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HomeMy WebLinkAboutD-1311-97 Spec.Const. FundORDn~ANCE NO. F) -i~1 l-q'7 ADDITIONAL APPROPRIATION ORDINANCE AN ORDINANCE OF TItE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, CREATING A SPECIAL CONSTRUCTION FUND AND PROVIDING FOR AN ADDITIONAL APPROPRIATION FROM SUCH FUND WII[REAS, pursuit to .Rmolution No. '_ ' adopted by the Common Council of the City t ty"i interests in certain real estate in or serving the City upon which the Authoirty will construct various road improvements; and WIW~REAS, the City will receive $7,158,000 from the Authority (the "Sales Proceeds") as the purchase price for such real estate, and the City did not include the Sales Proceeds in the regular budget for the year 1997; and tYHEREAS, the Common Council desires to establish a special construction fund into which th~ Sales Proceeds will be deposited, and to appropriate the Sales Proceeds, together with investment earnings thereon, for certain other road projects in or serving the City; and WIIE~S, a public hearing was held by the Council on the proposed appropriation on July 21, 1997, at 7:00 p.m. following publication of the required legai notice; NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of Camel, Indiana, that: 1. The Sales Proceeds shall be deposited into a special fund of the City hereby created and designated as "Old Town/126th Street Special Construction Fund." 2. ' All Sales Proceeds deposited into the Old Town/126th Street Special Construction Fund, together with all investment earnings thereon, am hereby appropriated for the purpose of providing funds to be applied to the cost of the mad projects identified in the Economic Development Plan-Old Town/126th Street Corridor Economic Development Areas dated May 1, 1997, which was approved by the Common Council on June 2, 1997, and which is incorporated herein by reference. 3. Such appropriation shall be in addition to all appropriations provided for in the existing budget and levy, and shall continue in effect until the completion of the activities described in paragraph 2 above. 4. The Clerk-Treasurer of the City is hereby authorized and directed to certify and report this appropriation to the Indiana State Board of Tax Commissioners as required by law. 9oo~ XVd OZ:91NO~ t6/~l/tO PASSED by the Common Council of the City of Carmel, Indiana this z//~ day of _/Q/,f,.,-d; 1997, by a vote of ~ ayes and O nays. COMMON CO IL FOP,. THE CITY OF CARMEL ffi K CN.I~. e ~~ Luoi/Snyder ATTEST: Diana L. Cordray, Clerk-Treasurer Presented by me to the Mayor of the City of Cannel, Indiana on this ~day of ~ 1997 at o' clock a.m./p.m. Diana L. , - 997 ,:,,,,,,,.,:,......,. J {,;s Brain'ard, Mayor ATTEST: Diana L. Cordray, - -2- XVd [ Z: 9 [ NOI~I L6/~[/Z0 LO0~ General Form No. 99P (Revised 1997) , PUBLISHER'S CLAIM LINE COUNT Display Matter (Must not exceed two actual lines. neither of which shall total more than four solid lines of type in which the body of the advertisement is set) -- number of equivalent lines ............. Head ~- number of lines ................................. Body ~- number of lines .................................. Tall -- number of lines .................................. Total 'number of lines in notice .. .... ·..., , .: .... .,.. ...' .....'.;. COMPUTATION OF CHARGES /'/~ lines, / columns wide equals Z/ZO equivalent lin~s at t,j_J ,~cents per line ................................... $ Additional charge for notices contag rule or tabular work (50 percent of above amount) ............................... Charge for extra proofs of publication ($1.00 for each proof in excess of two) ........................................ TOTAL AMOUNT OF CLAIM ........................... $ DATA FOR COMPUTING COST Width of single column Y ems Number of insertions Size of type & point Pursuant to the provisions and penalties of Chapter 155, Acts 1953, I hereby certify that the foregoing account is just and correct. that the amount claimed Date 6~4~ // , 19 Title: Publishers PUBLISHER'S AFFIDAVIT State of Indiana .:,~ . ',"'V 'V" ss: .o~cS OF pUeuc .um.a CONCERNIlIGANADDIllONAL; : red before me, a notary public in and for said county and AppROPRIATION OF THE dgned David A. Lewis who, being duly sworn, says that he ,he r.