HomeMy WebLinkAboutD-1488-00 Utilities/ Temp LoanSponsor: Councilor Wilson
ORDINANCE NO. D-1488-00
AN ORDINANCE OF THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA PROVIDING FOR THE TEMPORARY
LOAN OF FUNDS
WHEREAS, the Common Council (the "Council') of the City of Carmel, Indiana (the
"City") has determined that a need exists for the acquisition of property and the construction of a
facility for the housing and maintenance of vehicles used to maintain and repair the capital assets
of the City (the "Project"); and
WHEREAS, in order to provide immediate funds for the acquisition of the site for the
Project and for preliminary design, architectural and/or engineering costs, the Council has
determined to authorize a temporary loan of funds fi'om the operating funds of the water and
sewer utilities of the City, pursuant to Indiana Code 8-1.5-3 and 36-1 et seq.
NOW, THEREFORE, BE IT ORDAINliD BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, AS FOLLOWS:
Pursuant to Indiana Code 8-1.5-3 and 36-1 et seq., the Council hereby authorizes
the temporary loan of One Million Dollars ($1,000,000) from the operating fund
of the water utility of the City to a special fund hereby created and designated as
"City of Carreel 2000 Fleet Maintenance Facility Project Fund" (the "Project
Fund"), and the temporary loan of One Million Dollars ($1,000,000) from the
operating fund of the sewer utility of the City to the Project Fund (such loans
hereinafier collectively referred to as the "Utility Loans"). The Utility Loans
shall be repaid in full, with simple interest calculated at the rate of six percent
(6%) per annum.
In support of the authorization of the Utility Loans, the Council hereby makes the
following findings:
(a)
It is necessary for the City to borrow money to enhance the Project Fund,
which is in need of money for cash flow purposes to provide for the
acquisition of the site for the Project and the payment of preliminary
design, architectural and/or engineering costs;
Co)
There is sufficient money on deposit to the credit of the respective
operating funds of the City's water and sewer utilities that can be
temporarily loaned to make the Utility Loans;
(C)
The moneys in the operating funds of the City' s water and sewer utilities
being loaned herein were derived from the operations of the City.
(d)
This loan is being made for current purposes in anticipation of taxes levied
and to be collected during the current or following year.
D:\Files\Ordinanccs~D-1488-00.doc
The Council hereby calls for a public hearing on the appropriation of the proceeds
of the Utility Loans in accordance with Indiana Code 6-1.1-18-5, such hearing to
be held at the regular Council meeting to be held on October 2, 2000. The
appropriate officers of the City are hereby authorized and directed to provide the
required legal notices of such hearing by publication and posting.
The Council hereby authorizes the Mayor to negotiate and enter into an agreement
for the purchase by the City of the Project site, such agreement to be conditioned
upon completion of all necessary actions, proceedings and approvals required by
law for the City to acquire real property, and upon the closing of the Utility Loans
and appropriation of the proceeds thereof for such purpose.
The Mayor and other appropriate officers of the City are hereby authorized to take
such further actions and execute such documents as may be necessary or
appropriate to effectuate the Utility Loans and real estate purchase authorized
herein.
This Ordinance shall supercede and cause to be rescinded Resolution No. CC 08-
30-00-01.
This Ordinance shall take effect upon its passage by the Council and signing by
the Mayor as required by law.
Passed by the Common Council of the City of Carmel, Indiana this/(t/6 day of
~D(i~['~r/' ,2000, by a vote of 5' ayes and e2) nays.
ding Officer
Kevin Kirby
rea
Wa'
D:XFiles\OrdinancesXD-1488-00.doe
ATTEST: ~
Diana L. Cordray, IAMC, Cl~easurer
2000.
Diana L. Cordray, IAMC, Cl~r~asurer
,2000.
ATTEST:
Diana ~AMC, Clerk-T surer
LINE COUNT
General Form No. 99P ~.evlsed 2000}
Dlsphy M~tter (Must not exceed tw~ actual lines. neither ofwltich shsl[
to~l more than four soled lines of type in which the body of the
adverUsment is set) -- number of equivalent lines ........................
Head - number of lines .............................................
Body -- number of lines .............................................
Tall -- number of lin~s ..............................................
Tot~ n~Lmber of lines in noUce ......................... ; ..........
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Charge for extra proofs of publication ($1.00 for each proof In excess of two) ...............................................
TOTA~ A~o~r~ OF c~ ......................................$ .//, fly
DATA FOR CO~{PUTING COST
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Numb~ of m~ons /
Pursuant to the provisions and penalUes of Chapter 155, Acts 1953.
I hereby cerufy that the foregoing account tsJust and correct, that the amount claimed Is
legally due. ailer allowing all Just credits. and that no part d thllflT~b~f~,~~
ii s~t~ o~ l~d~an.
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which was duly published In said paper for .
llcation being as follows: