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HomeMy WebLinkAboutBPW-09-04-02-01 2002 Const BondRESOLUTION NO. BPW-09-04-02-01 RESOLUTION OF THE BOARD OF PUBLIC WORKS AND SAFETY OF THE CITY OF CARMEL, INDIANA, RELATING TO THE ISSUANCE AND SALE OF COUNTY OPTION INCOME TAX REVENUE BONDS OF THE CITY FOR THE PURPOSE OF FINANCING THE COSTS OF THE ACQUISITION, CONSTRUCTION, INSTALLATION AND EQUIPPING OF A MOTOR VEHICLE FLEET MAINTENANCE FACILITY AND SALT STORAGE FACILITIES FOR THE STREET DEPARTMENT OF THE CITY, INCLUDING, WITHOUT LIMITATION, THE ACQUISITION OF REAL PROPERTY UPON WHICH SUCH FACILITIES ARE TO BE LOCATED, AND RELATED IMPROVEMENTS, AND CERTAIN ROAD AND STREET IMPROVEMENTS IN THE CITY, TOGETHER WITH COSTS AND EXPENSES INCIDENTAL THERETO, INCLUDING COSTS AND EXPENSES IN CONNECTION WITH THE ISSUANCE OF THE BONDS WHEREAS, the City of Carmel, Indiana (the "City"), has previously established and now maintains, operates and regulates through its Board of Public Works and Safety (the "Board") and its Street Department (the "Department"), public roads and streets and other public ways in the City pursuant to Indiana Code 36-9-2, as amended; and WHEREAS, the Board desires to undertake the acquisition, construction, installation and equipping of (a) a motor vehicle fleet maintenance facility and three salt storage facilities for the Department, including, without limitation, the acquisition of real property upon which such facilities are to be located, and related improvements, and (b) road and street improvements with respect to (i) the Old Town southwest quadrant; (ii) the intersection of 106th Street and Gray Road; (iii) the intersection of 136th Street and Gray Road; (iv) the intersections on Spring Mill Road and 131st Street and 136th Street; and (v) Gray Road improvements (crest removal of 140th Street and 110th Street); and (vi) Carmel Drive (from Rangeline Road to 3rd Avenue, including a signal at 3rd Avenue and the Monon Trail Overpass) (collectively, the "Project"), and finds that such Project and the financing by the City of the costs thereof are necessary and will be of general benefit to the City and its citizens; and WHEREAS, based on the plans, specifications and cost estimates filed with the City and the Board, the aggregate estimated cost of the Project, together with expenses incurred in connection therewith, including the costs of the issuance of bonds therefor, is at least Ten Million Four Hundred Fifty Thousand Dollars ($10,450,000); and WHEREAS, the Board desires to approve the proposed Project and the issuance by the City of county option income tax revenue bonds in an aggregate principal amount not to exceed Ten Million Four Hundred Fifty Thousand Dollars ($10,450,000) (the "Bonds") to finance such Project, subject to the provisions of Exhibit A attached hereto and made a part hereof; and WHEREAS, the City has no funds available or provided for in the existing budgets or tax levies that may be applied to the portion of the costs of the Project to be financed, making it necessary to authorize the issuance of the Bonds; and WHEREAS, proposed forms of (i) a bond ordinance authorizing the financing of the costs of the Project, together with expenses incurred in connection therewith, including the costs of issuance of the Bonds (the "Bond Ordinance"), and (ii) an additional appropriation ordinance, appropriating the proceeds of the Bonds and the investment earnings earned thereon (the "Appropriation Ordinance"), have been duly considered by the Board and found satisfactory, copies of which are attached hereto as Exhibit B and Exhibit C, respectively, and made a part hereof; and WHEREAS, the Board desires to recommend the adoption of the Bond Ordinance and the Appropriation Ordinance to the Common Council of the City (the "Common Council"); NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS AND SAFETY OF THE CITY OF CARMEL, INDIANA, as follows: -2- INIMANI588846v2 1. The Project, and the plans, specifications and cost estimates relating thereto, as previously filed with the Board, are hereby approved. 2. The Board hereby requests and recommends that the Common Council authorize the issuance of the Bonds in an amount not to exceed Ten Million Four Hundred Fifty Thousand Dollars ($10,450,000) on the terms set out in the proposed form of the Bond Ordinance and the Appropriation Ordinance, by the adoption of such ordinances. 3. Any changes to the Project shall be subject to an agreement as set forth in Exhibit A attached hereto. 