HomeMy WebLinkAboutD-253 Add.Approp/Street &CFDORDINANCE NO. ~
An Ordinance of the City of Carmel authorizing the
issuance and sale of bonds of said City for the
purpose of improving Rangeline Road from and at its
intersection with ll6th Street north to 4th Street
south together with the acquisition of land and the
construction and equipping of a fire station on said
land to be acquired in the northeast section of the
City of Carmel and to acquire land for the future de-
velopment of the City Complex together with the inci-
dental expenses in connection therewith and on account
of the issuance of bonds therefor.
WHEREAS, the Board of Public Works has requested an appropriation
in the amount of One Million, Five Hundred Thousand Dollars ($1,500,000.00)
for the purpose of improving Rangeline Road from and at its intersection
with ll6th Street north to 4th Street south together with the acquisi-
tion of land and the construction and equipping of a fire station on
said land to be acquired in the northeast section of the City of Carmel
and to acquire land for the future development of a City Complex to-
gether with the incidental expenses in connection therewith and on account
of the issuance of bonds therefor.
WHEP~AS, the Council now finds that it is necessary to provide for
the above named projects as requested by the Board of Public Works; that
the City has no funds available for such projects nor provided for in ~e
budget, making it necessary to authorize the issuance of bonds to procure
the required funds; and
WHEREAS, a petition has been filed by owners of taxable real estate
in the City requesting the Common Council to authorize the issuance of
bonds of the City for the pupose of procuring funds to be applied on
the cost of improving Rangeline Road from and at its intersection with
ll6th Street north to 4th Street south together with the acquisition
of land and the construction and equipping;of a fire station on said
land to be acquired in the northeast section of the City of Carmel
and to acquire land for the future development of a City Complex to-
gether with the incidental expenses in connection therewith and on
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than fifty (50) onwers of taxable real estate in the City of Carmel;
that said petition in all ways conforms to the requirements of the
provisions of I. C. 6-1.1-20-3; now therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL:
Section 1. That the City of Carmel shall make a loan in the amount
of One Million, Five Hundred Thousand Dollars ($1,500,000.00) for the
purpose of improving Rangeline Road from and at its intersection with
ll6th Street north to 4th Street south together with the acquisition
of land and the construction and equipping of a fire station on said
land to be acquired in the northeast section of the City of Carmel and
to acquire land for the future development of a City Complex together
with the incidental expenses in connection therewith and on account of
the issuance of bonds therefor.
Section 2. In order to procure said loan, the Clerk-Treasurer is
hereby authorized and directed to have prepared, and to issue and sell
the negotiable general obligation bonds of the City to be designated
as "Municipal Bonds of 1980," in the aggregate principal amount of One
Million, Five Hundred Thousand Dollars ($1,500,000.00), which bonds
shall be issued in the denomination of Five Thousand Dollars ($5,000.00)
each, numbered consecutively from 1 to 300 inclusive, dated as of the
first day of the month in which said bonds are sold~ bear interest at
a rate or rates not exceeding nine percent (9%) per annum (the exaet
rate or rates to be determined by bidding), which interest shall be
payable on July 1, 1981 and semi-annually on each January 1st and July
1st thereafter, and shall be evidenced by coupons attached to said
bonds. Said bonds and the interest thereon shall be payable in lawful
money of the United States of America at The Fidelity Bank of Indiana
in the City of Carmel, Indiana, and said bonds shall mature serially in
numerical order on January 1st in the years and amounts as follows:
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Section 3. Said bonds shall be executed in the name of the City
of Carmel by the facsimile signature of the Mayor of said City, and
attested by the Clerk-Treasurer, who shall affix the seal of the City
to each of said bonds. The interest coupons attached to said bonds shall
be executed by placing thereon the facsimile signatures of the Mayor
and Clerk-Treasurer, who, by the execution of said bonds, shall adopt
as and for their own proper signatures their facsimile signatures
appearing on said coupons. Said bonds shall, in the hands of bona fide
holders, have all of the qualities of negotiable instruments.
Section 4. The form and tenor of said bonds and the interest
coupons to be attached thereto shall be in substantially the following
form, all blanks to be filled in prope=ly prior to delivery.
NO.
UNITED STATES
State of Indiana
OF AMERICA
COunty of Hamilton
$5,000.00
CITY OF CARMEL
MINICIPAL BOND OF 1980
The City of Carmel, in Hamilton County, Indiana
for value received, hereby acknowledges itself indebted
and promises to pay to the bearer hereof the principal
amount of
FIVE THOUSAND DOLLARS
on the firSt day of January, 19 and to pay interest
thereon from the date hereof unti~e principal is paid,
- · %) per annum
at the rate of percenn ~______~__~
which interest is payable on"July 1, 1981 and semi-annuallY
thereafter on the first days of January and July of each year,
upon presentation and surrender of the annexed interest
coupons as they severally become due.
Both principal and interest of this bond are payable in
lawful money of the United States of America at The Fidelity Bank
of Indiana, in the City of Carmel, Indiana.
This bond is one of an authorized issue of three hundred
(300) bonds of the City of Carmel of like date, denomination,
maturity, aggregating One Million, Five Hundred Thousand
Dollars ($1,500,000,00), numbered consecutively from 1 to 300
inclusive, issued pursuant to an ordinance adopted by the Common
Council of said..City on the day of ,
............ --~ ~ ~T n~ Carmel authorizing
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Code, Title 18, Article 1, Chapter 4, Section 3, and all laws
amendatory thereof and supplemental thereto, to provide funds
for the purposes set forth in said ordinance.
