HomeMy WebLinkAboutD-2259-16 Additional Appropriatio from the General FundSPONSORS: Councilor Finkam
ORDINANCE D-2259-16
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
_INDIANA, AUTHORIZING AND APPROVING AN ADDITIONAL APPROPRIATION
OF FUNDS FROM THE OPERATING BALANCE OF THE GENERAL FUND
WHEREAS, the City of Carmel, Indiana (the "City") historically has provided for the
payment of the lease and bond obligations identified on Exhibit A attached hereto (collectively,
the "Obligations") with funds from the City's General Fund, including funds'from the City's
distributive share of county option income taxes, but lacked sufficient appropriations from the
General Fund to make payments on December 15, 2015, as required;
WHEREAS, the City of Carmel Redevelopment Commission (the "CRC"), as the
governing body for the City of Carmel Redevelopment District, pursuant to Indiana Code 36-7-
14, as amended, paid the required December 15, 2015, payments on the Obligations in amount of
$5,416,552;
WHEREAS, CRC's December 15, 2015, payments on the Obligations were contingent
on Council's agreement to reimburse the CRC within sixty (60) days pursuant to Resolution CC
12-14-15-01;
WHEREAS, an additional amount of $5,416,552 is now necessary, and desirable from
the General Fund, so the City has the spending authority to reimburse the CRC; and
WHEREAS, the unencumbered balance in the General Fund as of December, 31, 2016, is
currently projected to equal and/or exceed $5,416,552;
NOW, THEREFORE, BE IT ORDAINED, by the Common Council of the City of
Carmel, Indiana:
Section 1: That the foregoing Recitals are incorporated herein by this reference.
Section 2: That the following additional sums of money are hereby appropriated from the
General Fund operating balance, subject to applicable laws:
$5,416,552 from the General Fund operating balance
TO
Debt Service.
This ordinance shall become effective upon its passage and execution by the Common
Council and the Mayor as required by law.
Page One of Three
Prepared by Benjamin W. Roeger on December 21, 2015, as suggested language only and not as legal advice. No subsequent
revision has been reviewed by Mr. Roeger. (Version A)
PASSED by the Common Council of the City of Carmel, Indiana this day of
to G �` , 2016 by a vote of:— ayes and _ nays.
COMMON COUNCIL FOR T TY OF CARMEL
S e nkam
Laura Campbell
N�A�W
Carol Schleif
Ronald Carter
AT S •
C stine Pauley�IAMC, Clerk-Treasu
�/t��i• 11 L\
Bruce Ki
Je W 11
Presented by me to the Mayor of the City of Carmel, Indiana this I f -h d7 of
Lk a 2016, at I: q 0 I.M.
Pauley,,/ AMC, Clerk -
Approved by me, Mayor of the City of Carmel, Indiana, this ( til day of
v -w 2016, at 0 -P M.
Page Two of Three
/�� 1��4
J es Brainard, Mayor
Prepared by Benjamin W. Roeger on December 21, 2015, as suggested language only and not as legal advice. No subsequent
revision has been reviewed by Mr. Roeger. (Version A)
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 Carmel
Redevelopment Commission dated as of July 1, 2006, as subsequently supplemented and
amended, securing the City of Carmel Redevelopment Authority County Option Income
Tax Lease Rental Revenue Bonds, Series 2006,. and the City of Carmel Redevelopment
Authority County Option Income Tax Lease Rental Revenue Refunding Bonds, Series
2014B.
3. Lease Agreement between City of Carmel Redevelopment Authority and City of Carmel
Redevelopment Commission dated as of December 9, 2009, as subsequently
supplemented and amended, securing the City of Carmel 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.
Page Three of Three
Prepared by Benjamin W. Roeger on December 21, 2015, as suggested language only and not as legal advice. No subsequent
revision has been reviewed by Mr. Roeger. (Version A)