4. The Secretary of the Board is hereby directed to present a copy of this Resolution, the Estimate and Request of the Board and the forms of the Bond Ordinance and the Appropriation Ordinance to the Clerk-Treasurer of the City for presentation to the Common Council as soon as may be done. 5. This Resolution shall be in full force and effect after its adoption by the Board. -3- INIMAN 1 588846v2 The foregoing was passed by the Board of Public Works and Safety of the City of Carmel, Indiana, this ~4h dayof ~(~, 2002. THE BOARD OF PUBLIC WORKS AND SAFETY OF THE CITY OF CARMEL, INDIANA ATTEST: ard_of Pu~li~ Worlds and~afety. Prepared by Thomas A. Pitman, Baker & Daniels, 600 East 96th Street, Suite 600, Indianapolis, Indiana 46240, 317-569-4649. -4- INIMAN1588846v2 EXHIBIT A MATTERS RELATING TO PROJECT CHANGES Prior to the issuance of the Bonds, the Common Council, the Mayor and the Board of Public Works shall enter into an agreement containing substantially the following terms: Section 1. Contract Approvals. From and after the date hereof, the Board of Public Works shall approve all agreements or contracts, and change orders to any such agreements or contracts or to agreements or contracts entered into prior to the date hereof, for the expenditure of Proceeds (singly or together hereafter referred to as "contracts" or "change orders"), and shall conduct all bid proceedings, if required by applicable law, with respect thereto. Section 2. Expenditures. From and after the date hereof, the Board of Public Works shall not enter into and execute any contract nor award any bid for a contract, or issue any change order, which contemplates or involves any Expenditure (as hereinafter defined), unless such contract (including any award of a bid for a contract) or change order is approved by the Board of Public Works and the Council in accordance with Section 3 hereof. Section 3. Approval. After the Board of Public Works approves any proposed contract (including any proposed award of a bid for a contract) or proposed change order for any Expenditure, the Board of Public Works shall deliver written notice of its approval of such proposed contract (or proposed award of bid) or proposed change order to the Clerk-Treasurer, together with instructions to deliver a copy of such notice to each member of the Council by the close of business on the business day after the Board of Public Works' delivery of such notice to the Clerk-Treasurer. If the Board of Public Works so delivers such notice and instructions, the Council shall be deemed to have approved such contract (or award of bid) or change order at the close of business on the fifth business day after the date by which the Clerk-Treasurer was so instructed by the Board of Public Works to deliver a copy of such notice to each member of the Council (the "Effective Date"), unless: (a) by the close of business on the Effective Date, any member of the Council who disputes in writing such proposed contract (or proposed award of bid) or proposed change order requests the Clerk-Treasurer to place such dispute on the agenda for the next meeting of the Council; and (b) at such meeting, the Council disapproves such proposed contract (or proposed award of bid) or proposed change order by a vote of a majority of the elected members of the Council. Section 4. Definitions. For purposes of this Agreement, each of the following terms shall have the meaning assigned to it by this Section 4: (a) "Expenditure" means any payment or other disposition of any Proceeds, excluding: (i) any payment of principal of or premium, if any, or interest on the Bonds, (ii) any payment of architectural, engineering, accounting, financial advisory, legal or other professional services, (iii) any payment of any costs of issuance of the Bonds, (iv) any investment of any Proceeds in any interest-bearing instruments, or (v) any payment(s) or other disposition(s), whether individually or in the aggregate if the INIMAN 1 588846v2 contracted matter for which payment(s) or disposition(s) is/are being made is completed in one or more steps or is part of a set or series of related contracted matters with a single person or vendor, of any Proceeds in an amount less than $75,000. (b) "Proceeds" means any amounts received by the City from its original issuance and sale of the Bonds, and any interest earnings thereon. Section 5. Amendments. This Agreement may be amended or terminated only by the written agreement of all the parties hereto. Section 6. Governing Law. This Agreement and the rights and obligations hereunder shall be governed by and construed and enforced in accordance with the intemal laws of the State of Indiana, without reference to any choice of law principles. Section 7. Severability. If any portion of this Agreement is held or deemed to be, or is, invalid, illegal, inoperable or unenforceable, the validity, legality, operability and enforceability of the remaining portions of this Agreement shall not be affected, and this Agreement shall be construed as of it did not contain such invalid, illegal, inoperable or unenforceable portion. Section 8. Interpretation. The use herein of the singular shall be construed to include the plural, and vice versa. Unless otherwise indicated, the words "hereof," "herein," "hereby" and "hereunder," and words of similar import, refer to this Agreement as a whole and not to any particular section, subsection, clause or other portion of this Agreement. Section 9. Captions. The captions appearing in this Agreement are included herein for convenience of reference only, and shall not be deemed to define, limit or extend the scope or intent of any rights or obligations under this Agreement. A-2 ~IMAN1588846v2 EXHIBIT B FORM OF BOND ORDINANCE B-1 INIMAN 1 588846v2 EXHIBIT C FORM OF APPROPRIATION ORDINANCE C-1 ~IMAN1588846v2