HomeMy WebLinkAboutD-2469-19 Additional Approporation and Increases Annual Approp for Debt Service on 2019 LIT Bond SPONSORS: Councilor Kimball
ORDINANCE D-2469-19
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
Synopsis:Restores reductions by the DLGF to the annual 2019 appropriations of the Motor
Vehicle Fund and Cumulative Capital Improvement Fund, and increases annual
appropriations for debt service on recently issued 2019 LIT bonds based on actual debt
service amounts higher than previously expected.
WHEREAS,DLGF reviews the annual budget of the City of Carmel without taking into
account the full non-property tax revenues and other resources available, all of which are now
known or estimable;
WHEREAS, an additional amount of$1,299,212 is now necessary and desirable from the
Motor Vehicle Highway Fund to reinstate the DLGF reductions from the 2019 appropriations which
received the approval of the Common Council on October 15, 2018;
WHEREAS,the unencumbered balance in the Motor Vehicle Highway Fund as of
December 31, 2019, is currently projected to equal or exceed$1,299,212;
WHEREAS, an additional amount of$43,033 is now necessary and desirable from the
Cumulative Capital Improvement Fund to reinstate the DLGF reductions from the 2019
appropriations which received the approval of the Common Council on October 15, 2018;
WHEREAS,the unencumbered balance in the Cumulative Capital Improvement Fund as of
December 31, 2019, is currently projected to equal or exceed$43,033;
WHEREAS, in April 2019 the Cannel Redevelopment Authority issued Taxable Lease
Rental Bonds, Series 2019A-1 ("Bonds") with$1,453,000 of annual debt service expected to be
paid from the General Fund;
WHEREAS, an additional amount of$85,000 is now necessary and desirable from the
General Fund as only$1,368,000 of appropriations for the expected debt service on the Bonds was
included as part of the 2019 budget adopted by the Common Council on October 15, 2018;
WHEREAS, the unencumbered balance in the General Fund as of December 31, 2019, is
currently projected to equal or exceed$85,000.
NOW,THEREFORE,BE IT ORDAINED,by the Common Council of the City of
Cannel, 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
Motor Vehicle Highway Fund operating balance, subject to applicable laws:
$1,299,212 from the Motor Vehicle Highway Fund operating balance
TO
any appropriation line that otherwise would be affected by the DLGF reduction.
Section 3: That the following additional sums of money are hereby appropriated from the
Cumulative Capital Improvement Fund operating balance, subject to applicable laws:
$43,033 from the Cumulative Capital Improvement Fund operating balance
TO
any appropriation line that otherwise would be affected by the DLGF reduction.
Section 4: That the following additional sums of money are hereby appropriated from the
General Fund operating balance, subject to applicable laws:
$85,000 from the General Fund operating balance
TO
Line Item#4354022 (2019 LIT Bonds).
Section 5: This ordinance shall become effective upon its passage and execution by the
Common Council and the Mayor as required by law.
5f
Adopted by the Common Council of the City of Carmel, Indiana this day of
"Mt ( , 2019,by a vote of 6 ayes and 0 nays.
CO II I ` COUNCIL FOR THE CITY OF CARMEL
4„ , / ce 't/-
Jefl 11, Pr iden Anthony Green
Laura D. Campbell, Vice-Presi nt H. Bruc Ki 1
R. a Carter Kevin D. Rider
Su am
Page 12 Prepared by Benjamin W.Roeger on May 30,2019,as suggested language only and not as legal advice.No
subsequent revision has been reviewed by Mr.Roeger.
Presented by me to the Mayor of the City of Carmel, Indiana this2 day of
w�kq 2019, at t
l
Christie . Pauley, Cl- -Treasurer
Approved . me, Mayor of the City of C. •- , Indiana, this day of
201', . _.M.
James Br:' .rd, Mayor
ATI'bST:
Christine S. Paul: , erk-Treasure
Approved by me, Mayor of the City of Cannel, Indiana, this day of trt
2019, at 11',120 O'clock, P . M.
J es Brainar ,Mayor
//)ATTESTf
Christine S. Pauley, Clerk-Treasurer
Page 13 Prepared by Benjamin W.Roeger on May 30,2019,as suggested language only and not as legal advice.No
subsequent revision has been reviewed by Mr.Roeger.