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Home My WebLink AboutD-1539-01 WITHDRAWNSponsor: Councilor Snyder ORDINANCE NO. D-1539-01 ORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS VARIABLE RATE ECONOMIC REVENUE BONDS OF 2001 (MERCHANTS' POINTE PROJECT) AUTHORIZING OTHER ACTIONS IN RESPECT THERETO WHEREAS, Report for the financing of certain among other things, identified infrastructure ' and Project of, WHEREAS, hearing on August 27, 2001, and will also Resolution will, upon its adoption, be financing of certain of I.C. 36-7-11.9 and 12; operating in the Cit) substantial likelihood of creating business opportunities; and that the health and general WHEREAS, this Common adoption Agreement and public which that the provisions facilities promote a employment and creating and be of benefit to ; and Commission has heretofore approved the adoption of this form of ordinance by the Common Council's forms of the Trust Indenture, Bond Placement low therefore, BE IT iNDIANA, THAT: THE OMMON COUNCIL OF THE CITY OF CARMEL, Section 1. financing of the economic development the acquisition of land, and the acquisition, construction ght-of-way improvements and drainage facilities, all as more 'described on Exhibit A attached hereto; the issuance and sale of bonds pursuant to Indenture; and the payment of the bonds by the pledge of certain tax increment revenues complies with the proposes and provisions of I.C. 36-7-11.9 and 12; will result in the creation or retention of opportunities for gainful employment; will create business opportunities; will serve a public purpose and will be of benefit to the health and general welfare of the City of Carmel and its citizens. Section 2. The Common Council shall by separate action prior to the issuance of the bonds authorized herein approve substantially final forms of the following: a. The Trust Indenture to be dated as of September 1, 2001, by and between the City of Carmel and First Merchants Bank, N.A., as Trustee, (the "Trust Indenture"); and b. Any loan agreement, guaranty agreement, offering document, placement agreement or other instrument approved, and determined to be necessary by, the Cannel Economic Development Commission following its public hearing on this project to document the transactions contemplated hereby (the documents listed in clauses (a) and (b) above are herein collectively referred to as the "Financing Agreement" referred to in I.C. 36-7-12), and all such documents shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk-Treasurer. In accordance with the provisions of I.C. 36-15-4, two (2) copies of all such documents will be placed on file in the office of the Clerk-Treasurer for public inspection. Section 3. The City of Carmel shall issue its Variable Rate Economic Development Tax Increment Revenue Bonds, 2001, in the principal mount not exceeding $1,200,000 and maturing not later than February I, 2025, for the purpose of procuring funds to pay the costs of acquisition, construction and equipping of certain economic development facilities as more particularly set out on Exhibit A attached hereto and made a part hereof, which bonds will be payable as to principal, premium, if any, and interest from the tax increment revenues to be derived from the Merchant's Pointe Economic Development Area, pursuant to the Trust Indenture. The bonds shall be issued in registered form, shall be issued in the denominations of one dollar ($1), or a multiple thereof, and shall be redeemed as provided in of the Trust Indenture. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of First Merchants Bank, N.A., as Trustee or by check or draft mailed or delivered to the registered owner as provided in the Trust Indenture. The bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of Carmel. Section 4. The Mayor and Clerk-Treasurer are authorized and directed to execute and deliver the bonds to the Trustee for appropriate authentication, and the Trustee may deliver such bonds to the purchaser upon receipt of the agreed upon purchase price and at a maximum interest rate on the bonds not to exceed 7.5%. Section 5. The Mayor and Clerk-Treasurer are authorized and directed to execute, attest, affix or imprint by any means the City seal to the, Financing Agreement on behalf of the City and any other document which may be necessary or desirable to consummate the transaction, including the bonds authorized herein. The Mayor and Clerk-Treasurer are hereby expressly authorized to approve any modifications or additions to the, Financing Agreement which take place after the date of this