HomeMy WebLinkAboutResolution CC-11-18-19-03 Approves Issuamce of Bonds for Carmel Clay Public Library RESOLUTION CC-11-18-19-03
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA,APPROVING THE ISSUANCE OF BONDS BY THE CARMEL CLAY
PUBLIC LIBRARY
Synopsis:
Resolution approves the issuance of bonds by the Carmel Clay Public Library for the purpose of
funding the cost of the renovation, expansion and construction of library facilities, including site
improvements, the acquisition of real estate and 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 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 fmds that there are not sufficient funds available or
provided for in existing tax levies with which to pay the total cost of the renovation, expansion
and construction of library facilities, including site improvements, the acquisition of real estate
and the purchase of equipment and technology (the "Project"), and that the Board desires to issue
its General Obligation Bonds, in one or more series, in a principal amount not to exceed
$29,995,000 (the"Bonds")for the purpose of providing funds to be applied to the Project; and
WHEREAS, Library anticipates that the issuance of these Bonc15 will not result in an increase in
the Library's tax rate 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,
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NOW, THEREFORE, BE IT RESOLVED BY THE CARMEL, INDIANA COMMON
COUNCIL, THAT:
1. 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 $29,995,000, issued in one or more
series, is hereby approved and authorized.
2. By the approval contained in this resolution, the City in no way becomes obligated to
repay the Bonds of the Library nor do such Bonds count against the City's Constitutional debt
limit.
3. The Common Council approves the appropriation by the Library of the proceeds of the
Bonds in an amount not to exceed $29,995,000 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.
4. This Resolution shall be in full force and effect immediately upon its adoption.
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PASSED by the Common Council of the City of Carmel,this I' day of November, 2019, by
a vote of 62 ayes and (9 nays.
COMMON COUNCIL OF THE CITY OF CARMEL,IND A
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Jeff o 1, President y r n
L ampbell,Vice Preside H. Bruce Kimball
Af5-eik f-
S e F. am Kevin D. Rider
Ro d Carter
Christine Pauley, Jerk-Treasure
of the City of C el, Indiana
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Presented b me the Mayor of the City of Carmel, Indiana this /�/ day of November, 2019,
at JM..
ames Brainard, Mayor
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TTE : /Irv/ /
Christine Pa ey, Clerk-Tre er
f City o Carmel, Indiana
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