HomeMy WebLinkAboutCC-06-15-20-01 CRC Supplemntal Reserve FundSponsors: Councilors Campbell and Finkam
RESOLUTION CC-06-15-20-01
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA
AUTHORIZING TEMPORARY USE OF FUNDS IN THE CARMEL REDEVELOPMENT
COMMISSION SUPPLEMENTAL RESERVE FUND TO FUND CASH FLOW DEFICITS
Synopsis:
Resolution authorizes and approves the temporary use of not to exceed $1,500,000 from the CRC’s
Supplement Reserve Fund to provide funds for upcoming TIF debt service payments, due to COVID-19
related delays in property tax collections.
WHEREAS, the City of Carmel, Indiana (the “City”) and the City of Carmel Redevelopment
Commission (the “Commission”) have executed an Amended & Restated Revenue Deposit Agreement,
dated as of April 9, 2019 (the “RDA”) which governs the required uses and priorities of TIF Revenue (as
defined therein) of the Commission; and
WHEREAS, the RDA created a Supplemental Reserve Fund (as defined therein) into which certain
amounts of the TIF Revenue are required to be deposited and held by the Commission; and
WHEREAS, the City desires to make a portion of the Supplemental Reserve Fund available to the
Commission to allow the Commission to fully fund its upcoming debt service payments on obligations
payable from the TIF Revenue (the “CRC Debt Service Obligations”), pending receipt of delayed property
tax payments due to the COVID-19 pandemic; and
WHEREAS, the Commission is anticipated to adopt a substantially identical resolution approving
this proposed use of the Supplemental Reserve Fund; and
WHEREAS, the Common Council of the City (the “Common Council”) now desires to approve
the proposed use of the Supplemental Reserve Fund on the terms and conditions set forth herein.
NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of Carmel,
Indiana, as follows:
1. Authorization of Use of Supplemental Reserve Fund. Notwithstanding the
provisions of the RDA, the Common Council hereby authorizes the use of a portion of the Supplemental
Reserve Fund to fund the CRC Debt Service Obligations, subject to the following conditions: (a) the
maximum amount of Supplemental Reserve Fund monies that may be used to for this purpose shall not
exceed $1,500,000, (b) the amount so used from the Supplemental Reserve Fund shall be fully replenished
from the first TIF Revenues received by the Commission from delayed property tax collections, and (c) the
Commission shall have approved the proposed use of the Supplemental Reserve Fund on substantially the
same terms and conditions set forth herein.
2. Authorization of Other Actions. Each of the Mayor, any member of the Common
Council and the fiscal officer of the City is hereby authorized and directed, for and on behalf of the City, to
execute and deliver any document and to take any action as such person determines to be necessary or
appropriate to accomplish the purposes of this Resolution, such determination to be conclusively evidenced
by such person’s execution of such document or such person’s taking of such action.
3. Effectiveness. This Resolution shall be in full force and effect from and after its
passage by the Common Council and approval by the Mayor as required by law.
DocuSign Envelope ID: 0D5517FC-BDBF-4CC2-A84B-B6E1B010D7FB
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PASSED by the Common Council of the City of Carmel, this _____ day of _____________, 2020, by a
vote of ______ ayes and _____ nays.
COMMON COUNCIL FOR THE CITY OF CARMEL, INDIANA
___________________________________
Laura D. Campbell, President Sue Finkam, Vice-President
___________________________________ ____________________________________
H. Bruce Kimball Kevin D. Rider
___________________________________ ____________________________________
Anthony Green Jeff Worrell
___________________________________ ___________________________________
Tim Hannon Miles Nelson
___________________________________
Adam Aasen
ATTEST:
__________________________________
Sue Wolfgang, Clerk
Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of
_________________________ 2020, at _______ __.M.
____________________________________
Sue Wolfgang, Clerk
Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of
________________________ 2020, at _______ __.M.
____________________________________
James Brainard, Mayor
ATTEST:
___________________________________
Sue Wolfgang, Clerk
Prepared by: Bruce D. Donaldson
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
DMS 17485782v1
DocuSign Envelope ID: 0D5517FC-BDBF-4CC2-A84B-B6E1B010D7FB
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