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HomeMy WebLinkAboutCC-09-12-96-01 Telemon Corp/Facility at 116th & CollegeRESOLUTION NO. cc-09-12-96-01 A RESOLUTION approving and authorizing certain actions and proceedings with respect to certain proposed economic development bonds. WHEREAS, the City of Carmel, Indiana (the "Issuer"), is authorized by I.C. 36-7-11.9 and I.C. 36-7-12 (collectively, the "Act") to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be used for the acquisition, construction, renovation, installation and equipping of said facilities, and said facilities to be either sold or leased to a company or the proceeds of the revenue bond issue may be loaned to the company and said facilities directly owned by the company; WHEREAS, Telamon Corporation (the "Applicant") has advised the Carmel Economic Development Commission and the Issuer that it proposes that the Issuer either acquire certain economic development facilities and sell or lease the same to Applicant or loan the proceeds of an economic development financing to the Applicant for the same, said economic development facilities consist of the acquisition, construction and equipping of an approximately 92,000 square foot facility to be located near 116th Street and College Avenue, Carmel, Indiana, to be used by the Applicant for the manufacture of frames for telecommunications equipment as well as the refurbishing of telecommunications equipment (the "Project"); WHEREAS, the diversification of industry and the creation of opportunities for gainful employment (sixty (60) jobs) and the creation of business opportunities to be achieved by the acquisition, construction and equipping of the Project will serve a public purpose and be of benefit to the health or general welfare of the Issuer and its citizens; and WHEREAS, the acquisition, construction and equipping of the Project will not have an adverse competitive effect on similar facilities already constructed or operating within the jurisdiction of the Issuer; NOW, THEREFORE: BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA SECTION 1. It finds, determines, ratifies and confirms that the diversification of industry and the creation of opportunities for gainful employment (sixty (60) jobs at the end of two years) within the jurisdiction of the Issuer is desirable, serves a public purpose, and is of benefit to the health or general welfare of the Issuer; and that it is in the public interest that the Issuer take such action as it lawfully may to encourage the diversification of industry, the creation of business opportunities, and the creation of opportunities for gainful employment within the jurisdiction of the Issuer. SECTION 2. It further finds, determines, ratifies and confirms that the issuance and sale of revenue bonds of the Issuer in a tax-exempt series in an amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000) and a taxable series in an amount not to exceed One Million Eight Hundred Fifty Thousand Dollars ($1,850,000) under the Act for the acquisition, construction and equipping of the Project and the sale or leasing of the Project to the Applicant or the loan of the proceeds of the revenue bonds to the Applicant for the acquisition, construction and equipping of the Project will serve the public purposes referred to above in accordance with the Act. SECTION 3. In order to induce the Applicant to proceed with the acquisition, construction and equipping of the Project, this Council hereby finds, determines, ratifies and confirms that: (i) it will take or cause to be taken such actions pursuant to the Act as may be required to implement the aforesaid financing, or as it may deem appropriate in pursuance thereof; provided that all of the foregoing shall be mutually acceptable to the Issuer and the Applicant; (ii) it will adopt such ordinances and resolutions and authorize the execution and delivery of such instruments and the taking of such action as may be necessary and advisable for the authorization, issuance and sale of said economic development revenue bonds, provided that at the time of the proposed issuance of such bonds, if applicable, the aggregate amount of private activity bonds previously issued during that calendar year will not exceed the private activity bond limit for such calendar year, it being understood that the Issuer, by taking this action, is not making any representation nor any assurances that (1) any such allocable limit will be available, because inducement resolutions in an aggregate amount in excess of the private activity bond limit may and in all probability will be adopted, (2) the proposed Project will have no priority over other projects which have applied for such private activity bonds and have received inducement resolutions, and (3) no portion of such activity bond limit has been guaranteed for the proposed Project; and (iii) it will use its best efforts at the request of the Applicant to authorize the issuance of additional bonds for refunding and refinancing the outstanding principal amount of the bonds, for completion of the Project and for additions to the Project, including the costs of issuance (providing that the financing of such addition or additions to the Project is found to have a public purpose, as defined in the Act, at the time of authorization of such additional bonds), and that the aforementioned purposes comply with the provisions of the Act. SECTION 4. All costs of the Project incurred after the date which is sLxty (60) days prior to the adoption of this resolution, including reimbursement or repayment to the Applicant of monies expended by the Applicant for application fees, planning, engineering, underwriting expenses, attorney and bond counsel fees, and acquisition, construction and equipping of the Project, will be permitted to be included as part of the bond issue to finance the Project, and the Issuer will thereafter sell the same to the Applicant or loan -2- the proceeds of the revenue bonds to the Applicant for the same purpose. Also certain indirect expenses incurred prior to such date will be permitted to be included as part of the bond issue to finance the Project in accordance with the Final Regulations (T 8476) on Arbitrage Restrictions on Tax-Exempt Bonds in particular Section 1.150-2. SECTION 5. This resolution shall be in full force and effect upon adoption and compliance with I.C. 36-4-6-14. The foregoing was passed by the Common Council of the City of Carmel, Indiana, this 12th day of September, 1996, at ! (~: / t~ ,~9 o' clock P.M. ATTEST: Clerk-Treasurer Presented by the Clerk-Treasurer of the City of Carmel, Indiana, to the Mayor of the City of Camel, Indiana, this 12th day of September, 1996, at/t>:/t9 ~,,~ o'clock P.M. Clerk-Treasurer Approved and signed by the Mayor of the City of Carmel, Indiana, this 12th day of September, 1996. / INDS01 NWS 166386 -3-