HomeMy WebLinkAboutCC-12-15-03-01 Repay UtilityLoanSponsor: Councilor Wilson
RESOLUTION NO. CC-12-15-03-01
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA,
EXTENDING THE TIME TO REPAY FUNDS
PROVIDED BY THE CITY'S SEWER UTILITY
WHEREAS, the Board of Public Works and Safety ("Board") of the City of Carmel,
Indiana acquired land for a street facility (the "Facility") with funds from the municipally owned
sewer utility ("utility") for the benefit of the City of Cannel, Indiana (the "City") at a cost of
$922,359.77; and
WHEREAS, the conditions set forth in Ind. Code § 36-1-8-4(a) were met for the use of
such funds for the street facility; and
WHEREAS, the City has repaid $500,000 to the utility as partial payment towards the
loan; and
WHEREAS, the City is still indebted to the utility in the amount of $422,355.97 for the
expense of acquiring the Facility; and
WHEREAS, the City is unable to repay the remaining balance before the end of the
budget year such that a six-month extension is needed pursuant to Ind. Code § 36-1-8-4(b); and
WHEREAS, due to the present inability to repay the remaining balance before the end of
the budget year, an emergency exists as that term is used in Ind. Code § 36-1-8-4(b).
NOW, THEREFORE, BE IT RESOLVED BY THIS COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA ("COMMON COUNCIL") that:
Section One: The City shall be obligated to the utility in the amount of $422,357.97
representing the unpaid balance of the loan to acquire the Facility.
.Section Two: The City of Carmel, Indiana shall repay the utility $422,355.97 plus
accrued interest on or before June 1, 2004. Interest shall be calculated at
3.5% from October of 2002 to the actual date of re-payment. Interest shall
not exceed $25,000.
Section Three: A copy of this resolution shall immediately be forwarded to the State
Board of Accounts.
Section Four: This Resolution shall be in full force and effect immediately upon its
adoption.
PASSED by the Common Council of the City of Carmel, Indiana, this/~q~ay of
December, 2003, by a vote of ~ ayes and (~ nays.
Sponsor: Councilor Wilson
COMMON COUNCIL FOR THE CITY OF CARMEL
~Lii~i Sn~r, President pr~empore
~'onald E. Carter
ATTEST:
Dian~surer
l/~. ~ Pres~ented by me [o. th9 Mayor of the City of Carmel, Indiana, the/~.~ day of
Diana L. Cordr y, - ~/~
Approvqd by me, the Mayor of the City of Carmel, Indiana this //~-~-day of ~
J~es ~rainarct,/lwayor
ATTEST:
Prepared by: Nicholas K. Kile
Barnes & Thomburg
INDS01 PJS 625277vi