HomeMy WebLinkAboutD-1595-02 Approp $10.4 ml BondSponsor: Council President Wilson
ORDINANCE NO. D-1595-02
AS AMENDED
AN ORDINANCE OF THE CITY OF CARMEL, INDIANA,
APPROPRIATING THE PROCEEDS (TOGETHER WITH INVESTMENT
EARNINGS THEREON) DERIVED FROM THE SALE OF BONDS
HERETOFORE AUTHORIZED TO BE ISSUED AND DESIGNATED AS
"CITY OF CARMEL, INDIANA, COUNTY OPTION INCOME TAX
REVENUE BONDS, SERIES 2002," FOR THE PURPOSE OF
FINANCING THE COSTS OF THE ACQUISITION, CONSTRUCTION,
INSTALLATION AND EQUIPPING OF FACILITIES TO CONTAIN THE
OPERATION AND OFFICES OF THE STREET DEPARTMENT OF THE
CITY AND A MOTOR VEHICLE FLEET MAINTENANCE AREA FOR
CITY VEHICLES GENERALLY; THREE SALT STORAGE FACILITIES
FOR SUCH STREET DEPARTMENT, AND CERTAIN ROAD AND
STREET IMPROVEMENTS IN THE CITY, TOGETHER WITH COSTS
AND EXPENSES INCIDENTAL THERETO, INCLUDING COSTS AND
EXPENSES IN CONNECTION WITH THE ISSUANCE OF THE BONDS.
WHEREAS, the Board of Public Works and Safety (the "Board") of the City of
Carmel, Indiana (the "City"), has previously adopted a Resolution, finding that a need exists for
the acquisition, construction, installation and equipping of (a) facilities to contain the operation
and offices of the Street Department of the City (the "Street Department") and a motor vehicle
fleet maintenance area for City vehicles generally; (b) three salt storage facilities for the Street
Department; and (c) road and street improvements with respect to (i) the Old Town southwest
quadrant; (ii) the intersection of 106th Street and Gray Road; (iii) the intersection of 136th Street
and Gray Road (consisting of the installation of a stop light and costs related thereto); (iv) the
intersections on Spring Mill Road and 131st Street and 136th Street; (v) Gray Road improvements
(crest removal at 140th Street, i.e., the crest or hill currently located between the entrances to
ValleybrookYWedgewood and Woodfield subdivisions, and at 110th Street); and (vi)Carmel
Drive (from Rangeline Road to 3rd Avenue, including a signal at 3rd Avenue, and including a
sidewalk or multi-use path from the intersection of 3rd Avenue and Carmel Drive to the Monon
Trail) (collectively, the "Project"), presenting its Estimate and Request, and recommending the
issuance of county option income tax revenue bonds for such purpose to the Common Council of
the City; and
WHEREAS, the Project and the financing of the Project by the City, together with
costs and expenses incidental thereto, are necessary and are authorized by Indiana Code 36-9-2
and Indiana Code 6-3.5-6, each as amended and will be of general benefit to the City and its
citizens; and
WHEREAS, the City has insufficient funds available or provided for in the
existing budgets or tax levies that may be applied to the costs of the Project, together with costs
and expenses incidental thereto, including costs and expenses in connection with the issuance of
the bonds, and the issuance of such bonds of the City in an amount not to exceed Ten Million
Four Hundred Fifty Thousand Dollars ($10,450,000) to finance the costs of the Project, together
with costs and expenses incidental thereto, including costs and expenses in connection with the
issuance of the bonds, has been heretofore authorized to procure the necessary funds and an
extraordinary emergency and necessity exist for the making of the additional appropriation set
out herein; and
WHEREAS, the proceeds of such bonds of the City have not been included in any
regular budget; and
WHEREAS, notice of a hearing on such appropriation has been published as
required by law and such public heating was held on such appropriation at which all taxpayers
and interested persons had an opportunity to appear and express their views as to such additional
appropriation;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF
THE CITY OF CARMEL, 1NDIANA, as follows:
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INIMANI 588872v4
SECTION 1. The proceeds derived from the sale of the bonds heretofore
authorized to be issued and designated as "City of Carmel, Indiana, County Option Income Tax
Revenue Bonds, Series 2002" in an aggregate principal amount not to exceed Ten Million Four
Hundred Fifty Thousand Dollars ($10,450,000), together with investment earnings thereon, shall
be and the same are hereby appropriated to provide financing for any or all or any portion of the
costs of the Project, together with costs and expenses incidental thereto, including costs and
expenses in connection with the issuance of the bonds. The financing of the Project, together
with costs and expenses incidental thereto, including costs and expenses in connection with the
issuance of bonds to provide therefor, is being undertaken pursuant to the recommendation of the
Board. Such appropriation shall be in addition to all appropriations provided for in the existing
budget and levy, and shall continue in effect until the payment of the costs of the Project,
together with costs and expenses incidental thereto, including costs and expenses in connection
with the issuance of bonds to provide therefor. Any surplus of such proceeds shall be credited to
the proper fund as required by law.
SECTION 2. The Common Council hereby authorizes the appropriation of the
proceeds of the Bonds as described in Section 1 hereof for the purposes as follows:
To the 2002 City of Carmel COIT Project Construction Fund
(established pursuant to Amended Ordinance No. D-1594-02):
Street Department/Fleet Maintenance Facilities: $6,000,000
Old Town Southwest Quadrant Improvements: $ 900,000
106th Street & Gray Road Intersection Improvements: $ 375,000
136th Street & Gray Road Intersection Improvements: $ 375,000
Springmill Road Intersection Improvements (131st and 136th Streets): $ 550,000
Carmel Drive Improvements (Rangeline Road to 3rd Avenue
Including Signal at 3rd Ave. and Monon Overpass: $ 900,000
Gray Road Improvements (Crest Removal at 140th and 110th Streets): $ 500,000
Reimbursement of Land Costs to Carmel Utilities: $ 550,000
Costs of Issuance of the Bonds (Including Underwriter's Discount): $ 300,000
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INIMAN1 588872v4
SECTION 3. A certified copy of this Ordinance shall be filed by the Clerk-
Treasurer of the City with the Indiana Department of Local Government Finance in accordance
with Indiana Code 6-1.1-18-5.
SECTION 4. This Ordinance shall be in full force and effect from and upon
compliance with the procedures required by law.
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INIMAN 1 588872v4
,q PASSED by the Common Council of the City of Carmel, Indiana, this
day of ~, 2002 by a vote of ,~ ayes and / nays.
Wayne Wilson, President Pro Tempore
~) ,Z~..Rob ert~treal?
/,,~'o~ald E. Carter ATTEST:
COMMON COUNCIL OF THE CITY OF CARMEL
Luci Snyder
Diana L. Cord~atyf~C, ~91erk--~re~ss~r~r-
] Presented by me to the Mayor of the City of Carmel, Indiana, on this/~:lay
of ? ,2002, at ~:/0 o'clock o~.m.
ATTEST:
D~ana L. Cordray, ~A~C, ClerK-Treasurer
Approved by me, Mayor of the City of Carmel, Indiana, this /~'~ay of
,2002, at ~}~7o'clock/~.m.
J ainard, Mayor
Diana L. Cordr~y, ~'~/IC, Clerk-TreaSurer ' v
Prepared by Thomas A. Pitman, Baker & Daniels, 600 East 96th Street, Suite 600, Indianapolis,
Indiana 46240, 317-569-4649.
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INIMAN1 588872v4