~de- ,.d ,.~.y.- of .o,~,~ 'he Daily Ledger a daily newspaper of general circulation print- the C,y of Com~l. In~,na 0he ............ ._'.2r'25'-73h;~d in the English language in the town of Fishers in state and 'Ciq~ are hereby nolilisd thal county aforesaid. and that the printed matter attached hereto is a true copy, which was duly published in said paper for ~ time , the dates of pub- Common Council of the City will holri a public hearing at 7.'00 p.m. on July 21, 1997, In the Council Chambers on the second floor of the Carreel CIty Hal, One CIvic Square, C.,armel, Indlanl on the matter of appmlxilng the pro- ceedtdtheprolxsedmaledce~' rain existing and ;xopoeed roads and rights-d-way to the City ol Carrod .Redevelopment Authorty, together with Interest earnings thereon. Such additional appropdl- lication ~__a_. o ows: Subscribed and sworn to before me this /t/ "' day of 19 Resident of///~,,~t/7Zc~-'-- County $32,000,000 CITY OF CARMEL REDEVELOPMENT AUTHORITY COUNTY OPTION INCOME TAX LEASE RENTAL REVENUE BONDS FOR 1997 Upon not less than twenty-four (24) hours notice gNen 13y tele- phone, facsimile or otherwise on behalf of the City of Carreel Redevelopmerit AuthOrity (the "Authority') prior to September 15, 1997, the Authority will receive sealed proposals at The offices of H.J. Umbaugh & Associates. Certified Public Accountants, LIP, Suite 100, 20 East 91st Street. Indianapolis. Indiana 46204 and shall consider each proposl for the purchase of bends of the Authority designated as 'City of Camel Redeveicpment Authority County Option income T~x Lease Rental Revenue Bonds of 1997" (the 'Bonds'). in the aggregate principal amount not to exceed Thirty-Two Million Dollars ($32,000,000). The 8onds are s~e- ciai and limited obligeions of the Authority, payable as to principal and interest solely from and secured solely by Certain proDeny pledged pursuant to a Trust Indenture, between the Authority and a trustee (the "Trustee'), including semi-annual lease rental payments to be paid by The City of Carreel Redevelopment Commission (the 'Commission") to the Authority, pursuant to a Lease Agreement, dated as of July 8, 1997, between the Authority and the Commission. Interest on the Bonds shall calculated on the basis of a three hundred sixty (360)-day year com- prised of twelve (12) thidy (30)-day months and will be payable on January 1 and July 1 of each year commenting Januar/1, 1998. All payments of interest on the Bonds shall be paid by chec~ or draft mailed one business day pdor to the interest payment date (or by wire transfer of immediately avaik able funds to a registered owner of One Million Dollars ($1.000,000) or more in aggregate principal an'sount) to the registered owners thereof as of the fifteenth (151h) day o~ the month immediately pre- ceding the month in which interest is payable. All principal payments on the Bonds shall be made upon surrender thereof at the office of the Trustee (or by wire transfer of imrnediately availajole funds on the interest payment date to a regis- Tered owner of One Million Dollars ($1,000,000) or more in aggregate pdnciOai amount). The Bonds will be issued in denominations of at least Five Thousand Dollars ($5,000) and registered in the name of Cede & Co., as nominee for the Depository Trust Cornpatty. The Bonds will be dazed and ~ interest from the first day of the month of saJe thereof. The Bonds w~ll rnature semi-annually on eectt J~nuaty 1 and July 1 in the anqounts set forth below:. MATURITY SCHEDULE Maturity Principal Date /m~o~nt July 1, 1999 $510,000 J~nuary 1,200O 52O, OOO Ju~y 1, 2OOO 535,OOO · Janu~y 1, 2001 : 545,000 July 1, 2001 July 1, 2002 .585,000 July 1, 20C3 615.000 Jaguar/1, 2004 630,000 January t, 2012 950,000 July 1, 2012 975,000 January 1, 2013 1,010,000 July 1. 2013 1,030,000 January 1, 2014 1,065,000 July 1,2014 1,095.001:) January 1. 2015 · 1,120,000 July 1, 2015 1,155,Q00 January 1, 2016 1,190,Q00 July 1, 2016 1,230,000 January 1, 2017 1,250.000 July 1, 2017 1,295.000 January 1, 2018 1,325,000 The Authority reserves the right to adjust principal amounts within maluritles to acttleve a~proximate level de/Of sen4ce based upon the rates bid by the successful bidder. The Bonds maturing on or atler January 1. 