HomeMy WebLinkAboutD-2563-20 Police HQ LIT BondSponsors: Councilors Kimball,
Rider and Worrell
VERSION A – 06/07/2021
ORDINANCE NO. D-2563-20
AS AMENDED
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, AUTHORIZING THE ISSUANCE OF THE LOCAL INCOME TAX (LIT)
GENERAL OBLIGATION BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO
PAY FOR A POLICE STATION PARKING GARAGE PROJECT IN THE CITY
Synopsis:
This ordinance authorizes bonds in an amount not to exceed $11,500,000 to finance the design
and construction of a police station parking garage project in the City. The bonds will be
payable from a pledge of the City’s local income tax (LIT) distributions with a back-up pledge of
a general obligation property tax as a credit enhancement.
WHEREAS, the City of Carmel, Indiana (the “City”) is a governmental unit and political
subdivision of the State of Indiana; and
WHEREAS, the Common Council of the City (the “Council”) has given consideration to
the acquisition, design, construction, renovation, improvement and/or equipping of the project
described on Exhibit A attached hereto and made a part hereof (the “Project”); and
WHEREAS, the Council hereby finds that it would be of public utility and benefit and in
the best interests of the City and its citizens to finance the costs of all or a portion of the Project
through the issuance of local income tax general obligation bonds of the City; and
WHEREAS, the Council deems it advisable to authorize the issuance, in one or more
series, of local income tax general obligation bonds of the City pursuant to Indiana Code 36-4-6-
19, as amended, designated as the “City of Carmel, Indiana, Local Income Tax General
Obligation Bonds” (with such different or additional series designation determined to be
necessary or appropriate) (the “Bonds”), in the original aggregate principal amount not to exceed
Eleven Million Five Hundred Thousand Dollars ($11,500,000) for the purpose of providing
funds to be applied to pay all or a portion of (a) the costs of the Project, (b) capitalized interest
on the Bonds, if necessary, and (c) the costs incurred in connection with the issuance and sale of
the Bonds and all incidental expenses therewith, including the cost of any credit enhancement
with respect thereto (if necessary), with all of the foregoing costs and expenses in an aggregate
amount not to exceed $11,500,000; and
WHEREAS, the original principal amount of the Bonds, together with the outstanding
principal amount of previously issued bonds or other obligations which constitute a debt of the
City, is no more than two percent (2%) of one-third (1/3) of the total net assessed valuation of
the City; and
WHEREAS, the amount of proceeds of the Bonds allocated to pay costs of the Project,
together with estimated investment earnings thereon, does not exceed the cost of the Project as
estimated by the Council; and
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WHEREAS, the Hamilton County Income Tax Council has imposed a county option
income tax pursuant to IC 6-3.5-6 (repealed) on the adjusted gross income of Hamilton County,
Indiana (the “County”) taxpayers, which now has been codified at IC 6-3.6 and reclassified as
the certified shares component of additional revenue derived from the expenditure rate tax under
IC 6-3.6 (under the previous (repealed) IC 6-3.5-6 and the current IC 6-3.6, and referred to
herein as the “LIT”); and
WHEREAS, IC 6-3.6-9, as amended, provides that revenue derived from the imposition
of the LIT shall be distributed to the County monthly on the first day of each month (the City’s
share of each such monthly distribution, a “Monthly Distribution”); and
WHEREAS, pursuant to the Act (as hereinafter defined), the City is authorized to pledge
the City’s Monthly Distributions of LIT revenues to pay bonds, leases and other obligations; and
WHEREAS, on July 7, 1997, the Council adopted its Ordinance No. D-1302-97 (the
“LIT Ordinance”), pursuant to which the Council, on behalf of the City, pledged and assigned
the City’s Monthly Distributions of LIT revenues for the payment of any bond, note, warrant or
other evidence of indebtedness, any lease or any other obligation (any bond, note, warrant or
other evidence of indebtedness, any lease or any other obligation, individually, an “Obligation”
and, collectively, the “Obligations”) identified by ordinance of the Council as an obligation
secured by the LIT Ordinance (any Obligation so identified as an obligation secured by the LIT
Ordinance, individually, a “Secured Obligation” and, collectively, the “Secured Obligations”), if
certain conditions are satisfied, and such conditions have been satisfied; and
WHEREAS, the Council expects to pay debt service on the Bonds (1) from a pledge of
the City’s Monthly Distributions of LIT revenues, and (2) to the extent that the City’s Monthly
Distributions of LIT revenues are insufficient, a back-up pledge of ad valorem property taxes to
be levied on all taxable property in the City; and
WHEREAS, the Council has found that there are insufficient funds available or provided
for in the existing budget and tax levy which may be applied to the costs of the Project and has
authorized the issuance of the Bonds to procure such funds and that a need exists for the making
of the additional appropriation hereinafter set out; and
WHEREAS, notice of a hearing on said appropriation has been duly given by
publication as required by law, and the hearing on said appropriation has been held, at which all
taxpayers and other interested persons had an opportunity to appear and express their views as to
such appropriation; and
WHEREAS, the Council now finds that all conditions precedent to the adoption of an
ordinance authorizing the issuance of the Bonds have been complied with in accordance with the
provisions of Indiana Code 6-3.6, Indiana Code 5-1-14-4 and Indiana Code 36-4-6-19, and other
applicable provisions of the Indiana Code (collectively, the “Act”); and
WHEREAS, the Common Council consequently seeks to authorize the issuance of the
Bonds pursuant to the Act and the sale of such Bonds pursuant to the provisions of the Act; and
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WHEREAS, the Council desires to establish its intent, pursuant to Treas. Reg. §1.150-2
and IC 5-1-14-6(c), that said costs of the Project are to be reimbursed from the proceeds of the
Bonds.
NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL THAT:
Section 1. Authorization for the Bonds. In order to provide funds to pay the cost of
the Project, together with any expenses incidental thereto and pay the issuance costs of the
Bonds, the City shall borrow money and issue the Bonds as herein authorized. Such incidental
expenses shall include, without limitation, all expenses of every kind incurred preliminarily to
the funding of the Project and capitalized interest on the Bonds.
Section 2. General Terms of the Bonds. In order to procure said loan for such
purposes, the Controller is hereby authorized and directed to have prepared and to issue and sell
negotiable local income tax general obligation Bonds of the City, in one or more series, in an
aggregate principal amount not to exceed Eleven Million Five Hundred Thousand Dollars
($11,500,000) (the “Authorized Amount”), to be designated “City of Carmel, Indiana, Local
Income Tax General Obligation Bonds” (with an appropriate additional series designation, if
needed) for the purpose of providing financing for the Project and incidental expenses, such
expenses to include, without limitation, capitalized interest on the Bonds, if necessary, all
expenses of every kind incurred preliminarily to the funding of the Project and the costs of
selling and issuing the Bonds.