It is hereby certified and recited that all acts, conditions
and things required to be done precedent to and in the execution,
issuance, and delivery of this bond have been done and performed
in regular and due form as provided by law; that this bond and
said total issue of bonds is within every limit of indebtedness
prescribed by the constitution and laws of the State of Indiana,
and that the full faith and credit of the City of Carmel, to-
gether with all of the taxable property thereof, both real and
personal, are hereby irrevocably pledged to the punctual payment
of the principal and interest of this bond according to its terms.
IN WITNESS WHEREOF, the City of Carmel~ in Hamilton County,
Indiana, by ordinance of its Common Council, has caused this bond
to be executed in its corporate name by the facsimile signature
of its Mayor, its corporate seal to be hereunto affixed and at-
tested by its Clerk-Treasurer, and the interest coupons hereto
attached to be executed by placing thereon the facsimile signa-
tures of said Mayor and Clerk-Treasurer, as of the first day
of , 1980.
CITY OF CARMEL
By
Mayor
(facsimile)
Attest:
Clerk-Treasurer
(Interest Coupon)
Coupon No.
On 1, 19 , the City of Carmel
will pay to bearer, at The Fidelity Ba~k of Indiana of Carmel,
Indiana, the amount shown hereon, in lawful money of the United
States of America, being the interest then due on its Municipal
Bond of 1980, dated 1, 1980, No.
City of Carmel
By
Mayor
(facsimile)
petition for and determination to issue bonds. Said notice shall be
published once each for two weeks in the Noblesville Daily Ledger and
the Noblesville Times, newspapers published in Hamilton County and of
general circulation in the City of Carmel, and said notice shall be
posted in three public places in the City, as provided by I. C. 6-1.1-20-4
an'd I. C. 6-1.1-20-5. In the event a remonstrance shall be filed
by owners of taxable real estate under the provisions of I. C. 6-1.1-20-4,
then no further steps towards the issuance of said bonds shall be taken
unless and until the Common Council shall have determined that such
remonstrance is insufficient. In the event an objection petition or
petitions are filed by taxpayers under the provisions of I. C. 6-1.1-20.5,
then no further steps towards the issuance of said bonds shall be taken
unless and until the State Board of Tax Commissioners, or otherwise,
that the whole amount of bonds herein authorized shall not be issued,
then the Clerk-Treasurer shall be authorized to advertise and sell a
lesser amount of bonds, and!the bonds not issued and sold shall be the
bonds of the longest maturity or maturities. Prior to the sale of the
bonds, an order shall be obtained from the State Board of Tax Commis-
sioners approving the bonds pursuant to I. C. 6-3.5-1-3.
Section 6. Prior to the sale of said bonds, the Clerk-Treasurer
shall cause to be published a notice of sale once each week for two
weeks in the Noblesville Daily Ledger and Noblesville Times, and one
time in the Indianapolis Commercial, a newspap~er published in the
City of Indianapolis, Indiana. The date fixed for the sale shall not be
earlier than seven (7) days after the last of said publications. Said
bond sale notice shall state the time and place of sale, the total
amount of bonds, the maximum rate of interest thereon, the maturities
thereof, the purpose for which the bonds are being issued, the terms
and conditions on which the bids will be received and the sale made,
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Ail bids for said bonds shall be sealed, and shall be presented
to the Clerk-Treasurer at her office. The Clerk-Treasurer shall :~
continue to receive bids until~thetime on the day fixed in the bond
sale notice, at which time and place she shall open and consider the
bids. Bidders for said bonds shall be required to name the rate or
rates of interest which the bonds are to bear, not exceeding the rate
hereinabove named. Such interest rate or rates shall be in multiples
of one eighth (1/8) or one-tenth (1/10) of one persent (1%), and not
more than three (3) different interest rates shall be named by each
bidder. The Clerk-Treasurer shall award the bonds to the highest quali-
fied bidder. The highest bidder shall be the one who offers the lowest
net interest cost to the City, to be determined by computing the total
interest on all of the bonds to their maturities and deducting there-
from the premium bid, if any. No bid for less than the par value of
said bonds, including accrued interest to the date of delivery, shall
be considered. The Clerk-Treasurer shall have full right to reject any
and all bids. In the event no satisfactory bids for said bonds are
received at the time in said notice, the sale may be continued from day
to day thereafter for a period not to exceed thirty (30) days, without
readvertisement, but during the continuation of such sale no bid shall
be accepted which is lower than the highest bid received at the time
fixed for said sale in the bond sale notice.
Prior to the delivery of said bonds, the Clerk-Treasurer shall
be authoized to obtain a legal opinion as to the validity of said bonds
from Ice, Miller, Donadio & Ryan, bond counsel of Indianapolis, Indiana,
and to furnish such opinion to the purchaser of said bonds. The cost
of said opinion shall be considered as a part of the cost of the pro-
jects on account of which said bonds are issued, and shall be paid
out of the proceeds of said bonds.
Section 7. The ordinance shall be in full force and effect
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Passed
on the ~/_
and adopted by the Common Council of the City of Carmel
day of ~%_~ , 1980.
p~iding Officer
Attest:
Presented by me to the Mayor
day of ~
of the City of Carmel on the ~/
1980, at the hour of ~//~ .m.
This ordinance approved and signed by me on the
day of ,
1980, at the hour of