2007. my be redeemed prior to maturity at the option of the Authority in whole or in part, in any order of maturity as selected by the Authority and by lot within maturities, on any date not earlier than July 1, 2006. Rederr~tion will be at face value plus fhe following premiums on the Bonds designated for redemption will cease. Upon fhe election of the suc- cessful bidder. any of the Bonds my be issued as term bonds sub- ject to mandatory sinking fund redemption on January 1 and July 1 at 100% of the face value in accordance with the schedule set forth al:x)ve. Any person interested in sub.. milling a bid for the Bonds must furnish in writing to the City of Carreel RedeveloDment Authority, in the care of Ms. Colerrs J. Irwin- Knott. H.J. Urrfoaugh & Assodates. Cenified Public Accountants, LLP. Suite 100. 20 East 91st Street, Indianapolis. Indiana 46204, tele- phone: (317) 844-7288 fax: (317} 848-3604. on or before 12.'00 noon (local rime) August 13, 1997, the person's name, address, and tele- phone nun'~er. The person may also furnish a telex or facsimile number. The Authonty will catuse each person so registered to be notified of the date and time bids expressed as a percentage of the - will be received for the Bonds, not principal amount to be redeemed: 1% if redeemed on July 1, 2006, or thereailer on or before June 30. 2(:)07; .5% if redeemed on July 1, 20(37. or thereafter on or before June :30, 2008; 0% if redeemed on July 1, 2008, or thereafter pdor to malurtty. plus accrued interest to the redemption date. The Bonds may be subject to mandatory sinking fund redemption at 100% face value at fhe success- ful bidder's discretion. If any Bonds are subject to mandatory sinking fund redembtion, the Trustee shall credit against the mandatory sink- ing fund requirement for any term bonds and corresponding manda- tory redemption o~ligation, in the order determined by the Authority. any term bonds maturing on the same date which have previously been redeemed (ot.herwise than as a rasujl of a previous mandatory rederrq3tlon reauirement) or deliv- ered to the Trustee for cancellation or purchase for cancellation by the Trustee and not therea~er aDDlied as a credit against any redemption obligation. Each term bend so delivered or canceled shall be credited by the Trustee at 100% of the principal amount thereof against the mandatory sinking fund obligation on such mandatory obligations- and the principal atebunt of that term I:~nd to be redeemed by operation of the mandatory sinking fund require- merit shall be accordingly reduced; provided, however, the Trustee shaJ only credit such term bends to the extent reckNed on or before forty-five days preceding the alX)licable mandatory redmllXio~ dme. Notice of any opllonal or the Trultee ~ tell Ittml 30 ~ to me fmg:_t :Jd awnes el Sl Bonds to be red~..,,_d a i less than twenty-four (24) hours before the date and time of sale. The anticipated date of the sale is August 19, 1997. The notification shall be made by telephone at the number furnished by such person and also by telex or facsimile if a telex or facsimile nurnl0er has been furnished. Each bid must be for all of the Bonds and must state the rate or rates of interest therefore, not exceeding 7.5% per annum. Bids spocifying more than one interest rate must also specify the amount of maturities of the Bonds bearing each rate. All Bonds matur- ing on the same date shall be of the same rate of interest and the inter- est rate bid on' any maturity o~ Bonds shall be equal to or greater than the interest rate bid on any all pdor maturities of Bonds. All inter- est rates shall be multiples of one- eighth (1/8) or one-twentieth (1/20) of one percent (1%). Although not a term of sale, it is requested that each bid show the net dollar cost of final maturity and the net effective average interest rate on the entire issue. No conditional bid or bids for less than ninety-eight and three- quarters percent (98.75%) of the par amount of the Bonds plus accrued interest at the rate or rates nan'ed to the date of delivery, will be considered. The right is reserved to reject any and all bids, to waive any informality in any bid. and to awa,"d the sale of the Bonds to a bidder which does not offer the lowest net interest cost. Each of the bids for the Bonds shall be sealed in an envetepe marked 'City of Carmel Redeveicpment Auffiorffi/Coumy C~tion Income Tas Lease Reml Revenue Boncl~ of 19,37.' Eactt bid lafinanc/i~e/:';.a.