The Bonds shall be signed in the name of the City by the manual or facsimile signature of
the Mayor of the City and attested by the manual or facsimile signature of the Controller of the
City, who shall affix the seal of the City, if any, to each of the Bonds manually or shall have the
seal imprinted or impressed thereon by facsimile or other means. In case any officer whose
signature or facsimile signature appears on the Bonds shall cease to be such officer before the
delivery of the Bonds, such signature shall nevertheless be valid and sufficient for all purposes as
if such officer had remained in office until delivery thereof. The Bonds shall also be
authenticated by the manual signature of the Registrar (as hereafter defined). Subject to the
provisions of this Ordinance regarding the registration of the Bonds, the Bonds shall be fully
negotiable instruments under the laws of the State of Indiana
Pursuant to Indiana Code 6-3.6-6-18 and 5-1-14-4, the City irrevocably pledges the
City’s Monthly Distribution of LIT revenues to the payment of the Bonds, and any obligations
ranking on a parity therewith, including the Secured Obligations. The Council hereby identifies
the Bonds as an Obligation secured by the LIT Ordinance. The Bonds shall, to the extent that the
City’s Monthly Distribution of LIT revenues to the Bonds is insufficient for such purpose, be
payable from ad valorem property taxes to be levied on all taxable property in the City.
The Bonds shall be issued in fully registered form in denominations of Five Thousand
Dollars ($5,000) or any integral multiple thereof, shall be numbered consecutively from R -1
upward, and shall be originally dated as of their date of issuance. The Bonds shall bear interest
payable semiannually on January 1 and July 1 of each year, or such other dates as determined by
the Controller prior to the sale of the Bonds, based on advice of the municipal advisor to the
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City, beginning on a January 1 or July 1 following the issuance of the Bonds, as determined by
the Controller prior to the sale of the Bonds, based upon the advice of the municipal advisor to
the City, at a rate or rates not exceeding five percent (5.00%) per annum for any series of Bonds
sold with a tax-exempt rate of interest for federal income tax purposes, or seven percent (7.00%)
per annum for any series of Bonds sold with a taxable rate of interest for federal income tax
purposes (the exact rate or rates to be determined by bidding or negotiation pursuant to Section 6
of this Ordinance). Interest shall be calculated on the basis of a 360-day year comprised of
twelve 30-day months. The Bonds shall mature or be subject to mandatory redemption on
January 1 and/or July 1 over a period ending no later than twenty years from the date of issuance
of the Bonds, or such other dates as determined by the Controller prior to the sale of the Bonds,
based on advice of the municipal advisor to the City.
All payments of interest on the Bonds shall be paid by check mailed one business day
prior to the interest payment date to the registered owners thereof as of the fifteenth (15th) day of
the month preceding the month in which interest is payable at the addresses as they appear on the
registration books kept by the Registrar (the “Registration Record”) or at such other address as is
provided to the Paying Agent (as hereafter defined) in writing by such registered owner. All
principal payments on the Bonds shall be made upon surrender thereof at the principal office of
the Paying Agent, in any coin or currency of the United States of America which on the date of
such payment shall be legal tender for the payment of public and private debts.
Interest on Bonds shall be payable from the interest payment date to which interest has
been paid next preceding the authentication date thereof unless such Bonds are authenticated
after the fifteenth (15th ) day of the month preceding the month of such interest payment date and
on or before such interest payment date in which case they shall bear interest from such interest
payment date, or unless authenticated on or before the June 15 or December 15 immediately
preceding the first interest payment date, in which case they shall bear interest from the original
date, until the principal shall be fully paid.
Each Bond shall be transferable or exchangeable only upon the Registration Record by
the registered owner thereof in person, or by his attorney duly authorized in writing, upon
surrender of such Bond together with a written instrument of transfer or exchange satisfactory to
the Registrar duly executed by the registered owner or his attorney duly authorized in writing,
and thereupon a new fully registered Bond or Bonds in the same aggregate principal amount, and
of the same maturity, shall be executed and delivered in the name of the transferee or transferees
or the registered owner, as the case may be, in exchange therefor. The costs of such transfer or
exchange shall be borne by the City, except for any tax or governmental charge required to be
paid in connection therewith, which shall be payable by the person requesting such transfer or
exchange. The City, the Registrar and the Paying Agent may treat and consider the persons in
whose names such Bonds are registered as the absolute owners thereof for all purposes including
for the purpose of receiving payment of, or on account of, the principal thereof and interest due
thereon.
In the event any Bond is mutilated, lost, stolen or destroyed, the City may execute and the
Registrar may authenticate a new bond of like date, maturity and denomination as that mutilated,
lost, stolen or destroyed, which new bond shall be marked in a manner to distinguish it from the
bond for which it was issued, provided that, in the case of any mutilated bond, such mutilated
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bond shall first be surrendered to the Registrar, and in the case of any lost, stolen or destroyed
bond there shall be first furnished to the Registrar evidence of such loss, theft or destruction
satisfactory to the City and the Registrar, together with indemnity satisfactory to them. In the
event any such bond shall have matured, instead of issuing a duplicate bond, the City and the
Registrar may, upon receiving indemnity satisfactory to them, pay the same without surrender
thereof. The City and the Registrar may charge the owner of such Bond with their reasonable
fees and expenses in this connection. Any bond issued pursuant to this paragraph shall be
deemed an original, substitute contractual obligation of the City, whether or not the lost, stolen or
destroyed Bond shall be found at any time, and shall be entitled to all the benefits of this
Ordinance, equally and proportionately with any and all other Bonds issued hereunder.
Section 3. Terms of Redemption. The Controller, upon consultation with the City’s
municipal advisor, may designate maturities of Bonds (or portion thereof in integral multiples of
$5,000 principal amount each) that shall be subject to optional redemption and/or maturity
sinking fund redemption, and the corresponding redemption dates, amounts and prices (including
premium, if any). Except as otherwise set forth in this Ordinance, the Controller, upon
consultation with the City’s municipal advisor, is hereby authorized and directed to determine
the terms governing any such redemption.
