Ordinance No. 1086

WHEREAS, the Park and Recreation Board (the "Board") of the Park District (the "District") of the Town of Speedway, Indiana (the "Town") has determined to issue special taxing district bonds of the District, in one or more series, in an aggregate principal amount not to exceed Two Million Nine Hundred Ninety-Five Thousand Dollars ($2,995,000) (the "Bonds"), to finance the construction and equipping in the District of all or a portion of: (1) improvements to Leonard Park, (2) improvements to Meadowood Park, and (3) any other related improvements thereto; and

WHEREAS, Ind. Code 36-10-3-25(c) requires the approval of the issuance of the Bonds by the Town fiscal body before bonds of the District may be sold; and

WHEREAS, the Town Council of the City (the "Council"), as the fiscal body of the Town, now desires to approve the issuance of the Bonds.

NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF SPEEDWAY INDIANA THAT:

SECTION 1. The sale and issuance of the Bonds of the District, in one or more series, in an aggregate principal amount not to exceed Two Million Nine Hundred Ninety-Five Thousand Dollars ($2,995,000), are hereby approved by the Council.

SECTION 2. This Ordinance shall be in full force and effect from and after its passage by the Council.