Ordinance with the review and advice of McHale, Cook & Welch, p.c.; it being the express understanding of this Common Council that said Financing Agreement will be in substantially final form as of the date of this Ordinance is adopted. The approval of said modifications or additions shall be conclusively evidenced by the execution and attestation thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term of the bonds as approved by the Common Council by this Ordinance without further consideration by the Common Council. The signatures of the Mayor and Clerk-Treasurer on the bonds may be eithcn' manual or facsimile signatures. The Clerk Treasurer is authorized to arrange for delivery of such bonds to the Trustee named in the Trust Indenture, and payment for the bonds will be made to the Trustee named in the Trust Indenture and after such payment, the bonds will be delivered by the Trustee to the purchasers thereof. The Mayor and Clerk-Treasurer shall execute and the Clerk-Treasurer shall deliver the bonds to the Trustee within ninety days of the adoption of this ordinance. The bonds shall be dated the date of their delivery. Section 6. The provisions of this Ordinance and the Trust Indenture securing the bonds shall constitute a contract binding between the City of Carmel and the holders of the Variable Rate Economic Development Tax Increment Revenue Bonds of 2001, and after the issuance of said bonds, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as any of said bonds or the interest thereon remains unpaid. Section 7. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] PASSED by the Common Council of the City of Cannel, Indiana this 2001, by a vote of__ ayes and __ nays. day of Presiding Officer John R. Koven N.L. Rundle Luci Snyder Wayne Wilson Kevin Kirby, President Pro Tempore Robert Battreall Ronald E. Carter ATTEST: Diana L. Cordray, IAMC, Clerk-Treasurer Presented by me to the Mayor of the City of Carmel, Indiana this __ day of ., 2001, at __ __.M. Diana L. Cordray, IAMC, Clerk-Treasurer Approved by me, Mayor of the City of Carmel, Indiana, this day of ., 2001, at ATTEST: Mayor Diana L. Cordray, IAMC, Clerk-Treasurer Prepared by: 260427 Matthew M. Price, Esq. Sue A. Beesley, Esq. McHale, Cook & Welch, p.c. 1100 Chamber of Commerce Bldg. 320 N. Meridian Street Indianapolis, IN 46204 EXHIBIT A. The acquisition, construction and installation of certain economic development facilities consisting of infrastructure improvements including road, water, sewer and drainage improvements, located in, or benefiting or serving the Merchants' Pointe Economic Development Area. The local public improvements will enable the private development of new commercial buildings within the Area on land which was previously part of a private golf course. It is estimated that the cost of the infrastructure improvements will be approximately $825,000. 260427 Galla~lher, Carrie A From: Sent: To: Subject: Sue Beesley [sbeesley@mchalelaw.com] Thursday, August 16, 2001 9:33 AM CGallagher@ci.carmel.in.us Re: Carmel City Council Meeting Agenda Carrie, please remove from the agenda Ordinance No. D-1539-01. We have determined that we will be using a different process. I will also advise the sponsor, Councilor Snyder. Thank you. Sue A. Beesley, Esq. McHale, Cook and Welch, p.o. 317-634-7588 317-634-75989 (fax) www.mchalelaw.com This e-mail message and any attachments contain confidential information. The information is intended only for the use of the individual(s) or entity named above and may contain information which is privileged, attorney work product or exempt from disclosure by law. If you are not the intended recipient(s), you are notified that any disclosure, copying, distribution or the taking of any action in reliance on the contents of this e-mail or any attachments is strictly prohibited. If you have received this e-mail message in error or are not the named recipient(s), please notify us immediately by contacting us at (317) 634-7588; then, please delete this message and any attachments from your system. Receipt by anyone other than the named recipient(s) is not a waiver of any attorney-client, work product or any other privilege. Thank you. McHale, Cook & Welch, p.o. >>> "Gallagher, Carrie A" <CGallagher@ci.carmel.in.us> 08/15/01 04:48PM >>> Please find attached the Carmel City Council Meeting Agenda for Monday, August 20, 2001. Thank you. <<8-20-01 cc.doc>> Carrie A. Gallagher Deputy Clerk-Treasurer Clerk-Treasurer's Office CITY OF CARMEL One Civic Square Carmel, Indiana 46032 317.571.2413 Phone 317.571.2410 Fax cgallagher@ci.carmeLin.us