Notice of redemption shall be mailed by first-class mail or by registered or certified mail
to the address of each registered owner of a Bond to be redeemed as shown on the Registration
Record not more than sixty (60) days and not less than thirty (30) days prior to the date fixed for
redemption except to the extent such redemption notice is waived by owners of Bonds redeemed,
provided, however, that failure to give such notice by mailing, or any defect th erein, with respect
to any Bond shall not affect the validity of any proceedings for the redemption of any other
Bonds. Any notice of redemption required under this section shall identify the Bonds to be
redeemed including the complete name of the Bonds, the interest rate, the issue date, the maturity
date, the respective CUSIP numbers (if any) and certificate numbers (and, in the case of a partial
redemption, the respective principal amounts to be called) and shall state (i) the date fixed for
redemption, (ii) the Redemption Price, (iii) that the Bonds called for redemption must be
surrendered to collect the Redemption Price, (iv) the address of the principal corporate trust
office of the registrar and paying agent at which the Bonds must be surrendered together with the
name and telephone number of a person to contact from the office of the registrar and paying
agent, (v) any condition precedent to such redemption, (vi) that on the date fixed for redemption,
and upon the satisfaction of any condition precedent described in the notice, the Redemption
Price will be due and payable upon each such Bond or portion thereof and that interest on the
Bonds called for redemption ceases to accrue on the date fixed for redemption, and (vii) that if
such condition precedent is not satisfied, such notice of redemption is rescinded and of no force
and effect, and the principal and premium, if any, shall continue to bear interest on and after the
date fixed for redemption at the interest rate borne by the Bond. The place of redemption may be
determined by the City. Interest on the Bonds so called for redemption shall cease on the
redemption date fixed in such notice if sufficient funds are available at the place of redemption to
pay the redemption price on the date so named, and thereafter, such Bonds shall no longer be
protected by this Ordinance and shall not be deemed to be outstanding hereunder, and the holders
thereof shall have the right only to receive the redemption price.
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All Bonds which have been redeemed shall be canceled and shall not be reissued;
provided, however, that one or more new registered Bonds shall be issued for the unredeemed
portion of any Bond without charge to the holder thereof.
No later than the date fixed for redemption, funds shall be deposited with the Paying
Agent or another paying agent to pay, and such agent is hereby authorized and directed to apply
such funds to the payment of, the Bonds or portions thereof called for redemption, including
accrued interest thereon to the redemption date. No payment shall be made upon any Bond or
portion thereof called for redemption until such bond shall have been delivered for payment or
cancellation or the Registrar shall have received the items required by this resolution with respect
to any mutilated, lost, stolen or destroyed bond.
Section 4. Appointment of Registrar and Paying Agent. The Controller is hereby
authorized to serve as, or to appoint a qualified financial institution to serve as, registrar and
paying agent for the Bonds (the “Registrar” or “Paying Agent”). The Registrar is hereby charged
with the responsibility of authenticating the Bonds, and shall keep and maintain at its principal
office or corporate trust office books for the registration and transfer of the Bonds. The
Controller is hereby authorized to enter into such agreements or understandings with such
institution as will enable the institution to perform the services required of the Registrar and
Paying Agent. The Controller is authorized to pay such fees as the institution may charge for the
services it provides as Registrar and Paying Agent.
The Registrar and Paying Agent may at any time resign as Registrar and Paying Agent by
giving thirty (30) days written notice to the Controller and to each registered owner of the Bonds
then outstanding, and such resignation will take effect at the end of such thirty (30) days or upon
the earlier appointment of a successor Registrar and Paying Agent by the Controller. Such notice
to the Controller may be served personally or be sent by first-class or registered mail. The
Registrar and Paying Agent may be removed at any time as Registrar and Paying Agent by the
Controller, in which event the Controller may appoint a successor Registrar and Paying Agent.
The Controller shall notify each registered owner of the Bonds then outstanding of the removal
of the Registrar and Paying Agent. Notices to registered owners of the Bonds shall be deemed to
be given when mailed by first-class mail to the addresses of such registered owners as they
appear on the bond register. Any predecessor Registrar and Paying Agent shall deliver all the
Bonds, cash and investments in its possession and the bond register to the successor Registrar
and Paying Agent. At all times, the same entity shall serve as Registrar and as Paying Agent.
Section 5. Form of Bonds. (a) The form and tenor of the Bonds shall be substantially
as follows, all blanks to be filled in properly and all necessary additions and deletions to be made
prior to delivery thereof:
R-
UNITED STATES OF AMERICA
STATE OF INDIANA COUNTY OF HAMILTON
CITY OF CARMEL, INDIANA
LOCAL INCOME TAX GENERAL OBLIGATION BOND
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Interest
Rate
Maturity
Date
Original
Date
Authentication
Date
[CUSIP]
REGISTERED OWNER:
PRINCIPAL SUM: DOLLARS ($______)
The City of Carmel, in Hamilton County, Indiana (the “City”) for value received, hereby promises to pay to
the Registered Owner set forth above, the Principal Sum set forth above on the Maturity Date set forth above,
and to pay interest thereon until the Principal Sum shall be fully paid, at the Interest Rate per annum specified
above from the interest payment date to which interest has been paid next preceding the Authentication Date of
this bond unless this bond is authenticated after the fifteenth day of the month preceding such i nterest payment
date and on or before such interest payment date in which case it shall bear interest from such interest payment
date, or unless this bond is authenticated on or before _______ 15, 20___, in which case it shall bear interest
from the Original Date, which interest is payable semiannually on January 1 and July 1 of each year, beginning
on ____________ 1, 20___. Interest shall be calculated on the basis of a 360 -day year comprised of twelve
30-day months.
The principal of this bond is payable at __________________ (the “Registrar” or “Paying Agent”), in
__________, Indiana. All payments of interest on this bond shall be paid by check mailed one business day
prior to the interest payment date to the registered owner hereof as of the first day of the month in which interest
is payable at the address as it appears on the registration books kept by the Registrar or at such other address as
is provided to the Paying Agent in writing by the Registered Owner. Each registered owner of $1,000,000 or
more in principal amount of Bonds shall be entitled to receive interest payments by wire transfer by providing
written wire instructions to the Paying Agent before the record date for any payment. All payments of principal
of and premium, if any, on this bond shall be made upon surrender thereof at the principal [corporate trust]
office of the Paying Agent in any coin or currency of the United States of America which on the dates of such
payment shall be legal tender for the payment of public and private debts, or in the case of a Registered Owner
of $1,000,000 or more in principal amount of Bonds, by wire transfer on the due date upon written direction of
such owner provided at least fifteen (15) days prior to the maturity date.
