HomeMy WebLinkAboutCC-08-16-82 EDC/Ind. Farmers CARMEL CITY COUNCIL ~ ~
INDUCEMENT RESOLUTION NO-OP/~J~ ~
(INDIANA FARMERS MUTUAL INSURANCE COMPANY)
WHEREAS, the Carmel Economic Development Com-
mission (the "Commission") was created by Ordinance
pursuant to authority granted by then existing
statutes; and
WHEREAS, the Commission was created to investi-
gate, study and survey the need for and to recommend
action to improve and promote job opportunities,
industrial diversification, pollution control and
health facilities in and near Carmel, Indiana (the
"City") pursuant to IC 36-7-12-1, et seq. (the
"Act" );
WHEREAS, the Commission has adopted Resolution
No. and has recommended that the Carmel City
Council (the "Governing Body") adopt this Resolution
to induce Indiana Farmers Mutual Insurance Company
· ~- ,,~ ..... ,,"~ go acquire, construct and equip a
building for conducting casualty and f~re insurance
business adjacent to the Company's principal office
at 10 West 106th Street in Hamilton County, Indiana
(collectively the "Facilities");
NOW, THEREFORE, BE IT RESOLVED by the Governing
Body:
1. That the Governing Body does hereby find
that in order to improve and promote job opportuni-
ties and industrial diversification in and near the
City~', the prosperity, economic stability and general
welfare of the City would be benefited by entering
into a financing agreement for the financing of the
acqu~sltlo , construction and equipping of the
Facilities pursuant to which the City will issue
its economic development revenue bonds not to exceed
the aggregate amount of $1,500,000 and to loan the
proceeds to the Company.
2. That it appears that there would be no
adverse competitive effect on any similar facilities
located in or near the City, all as presented before
the Governing Body at a meeting held August 16,
1982.
rder to induce the Company to.proceed
3. In o ..... ~,~ruction and equipping of
· he ac ulsltlon,
with t . ~ - - -~-- Bod" of the City
the Facilities, t~e ~overn~
hereby determines that (a) the City will authorize
and issue revenue bonds not to exceed the aggregate
amount of $1,500,000 (collectively the "BondS") of
the City pursuant to law to finance the cost of the
· ' ' n construction and equipping of the
acqu~lo ,4__ludin~ reimbursement or rep~y~e~ to
Facilities, ~L~ : .
the Company of any monies heretofore expenoeo
the Company for the Facilities, so long as such
reimbursement will not render the income on the
Bonds taxable for federal income tax purposes, and
any monies expended by the Company for acquisition,
construction agd equipping of the Facilities after
the date of th~s resolution, (b) enter into contrac-
tual arrangements with the Company to apply the
proceeds derived from the issuance and sale of the
Bonds to the financing of the acquisition, construc-
tion and equipping of the Facilities and the
expenses incidental thereto, and whereby payments
to be made by the Company shall be sufficient to
pay the Bonds and the interest thereon, as and when
the same shall become due and payable, (c) adopt
such ordinances and resolutions and authorize the
execution and delivery of such instruments and the
taking of such actions as may be necessary or
advisable for the authorization, issuance and sale
of the Bonds.
4. The Commission is hereby authorized and
directed to proceed in accordance with the Act and
this Resolution to take further proceedings to
accomplish the financing.
5. The obligation of the Commission and the
City shall be limited solely to the good faith
efforts to consummate said proceedings and issue
the Bonds, and neither the Commission, the City,
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.
Passed this /~ day of ~' 1982.
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prUd lng Of-f fcer --
Attest:
i~"b~"~'~/~'~ "~ ~-~ '~-~" ---~easure~
Dorothy J. ~ancock, clerk '~'
Presented by me,tO the Mayor at ~.~. ~- ·
~CC.~, 1982 ·
this /~ day of ~ ~ ~~/~
ure~bor.~thy j. ~n~ck, ClerK-
Approved and si~ed by me at :-~/ '~"...M.
this /~ day of /~_~K/~-~' , 1982.
.
Jan .~Reiman,~ May6r- ~
Attest:
~o~t~y j.~hcock, Clerk-Treasure£
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