HomeMy WebLinkAboutResolution CC-02-15-16-03 Storm Water BondsSponsor: Councilor Carter
RESOLUTION CC -02-15-16-03
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
OF CARMEL, INDIANA, APPROVING THE ISSUANCE OF REVENUE BONDS
OF THE CITY OF CARMEL STORM WATER DISTRICT
Synopsis:
Resolution approves the issuance of bonds by the City of Carmel Storm Water District to fund
various storm water projects within the City. The bonds will be repaid solely from revenues
derived from user fee charges within the District.
WHEREAS, the Board of Public Works and Safety, acting as the governing body of the
Department of Storm Water Management of the City of Carmel, Indiana (the "City") on
February 3, 2016, adopted a resolution (the "Bond Resolution") authorizing the issuance of
revenue bonds of the Storm Water District of the City (the "District"), in one or more series, in
an aggregate principal amount not to exceed Six Million Seven Hundred Thousand -Dollars
($6,700,000) (the "Bonds"), for the purpose of providing funds to pay a portion of the costs of
certain storm water improvements 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 (if applicable); and
WHEREAS, the Common Council of the City (the "Common Council"), as the fiscal
body of the City, now desires to approve the issuance of the Bonds as required under 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 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 Six Million Seven Hundred Thousand Dollars ($6,700,000), for
the purpose of providing funds to pay a portion of the costs of 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 (if
applicable).
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. Authorization of Other Actions. Each of the Mayor, any member of the
Common Council and the Clerk -Treasurer, and any other officer, employee or agent of the City
is hereby authorized and directed, for and on behalf of the City, to execute and deliver any
contract, deed, agreement, certificate, instrument or other document and to take any action as
such person determines to be necessary or appropriate to accomplish the purposes of this
Resolution, such determination to be conclusively evidenced by such person's execution of such
contract, deed, agreement, certificate, instrument or other document or such person's taking of
such action.
Section 4. 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 5. 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.
PASSED by the Common Council of the City of Carmel, Indiana, this 6 day of b(W.'rv,
2016, by a vote of 7) ayes and —()_ nays.
COMMON COUNCIL OF THE CITY OF A EL, IND
Carter, President kevin D. Rider
Vice President
v ,
Laura Campbell
Bruce Ki ball
TT
Christine Pa
ley, Clerk-Treasir��r of the City
of Carmel, (/
Presented by me to the Mayor of the City of CarmVdihis day fr� �' 2016, at -7 :uQ P.M.ley, Clerk -Treasurer'
Approved by me, Mayor of the City of Carmel, Indiana, this f (�
2016, at '.�(p P M. A / �
of Carmel, Indiana
2
Brainard, Mayor
Prepared by: Bruce D. Donaldson, Esq.
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
EXHIBIT 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:
DMS 3526742v2
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 $400,000
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
A-1