This bond is one of an authorized issue of Local Income Tax General Obligation Bonds, of like original
date, tenor and effect, except as to denomination, numbering, interest rates, and dates of maturity, in the total
amount of ____________ ($___________), numbered consecutively fro m R-1 upward, issued for the purpose
of financing the costs of (a) the costs of the acquisition, design, construction and/or equipping of a parking
garage project as more particularly described in the Ordinance (as defined herein), (b) capitalized interest on the
Bonds, and (c) the costs incurred in connection with the issuance and sale of the bonds and all incidental
expenses therewith, as authorized by Ordinance No. 2563-20 as Amended, adopted by the Common Council on
the __ day of __________, 2020, entitled “An Ordinance of the Common Council Of The City Of Carmel,
Indiana, Authorizing The Issuance Of Local Income Tax (LIT) General Obligation Bonds, For The Purpose Of
Providing Funds To Pay For a Parking Garage Project in the City” (the “Ordinance”), and in accordance with
Indiana Code 36-4-6-19, Indiana Code 6-3.6-6, Indiana Code 5-1-14-4 and other applicable provisions of the
Indiana Code, as amended (collectively, the “Act”). The owner of this bond, by the acceptance hereof, agrees
to all the terms and provisions contained in the Ordinance and the Act.
The Bonds, and any other bonds issued or other obligations entered into hereafter on a parity herewith, are
payable solely from the sources described in the Ordinance, which consist of: (1) the City’s Monthly
Distribution of LIT revenues (as defined in the Ordinance), on a parity with the Secured Obligations (as defined
in the Ordinance); and (2) to the extent that the City’s Month Distribution of LIT revenues is insufficient for
such purpose, ad valorem property taxes to be levied on all taxable property in the City. Reference is made to
the Ordinance for a more complete statement of the revenues from which and the conditions under which the
Bonds are payable, a statement of the conditions on which obli gations may hereafter be issued on a parity with
the Bonds, the manner in which the Ordinance may be amended and the general covenants and provisions
pursuant to which the Bonds have been issued .
[INSERT REDEMPTION TERMS]
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Notice of such redemption shall be mailed by first-class mail or by registered or certified mail not more
than sixty (60) days and not less than thirty (30) days prior to the date fixed for redemption to the address of the
registered owner of each bond to be redeemed as shown on the regi stration record of the City except to the
extent such redemption notice is waived by owners of the bond or Bonds redeemed, provided, however, that
failure to give such notice by mailing, or any defect therein, with respect to any bond shall not affect the validity
of any proceedings for the redemption of any other Bonds. Any notice of redemption required under this
section shall identify the Bonds to be redeemed including the complete name of the Bonds, the interest rate, the
issue date, the maturity date, the respective CUSIP numbers (if any) and certificate numbers (and, in the case of
a partial redemption, the respective principal amounts to be called) and shall state (i) the date fixed for
redemption, (ii) the Redemption Price, (iii) that the Bonds called for redemption must be surrendered to collect
the Redemption Price, (iv) the address of the principal corporate trust office of the registrar and paying agent at
which the Bonds must be surrendered together with the name and telephone number of a person to contact from
the office of the registrar and paying agent, (v) any condition precedent to such redemption, (vi) that on the date
fixed for redemption, and upon the satisfaction of any condition precedent described in the notice, the
Redemption Price will be due and payable upon each such Bond or portion thereof and that interest on the
Bonds called for redemption ceases to accrue on the date fixed for redemption, and (vii) that if such condition
precedent is not satisfied, such notice of redemption is r escinded and of no force and effect, and the principal
and premium, if any, shall continue to bear interest on and after the date fixed for redemption at the interest rate
borne by the Bond. The place of redemption may be determined by the City. Interest on the Bonds so called
for redemption shall cease on the redemption date fixed in such notice if sufficient funds are available at the
place of redemption to pay the redemption price on the date so named, and thereafter, such Bonds shall no
longer be protected by the Ordinance and shall not be deemed to be outstanding thereunder.
This bond is subject to defeasance prior to payment as provided in the Ordinance.
If this bond shall not be presented for payment on the date fixed therefor, the City may deposi t in trust with
the Paying Agent or another paying agent, an amount sufficient to pay such bond, and thereafter the Registered
Owner shall look only to the funds so deposited in trust for payment and the City shall have no further
obligation or liability in respect thereto.
This bond is transferable or exchangeable only upon the books of the City kept for that purpose at the office
of the Registrar by the Registered Owner in person, or by his attorney duly authorized in writing, upon
surrender of this bond together with a written instrument of transfer or exchange satisfactory to the Registrar
duly executed by the Registered Owner or his attorney duly authorized in writing, and thereupon a new fully
registered bond or Bonds in the same aggregate principal amount, and of the same maturity, shall be executed
and delivered in the name of the transferee or transferees or the Registered Owner, as the case may be, in
exchange therefor. The City, any registrar and any paying agent for this bond may treat and consi der the person
in whose name this bond is registered as the absolute owner hereof for all purposes including for the purpose of
receiving payment of, or on account of, the principal hereof and interest due hereon.
The Bonds maturing in any one year are issuable only in fully registered form in the denomination of
$5,000 or any integral multiple thereof.
[A Continuing Disclosure Agreement, dated as of the Original Issue Date (the “Disclosure Agreement”),
has been executed by the City for the benefit of each registered or beneficial owner of any Bond. A copy of the
Disclosure Agreement is available from the City and its terms are incorporated herein by reference. The
Disclosure Agreement contains certain covenants of the City to each registered or beneficial owner of any
Bond, including a covenant to provide continuing disclosure of certain annual financial information and notices
of the occurrence of certain events. By its payment for and acceptance of this Bond, the Registered Owner and
any beneficial owner of this Bond assents to the Disclosure Agreement and to the exchange of such payment
and acceptance for such covenants.]
It is hereby certified and recited that all acts, conditions and things required to be done precedent to and in
the execution, issuance and delivery of this bond have been done and performed in regular and due form as
provided by law.
This bond shall not be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been executed by an authorized representative of the Registrar.
IN WITNESS WHEREOF, the City of Carmel, Indiana, has caused this bond to be executed in its
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corporate name by the manual or facsimile signatures of its duly elected, qualified and acting Mayor, its
corporate seal, if any, to be hereunto affixed, imprinted or impressed by any means and attested manually or by
facsimile by the Controller of the City.
