HomeMy WebLinkAboutCC-12-10-90-01 Form Bldg. CorpRESOLUTION NO. 90-12-10-1
A RESOLUTION APPROVING THE FORMATION OF A
BUILDING CORPORATION FOR THE PURPOSE OF
FINANCING, CONSTRUCTING, RENOVATING, AND EOUIPPING
CERTAIN FACILITIES AND LEASING THE SAME TO
THE CITY OR OTHER ENTITIES AND RELATED MATTERS
WHEREAS, the Common Council of the City of Camel has
entered into a purchase agreement with Ash Realty Company for the
purpose of a building commonly known as the Carmel Square Centre
Building; and
WHEREAS, the use of said building is anticipated as a
community center and for other related uses; and
WHEREAS, it is necessary that a building corporation be
formed for the purpose of the financing, acquisition,
construction, and renovation, of the building and property.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Carmel, Indiana, as follows:
1. It is hereby determined to be proper and in the public
interest to approve the incorporation of the corporation known
and designated as The Carmel Square Centre Building Corporation
for the purpose of financing, constructing, renovating,
acquiring, and equipping, certain facilities and leasing the same'
to the City.
2. The Articles of Incorporation and By-Laws of the
Building Corporation presented to and now before the Council are
approved.
3. The provisions for financing, constructing, acquiring,
renovating, and equipping, of the facilities by the Building
Corporation, and the lease of same to the City or others, is in
the public interest of the citizens of this City and is a proper
public purpose for which this Common Council agrees to cooperate
with the Building Corporation and to assist it in fulfilling the
requirements of all agencies of the Federal, State and City
Governments.
4. The issuance, sale and delivery by the Building
Corporation of bonds designated The Carmel Square Center Building
Corporation Mortgage Bonds are hereby approved, in the
approximate principal sum of One Million Seven Hundred Fifty
Thousand Dollars ($1,750,000.00) .
5. That upon the redemption retirement of the bonds to be
issued by the Building Corporation, the City of Carmel will
accept from the Building Corporation title to the facilities,
free and clear of any and all liens and encumbrances thereon,
with the exception of any leases which may be in place.
6. The Council hereby approves the initial directors of the
Building Corporation as: John D. Proffitt, Kenneth M. Keltner,
and William A. York.
7. The Building Corporation, having been duly organized to
conduct business, it may proceed to issue, sell, and deliver
bonds, pursuant to the applicable laws of the State of Indiana,
it may encumber real property or equipment acquired by it for the
purpose of financing the acquisition, construction, renovation,
and equipping of the facilities, and may enter into contracts for
the sale of bonds for those purposes.
8. The City of Carmel expects that the obligations issued
by or on behalf of the City of Carmel, including the mortgage
obligations of the Building Corporation, as well as bonds, bond
anticipation notes, and temporary loan warrants of the City, will
not exceed One Million Seven Hundred Fifty Thousand Dollars
($1,750,000.00) in the calendar year 1990.
ALL OF WHICH IS RESOLVED by the Common Council of the City
of Carmel, Indiana, this 10th day of December, 1990.
COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA
B DOROTHY J'.~C0CK, President
ATTESTATION
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