HomeMy WebLinkAboutResolution CC-01-04-16-01 Issuance of Bonds for Carmel Storm Water DistrcitSponsor: Councilor Carter
RESOLUTION CC -01-04-16-01
AS AMENDED
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
OF CARMEL, INDIANA, APPROVING THE ISSUANCE OF BONDS
OF THE CITY OF CARMEL STORM WATER DISTRICT
WHEREAS, the Board of Directors of the Department of Storm Water Management of
the City Carmel, Indiana (the "City") on January 4, 2016, adopted a resolution (the "Bond
Resolution") authorizing the issuance of bonds of the Storm Water District of the City (the
"District"), in one or more series, in an aggregate principal amount not to exceed. Four
Thi r
Million Five Hundred Thousand Dollars ($'4 ,000) (the "Bonds"), for the purp s of
providing funds to pay the costs of certain sto VaYet im9'rovements as further described in
Exhibit A hereto (the "Project"), fund a reserve fund (if necessary), pay capitalized interest on
the Bonds (if necessary), and pay all or any portion of the costs and expenses incurred on
account of or in connection with the issuance of the Bonds, including any fees for bond
insurance or other credit enhancement with respect to the Bonds; and
WHEREAS, the Common Council of the City of Carmel, as the fiscal body of the City,
now desires to approve the issuance of the Bonds as required under Indiana Code 6-1.1-17-20.5
and Indiana Code 8-1.5-5-23(a);
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, as follows:
Section 1. Pursuant to Indiana Code 6-1.1-17-20.5 and Indiana Code 8-1.5-5-23(a),
the Common Council hereby approves of the issuance of the Bonds of the District, in one or
more series, in an aggregate principal amount not to exceed F�v�t Four Million Five Hundred
Thousand Dollars ($..,500,000), for the purpose of providing tunVto pay the costs of Project,
fund a reserve fund �1 necessary), pay capitalized interest on the Bonds (if necessary), and pay
all or any portion of the costs and expenses incurred on account of or in connection with the
issuance of the Bonds, including any fees for bond insurance or other credit enhancement with
respect to the Bonds.
Section 2. If any part of this Resolution shall be adjudged to be invalid by a court of
proper jurisdiction, it shall be conclusively presumed that the Common Council would have
passed the remainder of this Resolution without such invalid part.
Section 3. All ordinances, resolutions and orders, or parts thereof, in conflict with the
provisions of this resolution, are, to the extent of such conflict, hereby repealed
Section 4. This Resolution shall be in full force and effect from and after its passage
by the Common Council and approval by the Mayor as required by law.
VERSION A - 1/18/16
PASSED by the Common Council of the City of Carmel, Indiana, this �`� day of vt Ct
2016, by a vote of 7 ayes and 0 nays.
COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
Presiding Officer
n
Laura Campbell
ATTEST:
Christine Pauley; Clerk -Treasurer of the City
of Carmel, Indiana
Bruce KimWT
KeviMRid
G
Carol Sc f
J 1
Presente=M. o the Mayor of the City of Carmel, Ir�i a, this dad of
2016, at
Christine Pauley, Clerk -Treasurer
Approved b �VIa or of the City of Carmel, Indiana, this =day of
2016, at M. -,
ATTEST:
Christine Pauley, Clerk -Treasurer o0he City
of Carmel, Indiana
Prepared by: Bruce D. Donaldson, Esq.
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
VERSION A - 1/18/16
2
Ja es Brainard, Mayor
FYUIRIT A
The Project consists of all or any portion of (a) certain improvements to the storm water
system of the District, including, without limitation, the design, inspection, construction,
renovation, replacement, improvement and/or equipping of certain storm water sewers, drainage
improvements, culverts, structures, detention swales and ponds in the District, together with any
sidewalk, drainage, streetscaping, landscaping and/or other improvements related thereto; (b) the
acquisition of any land or right-of-way necessary therefor; and (c) all utility relocation,
acquisition, design, inspection, construction, demolition, renovation, remediation, improvement,
excavation, site work preparation and/or equipping projects related to the projects described in
clauses (a) and (b) and any and all costs related thereto (clauses (a) through and including (c),
collectively, the "Project"). The estimated costs of the Project are set forth below:
Project Components Estimated Cost
Road Reconstructed Storm Sewers $18,000,000
Small Structure Replacement Program $12,000,000
Regional Detention $4,500,000
Small Structure and Culvert Lining $2,000,000
Rangeline Road Drainage Improvements $500,000
Foster Estates Detention $4005000
Subdivision Drainage Improvements (Jordan Woodlands,
Concord Village, Carmel Meadows, Harrowgate, Cedar
Pointe, Green Tree Estates, Crooked Stick and Crooked
Stick West, Wilson Village, Carmel View, Village of
Mount Carmel, Ironwood) $4,000,000
Old Town Drainage Improvements $600,000
Total Estimated Cost = $42,000,000
DMS LBOX 29896780
VERSION A - 1/18/16
A-1