CITY OF CARMEL, INDIANA
By:
Mayor
(SEAL)
ATTEST:
Controller
It is hereby certified that this bond is one of the Bonds described in the within-mentioned Ordinance duly
authenticated by the Registrar.
_____________________________, as Registrar
By:
Authorized Representative
The following abbreviations, when used in the inscription on the f ace of this bond, shall be construed as
though they were written out in full according to applicable laws or regulations:
TEN. COM.
as tenants in common
TEN. ENT.
as tenants by the entireties
JT. TEN. as joint tenants with right of survivorship and
not as tenants in common
UNIF. TRANS.
MIN. ACT
Custodian
(Cust.) (Minor)
under Uniform Transfers to Minors Act of
(State)
Additional abbreviations may also be used, although not contained in the above list.
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
________________________________________ (Please Print or Typewrite Name and Address)
$__________________principal amount (must be a multiple of $5,000) of the within bond and all rights
thereunder, and hereby irrevocably constitutes and appoints _________________________, attorney to transfer
the within bond on the books kept for the registration thereof with full power of substitution in the premises.
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NOTICE: The signature to this assignment must correspond
with the name as it appears on the face of the within bond in
every particular, without alteration or enlargement or any
change whatsoever.
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed by an
eligible guarantor institution participating
in a Securities Transfer Association recognized
signature guarantee program.
(End of Form of Bonds)
(b) The Bonds may, in compliance with all applicable laws, initially be issued and
held in book-entry form on the books of the central depository system, The Depository Trust
Company, its successors, or any successor central depository system appointed by the City from
time to time (the “Clearing Agency”), without physical distribution of Bonds to the purchasers.
The following provisions of this section apply in such event.
One definitive Bond of each maturity shall be delivered to the Clearing Agency (or its
agent) and held in its custody. The City and the Registrar and Paying Agent may, in connection
therewith, do or perform or cause to be done or performed any acts or things not adverse to the
rights of the holders of the Bonds as are necessary or appropriate to accomplish or recognize
such book-entry form Bonds.
During any time that the Bonds remain and are held in book-entry form on the books of a
Clearing Agency, (1) any such Bond may be registered upon the books kept by the Registrar in
the name of such Clearing Agency, or any nominee thereof, including Cede & Co., as nominee
of The Depository Trust Company; (2) the Clearing Agency in whose name such Bond is so
registered shall be, and the City and the Registrar and Paying Agent may deem and treat such
Clearing Agency as, the absolute owner and holder of such Bond for all purposes of this
Ordinance, including, without limitation, the receiving of payment of the principal of and interest
on such Bond, the receiving of notice and giving of consent; (3) neither the City nor the Registrar
or Paying Agent shall have any responsibility or obligation hereunder to any direct or indirect
participant, within the meaning of Section 17A of the Securities Exchange Act of 1934, as
amended, of such Clearing Agency, or any person on behalf of which, or otherwise in respect of
which, any such participant holds any interest in any Bond, including, without limitation, any
responsibility or obligation hereunder to maintain accurate records of any interest in any Bond or
any responsibility or obligation hereunder with respect to the receiving of payment of principal
of or interest or premium, if any, on any Bond, the receiving of notice or th e giving of consent;
and (4) the Clearing Agency is not required to present any Bond called for partial redemption
prior to receiving payment so long as the Registrar and Paying Agent and the Clearing Agency
have agreed to the method for noting such partial redemption.
If either the City receives notice from the Clearing Agency which is currently the
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registered owner of the Bonds to the effect that such Clearing Agency is unable or unwilling to
discharge its responsibility as a Clearing Agency for the Bonds, or the City elects to discontinue
its use of such Clearing Agency as a Clearing Agency for the Bonds, then the City and Registrar
and Paying Agent each shall do or perform or cause to be done or performed all acts or things,
not adverse to the rights of the holders of the Bonds, as are necessary or appropriate to
discontinue use of such Clearing Agency as a Clearing Agency for the Bonds and to transfer the
ownership of each of the Bonds to such person or persons, including any other Clearing Agency,
as the holders of the Bonds may direct in accordance with this Ordinance. Any expenses of such
discontinuance and transfer, including expenses of printing new certificates to evidence the
Bonds, shall be paid by the City.
During any time that the Bonds are held in book-entry form on the books of a Clearing
Agency, the Registrar shall be entitled to request and rely upon a certificate or other written
representation from the Clearing Agency or any participant or indirect participant with respect to
the identity of any beneficial owner of Bonds as of a record date selected by the Registrar. For
purposes of determining whether the consent, advice, direction or demand of a registered owner
of a Bond has been obtained, the Registrar shall be entitled to treat the beneficial owners of the
Bonds as the bondholders and any consent, request, direction, approval, objection or other
instrument of such beneficial owner may be obtained in the fashion described in this Ordinance.
During any time that the Bonds are held in book-entry form on the books of a Clearing
Agency, the Mayor, the Controller and/or the Registrar are authorized to execute and deliver a
Letter of Representations agreement with the Clearing Agency, or a Blanket Issuer Letter of
Representations, and the provisions of any such Letter of Representations or any successor
agreement shall control on the matters set forth therein. The Registrar, by accepting the duties of
Registrar under this Ordinance, agrees that it will (i) undertake the duties of agent required
thereby and that those duties to be undertaken by either the agent or the issuer shall be the
responsibility of the Registrar, and (ii) comply with all requirements of the Clearing Agency,
including without limitation same day funds settlement payment procedures. Further, during any
time that the Bonds are held in book-entry form, the provisions of Section 5 of this Ordinance
shall control over conflicting provisions in any other section of this Ordinance
Section 6. Authorization for Preparation and Sale of the Bonds.
(a) The Bonds shall be sold in a competitive sale or by negotiation with a purchaser(s)
selected by the Mayor and Controller on the advice of the City’s municipal advisor, or pursuant
to Indiana Code 5-1.4 or Indiana Code 5-1.5 as determined by the Mayor or Controller. If sold in
a competitive sale, the Controller shall cause to be published either (i) a notice of sale once each
week for two consecutive weeks in accordance with Indiana Code 5-3-1-2, in which case the date
fixed for the sale shall not be earlier than fifteen (15) days after the first of such publications and
not earlier than three (3) days after the second of such publications, or (ii) a notice of intent to
sell bonds once each week for two weeks in accordance with Indiana Code 5-1-11-2 and Indiana
Code 5-3-1-4 and in a newspaper of general circulation published in the State capital, in which
case bids may not be received more than ninety (90) days after the first of such publications. Said
sale notice shall state the time and place of sale, the purpose for which the Bonds are being
issued, the total amount thereof, the amount and date of each maturity, the maximum rate or rates
of interest thereon, their denominations, the time and place of payment, the terms and conditions
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upon which bids will be received and the sale made and such other information as is required by
law or as the Controller shall deem necessary.