~t, leueed,~ qk~,dtoMeuem:~atmd~.~. Bonds. In the event the Purchaser fails to honor its aoceOted bid, the de~3osit will be retained by the Authority as liquidated dameget The check. of unsucCe~llUI dare will be relurned irrtnediab"~ following the award of the Bonds. The successful bidder will be reduired to make poyment for the Bonds in Federal Reserve or immediately availaisle funds and acce~t delivery of the Bonds within five (5) days after being notified that the Bonds are ready for deliv- ery at a location designed by the Authority. Any premium bid must be paid in cash at the time of delivery as a pan of the purchase price of the Bonds. The Bonds will be ready for delivery within sixty (60) days atter the date on which the award is made, if not delivered within that period, the successful bidder will be entitled to rescind the sale and the good faith chec~ will be returned. Any notice of redsion must be in writing. At the time ot detlvery of the Bonds, the aleroving opinion of Barnes & Thornburg, bend coun- sel, of Indianapolis, Indiana, as to the validity ot the Bonds, together · with a transcript of Bond ings, and closing certificaes in the customary form snowing no litiga- tion will be furnished to the suc- cessful bidder at the expense of trm Auth~ity. In addition, unless bend counsel is aiote on the date of deliv- ery to render an opinion to the effect that, under existing law (1) the interest on the Bonds is exciud- able from gross income under Section 103 of the Internal Revenue Code of lg86, as arne~d- ed, for federal income tax purpos- es, and (2) the interest on the Bonds is exempt from income taxa- tion in the State of Indiana for all purposes except the Indiana finan- cial institutions tax, the successful bidder shall have the right to rescind the sale, and in such event the good faith deposit will be returned. The expense related tO printing CUSIP identification numbers on the Bonds will be paid by the Authority. However, the CU$1P Service Bureau charges for assign- ment of numbers shall be the' responsibility of the su_r,:~e~___ful bid- der. Within seven (7) business days of the sale of the Bonds, the Authority will provide the success- ful bidder with 300 c:~ of the final Official Statement at the Authority's expense. In order to assi=l biddin in coff~ying we SEC Ru~ 15¢2- 12Co){5), the Aumori~/~1 undo* ta~e, pursuant to a Co~lnuinQ Di~to~are Cort~'acl, to ~;tevt~tAdescr~k~d'll~ July 1, 2004 January 1, 2005 . :July 1, 2005 i~ January 1. 2006 "July 1, 2006 January 1, 2007 July 1,2007 Janua~ 1, 2008 July 1, 2008 January 1, 2009 July 1, 2009 January 1, 2010 July 1. 2010 January 1, 2011 July 1, 2011 645,CXX3 for redemlXion wil, on the d~e" required to st,tn~b dePod tot r-Fm'ffie'. tic,,, "~ 730,Cx~o in accordance with such notice at ; :financla?' ad'~,isor) not later than Public Accountants, LLP.'Suite 100, 750.000 770,000 795,0OO. 805,000 835,000 850,000 880,000 900,000 930,000 the place at which the same are 3:30 p.m.E.S.T. on the next bum* expressed in such notice to be hess day following the award. If redeemable. sucrt Bonds will be such deposit is not received by that redeemed by the Trustee and any time, the finandal surety bond rnly paying agent for that purpose. be drawn by the Authority to satisfy From and after the date of redemp- the deposit requirement. No inter- lion so designated. unless default est on the deposit will accrue to the is made in the redemption of the purchaser. The deposit will be Bonds uDon presentation, interest aDolied to the ourchase orice of the 20 East 91st Street, Indianapolis, Indiana 46204, financial advisor to the Authority. Dazed this 8th day oi August. 1997. City of C~rmel Redeveiopment Authority NDL-Aug- 8