HomeMy WebLinkAbout09-07-17 Carmel Bond Bank MinutesTHE CITY OF CARMEL
LOCAL PUBLIC IMPROVEMENT BOND BANK
Tuesday, September 7, 2017 — 6:00 P.M.
Department of Community Services Conference Room
One Civic Square
BOARD MEMBERS PRESENT
Anna Stout, James Eibel, John Schuler, Frank Abercrombie and Jarvis Jointer
OTHERS PRESENT
Christine Pauley, Executive Director of the Bond Bank and Clerk -Treasurer of the City of Carmel; Loren Matthes and Susan
Borries Reed of H.J. Umbaugh & Associates; Bruce Donaldson of Barnes & Thornburg LLP; Ann Bingman, Director of Finance
— Investments, Clerk -Treasurer's Office, City of Carmel.
Christine S. Pauley, Clerk Treasurer of the City of Carmel, called the meeting to order at 6:06 p.m. and recognized a quorum of
the Board present.
OLD BUSINESS
None
NEW BUSINESS
1. Consideration and approval of the minutes of the Bond Bank Board meeting held on June 1, 2017.
2. Ms. Matthes provided an update on the Midtown West bond issuance. Midtown West will be issued by the City of
Carmel for $12.9 million and is estimated to go to market in Mid -October. No formal action is required to betaken
by the Carmel Bond Bank.
3. Ms. Matthes discussed the results of the Midtown South sale. The pricing desk obtained good rates, saving $250,000
more than anticipated. The bond is a 25-year taxable issue.
4. Ms. Matthes provided attendees with a pie chart that explained the various cost allocations of the bond proceeds
related to the Multipurpose Bonds, Series 2016 issuance.
5. Ms. Bingman discussed the services and pricing with regard to two vendors for the Carmel Bond Bank Seal. A motion
authorizing using Wilkinson Brothers was passed by the Board.
6. Ms. Reed presented a Carmel Debt Policy Overview. She also discussed the draft of the City of Carmel Bond Bank
Debt Management Policy and requested any additional comments be sent to her within two weeks. Mr. Donaldson
recommended incorporating language in the debt policy regarding a sunset provision for future bond issuance
approvals.
OTHER BUSINESS
Ms. Matthes discussed the upcoming bond issuances: Tax -Exempt Lease Rental Revenue Bonds, Series 2017B (LIT Supported
Multipurpose); Taxable Lease Rental Revenue Bonds, Series 2017C (LIT Supported Hotel); Taxable Lease Rental Bonds, Series
M17D (TIF Supported Multipurpose) and Taxable Lease Rental Bonds, Series 2017E (TIF Supported Hotel).
ANNOUNCEMENTS
None
ADJOURNMENT
There being no further business to come before the Board, the meeting was adjourned at approximately 7:31 p.m.
APPROVED
Approved and adopted this 30th day of October, 2017, in Carmel, Indiana.
THE CITY OF CARMEL LOCAL PUBLIC IMPROVEMENT BOND
BANK
Anna Stout, Chair
Jarvis Jointer, Vice -Chair
John Schuler
Frank Abercrombie
James Eibe
ATTEST:
hristine S. Paul , Clerk -Treasurer