If sold by a competitive sale, bids for the Bonds shall be sealed and shall be presented to
the Controller in accord with the terms set forth in the sale notice. Bidders for the Bonds shall be
required to name the rate or rates of interest which the Bonds are to bear, which shall be the same
for all Bonds maturing on the same date and the interest rate bid on any maturity of the Bonds
must be no less than the interest rate bid on any and all prior maturities, not exceeding five
percent (5.00%) per annum for any series of Bonds sold with a tax-exempt rate of interest for
federal income tax purposes, or seven percent (7.00%) pe r annum for any series of Bonds sold
with a taxable rate of interest for federal income tax purposes, and such interest rate or rates shall
be in multiples of 1/8, 1/20 or 1/100 of one percent. The Controller shall award the Bonds to the
bidder who offers the lowest interest cost, to be determined by computing the total interest on all
the Bonds to their maturities and deducting therefrom the premium bid, if any, or adding thereto
the amount of the discount, if any. No bid for less than ninety-nine and one-half percent
(99.50%) of the par value of the Bonds, plus accrued interest, shall be considered. The Controller
may require that all bids be accompanied by certified or cashier's checks payable to the order of
the City, or a surety bond, in an amount not to exceed one percent of the aggregate principal
amount of the Bonds as a guaranty of the performance of said bid, should it be accepted. In the
event no satisfactory bids are received on the day named in the sale notice, the sale may be
continued from day to day thereafter for a period of thirty (30) days without readvertisement;
provided, however, that if said sale is continued, no bid shall be accepted which offers an interest
cost which is equal to or higher than the best bid received at the time fixed for sale in the bond
sale notice. The Controller shall have full right to reject any and all bids.
If the Bonds are sold by negotiated sale, the Mayor is authorized to negotiate and execute
a bond purchase agreement with one or more selected purchaser(s) on terms recommended by
the City’s municipal advisor, consistent with the parameters set forth in this Ordinance.
After the Bonds have been properly sold and executed, the Controller shall receive from
the purchasers payment for the Bonds and shall provide for delivery of the Bonds to the
purchasers.
Notwithstanding anything in this Ordinance to the contrary and in lieu of a public sale
of the Bonds pursuant to this Section, the Bonds may, in the discretion of the City, based upon
the advice of the City's municipal advisor, be sold either to the Indiana Bond Bank pursuant to
Indiana Code 5-1.5 or the City of Carmel Local Public Improvement Bond Bank pursuant to
Indiana Code 5-1.4 (either such entity, the “Bond Bank”). In the event of such determination of
sale to the Bond Bank, the Bonds shall be sold to the Bond Bank in such denomination or
denominations as the Bond Bank may request, and pursuant to a qualified entity purchase
agreement (the “Purchase Agreement”) between the City and the Bond Bank, hereby authorized
to be entered into and executed by the Mayor on behalf of the City, subsequent to the date of the
adoption of this Ordinance. Such Purchase Agreement may set forth the definitive terms and
conditions for such sale, but all of such terms and conditions must be consistent with the terms
and conditions of this Ordinance, including without limitation, the interest rate or rates on the
Bonds which shall not exceed the maximum rate of interest for the Bonds authorized pursuant to
this Ordinance. Bonds sold to the Bond Bank shall be accompanied by all documentation
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required by the Bond Bank pursuant to the provisions of Indiana Code 5-1.5 or 5-1.4, as
applicable, and the Purchase Agreement, including, without limitation, an approving opinion of
nationally recognized bond counsel, certification and guarantee of signatures and certification as
to no litigation pending, as of the date of delivery of the Bonds to the Bond Bank, challenging
the validity or issuance of the Bonds. In the event the City determines to sell the Bonds to the
Bond Bank, the submission of an application to the Bond Bank, the entry by the City into the
Purchase Agreement, and the execution and delivery of the Purchase Agreement on behalf of the
City by the Mayor in accordance with this Resolution are hereby authorized, approved and
ratified.
The Controller is hereby authorized and directed to obtain legal opinion as to the validity
of the Bonds from Barnes & Thornburg LLP, and to furnish such opinion to the purchasers of the
Bonds or to cause a copy of said legal opinion to be printed on each Bond. The cost of such
opinion shall be paid out of the proceeds of the Bonds.
Section 7. Use of Bond Bonds; Application of LIT revenues; Declaration of Intent to
Reimburse.
(a) Use of Bond Proceeds and Creation of Project Fund. Any premium received at the
time of delivery of the Bonds and the remaining proceeds received from the sale of the Bonds
shall be deposited in the City of Carmel, Indiana, Project Fund (the “Project Fund”). The
proceeds deposited in the Project Fund shall be expended only for the purpose of paying
expenses incurred in connection with the Project together with the expenses incidental thereto
and on account of the issuance of the Bonds. Any balance remaining in the Project Fund after
the completion of the Project which is not required to meet unpaid obligations incurred in
connection therewith and on account of the issuance of the Bonds may be used to pay debt
service on the Bonds or otherwise used as permitted by law.
(b) Application of the City’s Monthly Distribution of LIT Revenues. The pledge of
the City’s Monthly Distribution of LIT revenues and application to the payment of debt service
on the Bonds shall be in accordance with the terms set forth in the LIT Ordinance. The Mayor is
hereby authorized to enter into any agreements necessary or desirable to implement the pledge of
the City’s Monthly Distribution of LIT revenues.
(c) Declaration of Intent to Reimburse. The City hereby declares that it reasonably
expects to reimburse the City’s advances to the cost of the Project from proceeds of the Bonds,
as anticipated by this Ordinance.
Section 8. Defeasance. If, when the Bonds or any portion thereof shall have become
due and payable in accordance with their terms or shall have been duly called for redemption or
irrevocable instructions to call the Bonds or any portion thereof for redemption have been given,
and the whole amount of the principal and the interest so due and payable upon such Bonds or
any portion thereof then outstanding shall be paid, or (i) cash, or (ii) direct non-callable
obligations of (including obligations issued or held in book entry form on the books of) the
Department of the Treasury of the United States of America, and securities fully and
unconditionally guaranteed as to the timely payment of principal and interest by the United
States of America, the principal of and the interest on which when due without reinvestment will
provide sufficient money, or (iii) any combination of the foregoing, shall be held irrevocably in
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trust for such purpose, and provision shall also be made for paying all fees and expenses for the
payment, then and in that case the Bonds or such designated portion thereof shall no longer be
deemed outstanding or secured by this Ordinance.
