HomeMy WebLinkAboutCC-05-02-94-01 Revenue Bonds THE COMMON COUNCIL OF
THE CITY OF CARMEL, INDIANA
WHEREAS, the City of Carmel, Indiana (the "City"), is
authorized by Title 36, Article 7, Chapters 11.9 and 12 of the
Indiana Code (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, or installation of
said facilities, and said facilities to be either sold or leased to
a company or directly owned by the company and to refinance and or
refund outstanding bonds issued under the Act; and
WHEREAS, Cool Creek Associates, Ltd., an Indiana limited
partnership (the "Borrower"), financed acquisition, construction
and installation of certain multifamily housing facilities (the
"Project") located within the City pursuant to the issuance of the
City of Carmel, Indiana Economic Development Revenue Bonds, Series
1985 (FHA Insured Mortgage Loan -- Cool Creek Associates, Ltd.
Project), dated April 15, 1985, issued in the original aggregate
principal amount of $11,240,000 (the "1985 Bonds"); and
WHEREAS, the Borrower will request the City to issue the
City's Economic Development Revenue Refunding Bonds (FHA Insured
Mortgage Loan -- Cool Creek Associates, Ltd. Project) Series 1995
(the "Bonds") for the primary purpose of refunding the outstanding
principal amount of the 1985 Bonds (the "Refunding"); and
WHEREAS, this Council (the "Council"), by Special Ordinance
adopted on April 15, 1985, found that the issuance and sale of the
1985 Bonds by the City promoted diversification of industry, job
opportunities and payroll in and near Carmel, Indiana, and was
desirable to preserve the health, safety and general welfare of the
citizens of the City; and
WHEREAS, the diversification of industry and the retention of
opportunities for gainful employment (which will be achieved by the
Refunding), will serve a public purpose and will be of benefit to
the health or general welfare of the City and its citizens.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA THAT:
1. The Council hereby finds and determines that the
Refunding would be of benefit to the health or general welfare of
the City and would comply with the Act.
2. In order to induce the Borrower to proceed with the
Refunding, the Council hereby approves, 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
Refunding, or as it may deem appropriate in pursuance thereof;
provided that all of the foregoing shall be mutually acceptable to
the City and the Borrower; and (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 the Bonds.
3. The Council hereby declares its official intent to
finance and reimburse costs relating to the Project with proceeds
of the Bonds issued in an aggregate principal amount not to exceed
Two Million Dollars ($2,000,000) for purposes of financing and
reimbursing costs of the Project.
4. The obligations of the Council and the City shall be
limited to the good faith efforts to consummate said proceedings
and issue the Bonds, and neither the Council nor its officers or
members, shall incur any liability whatsoever if for any reason the
proposed issuance of the Bonds or the undertakings, as described
herein, are not consummated.
Adopted this ~ day of May, 1994.
( SEAL )
CITY OF CARMEL
Pr cer
960~:>
Presented by me to the Mayor of the City of Carmel, Indiana,
on the ~ day of ~, 1994, at the hour of ~'D~ o'clock,
Having reviewed the foregoing resolution I do now, as the
Mayor of the City of Carmel, this day of ~~ , 1994, hereby
evidence my approval of the foregoing resolution by the execution
hereof.
, Carmel
960~2