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HomeMy WebLinkAboutResolution CC-08-06-18-02 Approves the Issuance of Bonds for the Carmel Clay Public LibrarySponsors: Councilor Ronald E. Carter Councilor Kevin D. Rider Counselor Jeff Worrell RESOLUTION CC -08-06-18-02 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, I_NDIA_NA, APPROVING THE ISSUANCE OF BONDS BY THE CARMEL CLAY PUBLIC LIBRARY Synopsis: Resolution approves the issuance of bonds by the Carmel Clay Public Libraryfor the purpose of funding the cost of the acquisition of real estate and the renovation of and improvements to library facilities, including the purchase of equipment and technology. Such bonds will be payable solely by the Library and once issued are not expected to increase the tax levy of the Library. WHEREAS, Carmel Clay Public Library (the "Library") is a public library organized and existing under the provisions of IC 36-12; and WHEREAS, IC 36-12-3-9 states that a public library board may, by resolution, issue bonds in order to finance the acquisition, construction, extension, alteration or improvement of library sites, structures and equipment necessary for the proper operation of a library; and WHEREAS, the Board of Trustees (the 'Board") of the Library finds that its present facilities are not adequate to provide the proper library services to present and future library patrons utilizing its facilities; and WHEREAS, the Board of the Library finds that there are not sufficient funds available or provided for in existing tax levies with which to pay the total cost of the acquisition of real estate and the renovation of and improvements to library facilities, including the purchase of equipment and technology (the "Project"), and that the Board desires to issue its General Obligation Bonds in an amount not to exceed $1,425,000 (the "Bonds") for the purpose of providing funds to be applied to the Project; and WHEREAS, Library anticipates that the issuance of these Bonds will not result in an increase in the Library's tax levy due to existing debt being repaid; and WHEREAS, IC 6-1.1-17-20.5 requires that before an appointed library board may issue bonds it must obtain the approval of an elected fiscal body; and WHEREAS, more than 50% of the parcels of real estate within the Library district are located within the city limits of the City of Carmel, Indiana (the "City") and pursuant to Indiana Code § 6-1.1-17-20.5 the Common Council of the City is the applicable fiscal body to approve the issuance of the Library bonds, Resolution Number CC 08-06-18-02 Page One of Three This resolution was prepared by Jane Herndon, Ice Miller, LLP, on July 26, 2018 at 8:01 am. NOW, THEREFORE, BE IT RESOLVED AND AGREED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA AS FOLLOWS: Sectionl. The issuance of the Bonds by the Library for the purpose of obtaining funds to be applied to the cost of the Project, in a principal amount not to exceed $1,425,000 is hereby approved and authorized. Section 2. By the approval contained in this resolution, the City shall in no way become obligated to repay the Bonds of the Library nor do such Bonds count against the City's Constitutional debt limit. Section 3. The Common Council approves the appropriation by the Library of the proceeds of the Bonds in an amount not to exceed $1,425,000 to be applied to the cost of the Project and that this appropriation is to include the incidental expenses necessary to be incurred in connection with the Project and the issuance of the Bonds on account thereof and that said appropriations shall be in addition to all appropriations provided for in the existing Library budget and shall continue in effect until the completion of the Project. Section 4. This Resolution shall be in full force and effect immediately upon its adoption. SO RESOLVED, by the Common Council of the City of Carmel, this 90 day of 2018, by a vote of ayes and _a nays. F THE CITY OF CARMEL AS 7 dhristine S. Pauley, C erk-Treasurer Resolution Number CC 08-06-18-02 Page Two of Three Anthony Green / { 1 /3,,4 A-,� x (i H. Bruce Kimball This resolution was prepared by Jane Herndon, Ice Miller, LLP, on July 26, 2018 at 8:01 am. Presented by me to the Mayor of City of Carmel, Indiana, this l� day of 2018, at : 10. M. C stine S. Pauley Jerk -Treasurer! Approved by me, Mayor of the Cit of Carmel, Indiana, this /i day of b 4 v Sl , 2018, at b -1-L. M. Resolution Number CC 08-06-18-02 Page Three of Three Brainard, Mayor This resolution was prepared by Jane Herndon, Ice Miller, LLP, on July 26, 2018 at 8:01 am.