Section 9. Tax Covenants. In order to preserve the excludability of the interest on
any series of the Bonds from gross income for federal income tax purposes (such series of the
Bonds, the “Tax-Exempt Bonds”) and as an inducement to the purchasers of the Tax-Exempt
Bonds, the City represents, covenants and agrees that:
(a) The City will not take any action or fail to take any action with
respect to the Tax-Exempt Bonds that would result in the loss of the exclusion
from gross income for federal income tax purposes of interest on the Tax-Exempt
Bonds pursuant to Section 103 of the Internal Revenue Code of 1986 as in effect
on the date of issuance of the Tax-Exempt Bonds (the “Code”), including, without
limitation, the taking of such action as is necessary to rebate or cause to be
rebated arbitrage profits on Bond proceeds or other monies treated as Bond
proceeds to the federal government as provided in Section 148 of the Code, and
will set aside such monies, which may be paid from investment income on funds
and accounts notwithstanding anything else to the contrary herein, in trust for
such purposes.
(b) The City will file an information report Form 8038-G with respect
to the Tax-Exempt Bonds with the Internal Revenue Service as required by
Section 149 of the Code.
(c) The City will not make any investment or do any other act or thing
during the period that any Tax-Exempt Bond is outstanding hereunder which
would cause any Tax-Exempt Bond to be an “arbitrage bond” within the meaning
of Section 148 of the Code and the regulations applicable thereto as in effect on
the date of delivery of the Bonds.
Notwithstanding any other provisions of this Ordinance, the foregoing covenants and
authorizations (the “Tax Sections”) which are designed to preserve the excludability of interest
on the Tax-Exempt Bonds from gross income under federal income tax law (the “Tax
Exemption”) need not be complied with to the extent the City receives an opinion of nationally
recognized bond counsel that compliance with such Tax Sections is unnecessary to preserve the
Tax Exemption.
Section 10. Investment of Funds. The proceeds of the Bonds shall be deposited with a
legally qualified depository or depositories for funds of the City as now provided by law and
shall be segregated and kept separate and apart from all other funds of the City and may be
invested in accordance with applicable provisions of Indiana law.
Section 11. Amendments; Secured Obligations. The following provisions shall apply
to this Ordinance and the Secured Obligations:
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(a) The provisions of this Ordinance shall constitute a contract by and between the
City and the obligees of the Secured Obligations, including the Bonds. After the issuance of any
Secured Obligations, the Council shall not, except as specifically provided in Section 11(b) or
11(c) hereof, repeal, modify or amend this Ordinance.
(b) The Council may, from time to time and at any time, without the consent of or
notice to any obligees under any Secured Obligations, adopt a supplemental ordinance to modify
or amend this Ordinance for any one or more of the following purposes:
(i) To cure any ambiguity or formal defect or omission in this
Ordinance or in any supplemental ordinance;
(ii) To grant to or confer upon any obligees under any Secured
Obligations any additional benefits, rights, remedies, powers, authority or security
that may lawfully be granted to or conferred upon such obligees under such
Secured Obligations;
(iii) To modify or amend this Ordinance to permit the qualification of
any Secured Obligations for sale under the securities laws of the United States of
America or any of the states of the United States of America;
(iv) To provide for the refunding or advance refunding of any Secured
Obligations;
(v) To procure a rating on any Secured Obligations from a nationally
recognized securities rating agency, designated in such supplemental ordinance, if
such supplemental ordinance will not materially adversely affect the interests of
any obligees under any Secured Obligations;
(vi) To make changes to reflect the identification of any Obligation as
an obligation secured by the LIT Ordinance in accordance with Section 3 thereof;
or
(vii) Any other purpose which, in the judgment of the Council, does not
materially adversely affect the interests of any obligees under any Secured
Obligations.
(c) This Ordinance, and the rights and obligations of the City and any obligees under
any Secured Obligations, may be modified or amended from time to time at any time by a
supplemental ordinance adopted by the Council with the consent of the obligees under the
Secured Obligations affected by such modification or amendment, holding at least a majority in
aggregate principal amount of such Secured Obligations then outstanding (exclusive of Secured
Obligations, if any, owned by the City); provided, however, that no such modification or
amendment shall, without the express consent of all of the obligees under the Secured
Obligations affected by such modification or amendment, permit a privilege or priority of any of
such Secured Obligations over any other of such Secured Obligations, or create a lien securing
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any of such Secured Obligations other than a lien ratably securing all of such Secured
Obligations, nor shall any such modification or amendment reduce the percentage of consent
required for amendment or modification of this Ordinance.
Any act done pursuant to a modification or amendment so consented to shall be binding
upon all the obligees under the Secured Obligations and shall not be deemed an infringement of
any of the provisions of this Ordinance, and may be done and performed as fully and freely as if
expressly permitted by the terms of this Ordinance, and, after such consent relating to such
specified matters has been given, no obligees under the Secured Obligations shall have any right
or interest to object to such action or in any manner to question the propriety thereof or to enjoin
or restrain the City or any officer thereof from taking any action pursuant thereto.
If the City shall desire to obtain any such consent to any modification or amendment of
this Ordinance, it shall mail or cause to be mailed a notice, postage prepaid, to the respective
obligees under the Secured Obligations affected by such modification or amendment. Such
notice shall briefly set forth the nature of the proposed supplemental ordinance and shall state
that a copy thereof is on file for inspection by all obligees under such Secured Obligations. The
City shall not, however, be subject to any liability to any obligees under any Secured Obligations
by reason of its failure to mail the notice described in this Section 12, and any such failure shall
not affect the validity of such supplemental ordinance when consented to and approved as
provided in this Section 11.
Whenever, at any time within one year after the date of the mailing of such notice, the
City shall receive an instrument or instruments purporting to be executed by the obligees under
such Secured Obligations of not less than a majority in aggregate principal amount of such
Secured Obligations then outstanding (exclusive of Secured Obligations, if any, owned by the
City), which instrument or instruments shall refer to the proposed supplemental ordinance
described in such notice, and shall specifically consent to and approve the adoption thereof in
substantially the form of the copy thereof referred to in such notice as on file, thereupon, but not
otherwise, the Council may adopt such supplemental ordinance in substantially such form,
without liability or responsibility to any obligees under the Secured Obligations, whether or not
such obligee shall have consented thereto.
