AN ORDINANCE APPROVING THE CREATION OF THE ONE TIME CAPITAL PROJECTS DEVELOPMENT FUND
WHEREAS, the Town of Plainfield has previously received a one-time payment of approximately $7,000,000 as a result of a settlement related to the purchase of Galyans by Dick’s Sporting Goods;
WHEREAS, the Town Council hereby desires to establish the One Time Capital Projects Development Fund, to hold and dispense the settlement proceeds which shall be used for capital improvements for the Town of Plainfield as determined by the Town Council.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN OF PLAINFIELD, INDIANA, THAT:
The Town Council hereby authorizes the creation of the One Time Capital Projects Development Fund as a capital improvements fund.
The funds in the One Time Capital Projects Development Fund shall be expended only for the purpose of paying the costs of capital improvements for the Town.
The One Time Capital Projects Development Fund shall be continued until all monies in such fund have been exhausted.
The Town shall keep proper books of record and account, in which complete entries shall be made showing all monies received and deposited in said fund, all disbursements made therefrom and all other financial transactions relating to said fund, including the cash balance in the fund as of the close of the preceding fiscal year.
All actions taken by the Town Council with respect to the settlement proceeds and the One Time Capital Projects Development Fund prior to the date hereof are hereby ratified and approved.
This Ordinance shall be in full force and effect from and after its passage.
Passed and adopted by the Town of Plainfield, Indiana Town Council on the 28th day of March 2005.
TOWN COUNCIL, TOWN OF PLAINFIELD
HENDRICKS COUNTY, INDIANA:
Robin G. Brandgard, President
Daniel W. Fivecoat
Edmond L. Gaddie Jr.
H. Michael Isaacs, Clerk-Treasurer,
Town of Plainfield, Indiana