HomeMy WebLinkAboutCC-09-16-02-02 Reimburse Bond CostsSponsor: Council President Wilson
RESOLUTION NO. CC-09-16-02-02
(formerly Resolution No. CC-09-03-02-03)
RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, ESTABLISHING
ITS INTENT TO REIMBURSE CERTAIN PRELIMINARY
COSTS FROM THE PROCEEDS OF BONDS
WHEREAS, the City of Carmel, Indiana (the "City"), expects to incur preliminary costs
and expenses in connection with the acquisition, construction, installation and equipping of (i) a
motor vehicle fleet maintenance facility and three 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 (ii)certain road and street
improvements in the City (collectively, the "Project"); and
WHEREAS, the City expects such preliminary costs and expenses relating to the Project
to be reimbursed by county option income tax revenue bonds issued by the City, in an aggregate
principal amount not to exceed Ten Million Four Hundred Fifty Thousand Dollars ($10,450,000)
(the "Bonds"); and
WHEREAS, certain preliminary expenses related to the Project have been or will be
incurred by the City prior to the issuance and delivery of the Bonds; and
WHEREAS, the Common Council of the City (the "Common Council") desires to
express its intention to reimburse such expenditures as have been or may be incurred prior to the
issuance of the Bonds, pursuant to Indiana Code5-1-14-6 and in compliance with
Section 1.150-2 of the U.S. Treasury Regulations promulgated by the Internal Revenue Service
(the "Treasury Regulations");
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, as follows:
1. The Common Council hereby declares that it reasonably expects to reimburse
with the proceeds of the Bonds expenditures for the Project made by the City prior to the
issuance of the Bonds during the period beginning on the date sixty (60) days prior to the date of
this Resolution until the date of issuance of the Bonds, which expenditures are expected to be
paid initially from other legally available funds of the City.
2. The Common Council hereby declares that this Resolution is being adopted for
purposes of evidencing compliance with Indiana Code 5-1-14-6 and Section 1.150-2 of the
Treasury Regulations.
3. This Resolution shall be effective upon its passage by the Common Council and
approval by the Mayor of the City, in accordance with procedures as required by law.
INIMAN 1 588868v2
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! PASSED by the Common Council of the City of Carmel. Indiana, this /~.~/'q day of
5//1~/~, 2002, by ~ ~ o~ ~ ~7~ ~ ~ ~ ·
COMMON C~UNCIL OF THE CI~
~~~~~~~Ke~bf ~ ~
Wa~e Wllson, President Pro Temp o en
tt~gall . . N.L. Rundle
~Ronald E. Cmer Luci Snyder
ATTEST:
Dian~ £.-C0rd/-~y,~C, C(gr~'-Treasurer
~ Pre~sented by me to the Mayor of the City of Carmel, Indiana, on this /~' day of
('~D-~ - ,2002, at~:l 0 o'clock __~m.
Diana L. Cor~'a~J~MC, ~j~erk-Treasu
Ap, proved by me, Mayor of the City of Carmel, Indiana, this /oO~_/~ay of
,~/2r/~aff~o , 2002, at oOpt' o'clock ~.m-.
Ja~s Brainard, Mayor
ATTEST:
Diana L. Cord%~dVld, Clerk-~reasurer
Prepared by Thomas A. Pitman, Baker & Daniels, 600 East 96th Street, Suite 600, Indianapolis,
Indiana 46240, 317-569-4649.
IN IMAN 1 588868v2
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