREAS, there was a closing on May 19, 2011; and
WHEREAS, as a result of the refinancing there is a net saving of $1,340,000.00 for budget year 2011 due to a reduction of the lease rental payment payable by Porter County to the Porter County Jail Building Corporation; and
WHEREAS, the Porter County Board of Commissioners has determined that the net savings  generated from the refinancing of the Porter County Jail Bonds should be transferred to a Rainy Day Fund and expended on needed capital improvements and other expenditures as needed to maintain, equip and repair the Porter County Jail; but excluding operational expenses; and
WHEREAS, the Porter County Board of Commissioners hereby creates the Porter County Jail Rainy Day Fund, which fund will be funded through the deposit of $1,340,000.00 which was generated from the refinancing of the Porter County Jail Building Corp. First Mortgage Refunding Bonds Series 2001;
NOW THEREFORE BE IT ORDAINED BY THE PORTER COUNTY BOARD OF COMMISSIONERS AS FOLLOWS:
1. Section 3.23 is hereby added to the Porter County Municipal Code entitled Creation of a Porter County Jail Bond Refinancing monies;
Creation of the Rainy Day Fund.
A new fund account to be referenced to as the Porter County Jail Rainy Day Fund is hereby created for use in Porter County. The Porter County Auditorís Office is to create a line item made to identify the Porter County Jail Rainy Day Fund.
Authorized use of the Porter County Jail Rainy Day Fund
The Purpose of the Porter County Jail Rainy Day Fund is to fund capital improvements for the Porter County Jail and to fund expenditures as needed to maintain, equip and repair the Porter County Jail, excluding operational expenses.
Funding Source
The funding source of the Porter County Jail Rainy Day Fund is the net savings generated in the amount of $1,340.000.00 from the partial refinancing of the Porter County Jail Building Corp. First Mortgage Refunding Bond Series 2001.
Appropriation
The money deposited and held in the Porter County Jail Rainy Day Fund pursuant to this ordinance is subject to the same appropriation process as other funds.
This ordinance shall be effective upon passage.
Passed and adopted this 28th day of June, 2011.
BOARD OF COMMISSIONERS
PORTER COUNTY, INDIANA
John A. Evans
Nancy A. Adams
Carole M. Knoblock
Attest: Robert J. Wichlinski, Auditor
I affirm under penalties for perjury that I have taken reasonable care to redact each social security number in this document unless required by law. Viola Wagner
(June 30, 2011)