(d) Upon the adoption of any supplemental ordinance pursuant to the provisions of
this Section 11, this Ordinance shall be, and is deemed to be, modified and amended in
accordance therewith, and the respective rights, duties and obligations under this Ordinance shall
thereafter be determined, exercised and enforced hereunder, subject in all respects to such
modifications and amendments.
Section 12. Approval of Official Statement and Continuing Disclosure Agreement.
(a) If necessary, upon the advice of the City’s municipal advisor, the Mayor and the
Controller each are hereby authorized to deem final an official statement with respect to the
Bonds, as of its date, in accordance with the provisions of Rule 15c2-12 of the U.S. Securities
and Exchange Commission, as amended (the "SEC Rule"), subject to completion as permitted by
the SEC Rule, and the City further authorizes the distribution of the deemed final official
statement, and the execution, delivery and distribution of such document as further modified and
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amended with the approval of the Mayor or the Controller in the form of a final official
statement.
(b) In order to assist any underwriter of the Bonds in complying with paragraph
(b)(5) of the SEC Rule by undertaking to make available appropriate disclosure about the City
and the Bonds to participants in the municipal securities market, the City hereby covenants,
agrees and undertakes, in accordance with the SEC Rule, unless excluded from the applicability
of the SEC Rule or otherwise exempted from the provisions of paragraph (b)(5) of the SEC Rule,
that it will comply with and carry out all of the provisions of the continuing disclosure contract.
"Continuing disclosure contract" shall mean that certain continuing disclosure contract executed
by the City and dated the date of issuance of the Bonds, as originally executed and as it may be
amended from time to time in accordance with the terms thereof. The execution and delivery by
the City of the continuing disclosure contract, and the performance by the City of its obligations
thereunder by or through any employee or agent of the City, are hereby approved, and the City
shall comply with and carry out the terms thereof.
Section 13. Additional Bonds. The City reserves the right to issue or enter into bonds,
leases or other obligations entitled to the pledge of the City’s Distribution of LIT revenues on a
parity with the Bonds and the other Secured Obligations in accordance with the terms as set forth
in the LIT Ordinance.
Section 14. Additional Appropriation. There is hereby appropriated the sum of Eleven
Million Five Hundred Thousand Dollars ($11,500,000) out of the proceeds of the Bonds,
together with all investment earnings thereon, for the purpose of providing funds to pay the costs
of the Project, including related costs and the costs of issuing the Bonds, as provided in this
Ordinance. Such appropriation shall be in addition to all appropriations provided for in the
existing budget and shall continue in effect until the completion of the described purposes.
Section 15. Severability. If any section, paragraph or provision of this Ordinance shall
be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such
section, paragraph or provision shall not affect any of the remaining provisions of this
Ordinance.
Section 16. Other Action. The appropriate officers are hereby authorized to take all
such actions and execute all such instruments as are necessary or desirable to effectuate this
ordinance. These actions include obtaining a rating, bond insurance or any other form of credit
enhancement for the Bonds if economically feasible and desirable and with the favorable
recommendation of the municipal advisors to the City, and filing a report of an additional
appropriation with the Indiana Department of Local Government Finance. In addition, the
appropriate officers of the City are hereby authorized and directed to take any other action
deemed necessary or advisable in order to effectuate the acquisition, construction and equipping
of the Project, the issuance of the Bonds, the pledge of the City’s Monthly Distribution of LIT
revenues, or any other purposes of this Ordinance.
Section 17. Conflicting Ordinances. All ordinances and parts of ordinances in conflict
herewith are hereby repealed; provided however, none of the provisions of this Ordinance shall
be construed to adversely affect the rights of the owners of the Secured Obligations. After the
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issuance of the Bonds and so long as any of the Bonds or interest thereon remains unpaid, except
as expressly provided herein, this Ordinance shall not be repealed or amended in any respect
which will adversely affect the rights of the holders of the Bonds, nor shall the City adopt any
law, ordinance or resolution which in any way adversely affects the rights of such holders
Section 18. Non-Business Days. If the date of making any payment or the last date
for performance of any act or the exercising of any right, as provided in the ordinance, shall be a
legal holiday or a day on which banking instructions in the City or the jurisdiction in which the
Registrar or Paying Agent is located are typically closed, such payment may be made or act
performed or right exercised on the next succeeding day not a legal holiday or a day on which
such banking institutions are typically closed, with the same force and effect as if done on the
nominal date provided in this Ordinance, and no interest shall accrue for the period after such
nominal date.
Section 19. Interpretation. Unless the context or laws clearly require otherwise,
reference herein to statutes or other laws include the same as modified, supplemented or
superseded from time to time.
Section 20. Headings. The headings or titles of the several sections shall be solely for
convenience of reference and shall not affect the meaning, construction or effect of this
Ordinance.
Section 21. Effective Date. This Ordinance shall be in full force and effect from and
after its adoption and the procedures required by law. Upon payment in full of the principal and
interest respecting the Bonds authorized hereby or upon deposit of an amount sufficient to pay
when due such amounts in accord with the defeasance provisions herein, all pledges, covenants
and other rights granted by this ordinance shall cease.
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PASSED by the Common Council of the City of Carmel, this _____ day of _____________,
2021, by a vote of ______ ayes and _____ nays.
COMMON COUNCIL FOR THE CITY OF CARMEL, INDIANA
___________________________________
Sue Finkam, President Kevin D. Rider, Vice-President
___________________________________ ____________________________________
Laura Campbell H. Bruce Kimball
___________________________________ ____________________________________
Jeff Worrell Anthony Green
___________________________________ ___________________________________
Adam Aasen Tim Hannon
___________________________________
Miles Neslon
ATTEST:
__________________________________
Sue Wolfgang, Clerk
Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of
_________________________ 2021, at _______ __.M.
____________________________________
Sue Wolfgang, Clerk
Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of
________________________ 2021, at _______ __.M.
____________________________________
James Brainard, Mayor
ATTEST:
___________________________________
Sue Wolfgang, Clerk
Prepared by: Bruce D. Donaldson
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
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5
Opposed
5:15
Opposed
4:00
Opposed
June
Not Present
June
3
22nd
June
22nd
P
P
21st
VERSION A – 06/07/2021
EXHIBIT A 1
2
The Project shall consist of the acquisition, design, construction and/or equipping of a 3
new police station parking garage to be located at the southeast corner of Monon Green 4
Boulevard and Veterans Way in the City of Carmel, Indiana. 5
6
DMS 18616340.4 7
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