WHEREAS, the Board of Public Works of the City of West Lafayette, Indiana ("City") has determined to enter into a lease with the West Lafayette Building Corporation ("Building Corporation") for the purpose of financing the construction of a police station ("Project") and the incidental expenses in connection therewith and on account of the issuance of its First Mortgage Bonds of 2002 ("Bonds"); and

WHEREAS, a notice of a public hearing on the appropriation of the proceeds of the sale of the real estate on which the Project will be constructed to the Building Corporation in an amount of not to exceed $650,000 plus investment earnings to be applied on the cost of the City's portion of the Project was properly published in the Lafayette Journal & Courier and posted at the City Hall and the proofs of publication and posting were presented to the Common Council and placed in the City's records;

NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF WEST LAFAYETTE, INDIANA, THAT:

Section 1.  An appropriation in an amount not to exceed six hundred and fifty thousand dollars ($650,000) plus investment earnings is hereby made to be applied on the costs of the City's portion of the Project and the incidental expenses incurred in connection therewith, and that the funds to meet the appropriation be provided out of the proceeds of the sale of the real estate on which the Project will be located to the Building Corporation in an amount not to exceed six hundred and fifty thousand dollars ($650,000) plus investment earnings heretofore authorized; that this appropriation be in addition to all other appropriations provided for in the existing budget and tax levy for the current year.

Section 2. The Common Council authorizes the establishment of a Police Building Construction Fund in which will be deposited the real estate proceeds in the amount of $650,000, and directs that all interest on such construction fund shall be retained in such construction fund.

Section 3. The Common Council authorizes that any funds remaining in the construction fund after completion of the Project shall be deposited into one or more of the other established funds of the City.

Section 4. This ordinance shall be in full force and effect from and after its passage.

Office of the Clerk-Treasurer Judy Rhodes