Notification of Determination to enter into Lease
NOTICE TO TAXPAYERS REGARDING DETERMINATION OF DUBOIS COUNTY, INDIANA TO ENTER INTO LEASE WITH THE DUBOIS COUNTY, INDIANA BUILDING CORPORATION
The taxpayers of Dubois County, Indiana (the “County”), are hereby notified that on March 15, 2021, the Board of Commissioners of the County did adopt a resolution determining that the County will take all actions necessary to enter into a lease (the “Lease”) with the Dubois County, Indiana Building Corporation (the “Building Corporation”), which in turn will allow the Building Corporation to issue bonds (the “Bonds”), payable from the lease rentals received from the County pursuant to the terms of the Lease. The Bonds may be issued in one or more series or issues, in an original aggregate principal amount not to exceed Thirty-Five Million Dollars ($35,000,000), for the purpose of procuring funds to pay for the costs of the financing of the acquisition, construction, improvement, and/or equipping of all or any portion of the renovation to and an expansion of the existing jail facility located at 255 Brucke Strasse, Jasper, Indiana 47546 and the community corrections facility located at 257 Brucke Strasse, Jasper, Indiana 47546 and any related improvements, all to be used for the purposes of providing incarceration, community corrections or other law enforcement or criminal justice services by the County (the “Project”).
The Lease will have a term ending on a date not later than twenty (20) years from the date of issuance of the Bonds. The annual lease rental payable under the Lease shall not exceed Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) per year payable in semiannual installments on January 1 and July 1 of each year during the term of the Lease. The County shall pay lease rentals under the Lease solely from (i) the revenues of the adjusted gross income tax levied and collected by the County pursuant to Indiana Code § 6-3.6-6-2.7 (the “Jail Income Tax Revenues”), and (ii) to the extent that the Jail Income Tax Revenues are insufficient to pay such amounts, from the revenues of an ad valorem tax levied by the County on all taxable property in the County pursuant to the Indiana Code 36-1-10-17.
Dated this 24th day of March, 2021.
DUBOIS COUNTY, INDIANA