HomeMy WebLinkAboutCC-12-14-15-01 Approving Use of CRC Funds to Make City Debt Service Payments Sponsor: Councilor Sharp
RESOLUTION CC-12-14-15-01
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
APPROVING USE OF CARMEL REDEVELOPMENT COMMISSION FUNDS TO MAKE
DEBT SERVICE PAYMENTS
WHEREAS, the City of Cannel Redevelopment Commission (the "CRC"), as the
governing body for the City of Cannel Redevelopment District, pursuant to Indiana Code 36-7-
14, as amended, has incurred the lease and bond obligations identified on Exhibit A attached
hereto (collectively,collecti , the"Obligations"); and
WHEREAS, each of the Obligations has an upcoming payment date of December 15,
2015; and
WHEREAS, the City of Cannel, Indiana (the "City") historically has provided for the
payment of the Obligations with funds from the City's general fund, including funds from the
City's distributive share of county option income taxes, but currently lacks sufficient
appropriations from the general fund to make the December 15, 2015,payments; and
WHEREAS, pursuant to Section 2.4 of the Revenue Deposit Agreement between the City
and the CRC dated as of November 20, 2012, as subsequently amended (the "Revenue Deposit
Agreement"), the City and the CRC agreed that all tax increment revenues generated from the
Parkwood Economic Development Area and certain other funds would be held in a supplemental
reserve fund (the "Parkwood Reserve") for so long as the bond obligations referenced in such
agreement remain outstanding; and
WHEREAS, the Common Council of the City (the "Council") desires to waive this
provision of the Revenue Deposit Agreement to permit the CRC to apply funds contained in the
Parkwood Reserve to the payments due on the Obligations on December 15, 2015, and to
authorize the expenditure of other CRC reserves to fund such payments.
NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of
Cannel, Indiana, as follows:
1. The Council hereby waives the provisions of Section 2.4 of the Revenue
Deposit Agreement and authorizes the CRC to apply funds contained in the Parkwood Reserve to
the payments due on the Obligations on December 15, 2015. The Council further authorizes the
expenditure of other CRC reserves to fund such payments.
2. The Council agrees to reimburse the CRC for the full amount of the
payments made on the Obligations by the CRC within sixty (60) days of December 15, 2015,
from legally available funds of the City.
3. This Resolution shall be in full force and effect from and after its passage
by the Council and approval by the Mayor as required by law.
PASSED by the Common Council of the City of Cannel, this /" day of ,
2015,by a vote of ( ayes and nays.
COMMON COUNCIL OF THE CITY OF CARMEL,INDI
Presiding Officer Kevin D. Rider
04- ze":4_ NO-r PAE6 ,E/VT
Richard L. Sharp, President Pro Tempore Carol Schleif
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Rorr 1Q E. Carter W. Eric Seid sticker
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S JW nk. , uc yder
ATTEST:
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Diana L. Cordray, IAMC, Clerk-Treat er
Presented by me to the Mayor of the City of Cannel, India this /S-day of ee-if-
2015, at q H$ A.M. -
Diana L. Cordray, IAMC, Clerk- !reasurer
Approved by me, Mayor of the City of Cannel, Indiana, this /5 day ofl ,
2015, atra0 P .M.
J es Brainard,Mayor
ATTEST:
t J
Diana L. Cordray, IAMC, Clerk-Tre.: er
Prepared by: Bruce D. Donaldson
Barnes &Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
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EXHIBIT A
Obligations
1. Lease Agreement between City of Carmel Redevelopment Authority and City of Carmel
Redevelopment Commission dated as of July 8, 1997, as subsequently supplemented and
amended, securing the City of Carmel Redevelopment Authority County Option Income
Tax Lease Rental Revenue Refunding Bonds, Series 2014A.
2. Lease between City of Carmel Redevelopment Authority and City of Cannel
Redevelopment Commission dated as of July 1, 2006, as subsequently supplemented and
amended, securing the City of Cannel Redevelopment Authority County Option Income
Tax Lease Rental Revenue Bonds, Series 2006, and the City of Cannel Redevelopment
Authority County Option Income Tax Lease Rental Revenue Refunding Bonds, Series
2014B.
3. Lease Agreement between City of Cannel Redevelopment Authority and City of Carmel
Redevelopment Commission dated as of December 9, 2009, as subsequently
supplemented and amended, securing the City of Cannel Redevelopment Authority
County Option Income Tax Lease Rental Revenue Bonds of 2010.
4. City of Carmel, Indiana County Option Income Tax Revenue Refunding Bonds of 2011.
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