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HomeMy WebLinkAboutD-470 Civic Square BondORDINANCE NO. ~-'~- ~ff-%~P AN ORDINANCE OF THE CITY OF CARMEL, INDIANA, AUTHORIZING THE ISSUANCE AND SALE OF BONDS OF SAID CITY FOR THE PURPOSE OF PROCURING FUNDS TO BE APPLIED ON THE COSTS OF DEVELOPMENT OF THE CITY'S CIVIC SQUARE ON THE APPROXIMATE 11 ACRE SITE WEST OF RANGE LINE ROAD AND NORTH AND SOUTH OF GRADLE DRIVE BY THE ACQUISITION OF ADDITIONAL RIGHT-OF-WAY TO WIDEN GRADLE DRIVE, SITE WORK, PAVING, TRAFFIC CONTROLS, LANDSCAPTING AND DRAINAGE, TOGETHER WITH THE INCIDENTAL EXPENSES IN CONNECTION THEREWITH AND ON ACCOUNT OF THE ISSUANCE OF THE BONDS. WHEREAS, the Board of Public Works and Safety of the City of Carmel has found that it would be for the best interests of said City and its citizens to provide for the development of the City's Civic Square on the approximate 11 acre site west of Range Line Road and north and south of Gradle Drive by the acquisition of additional right-of-way to widen Gradle Drive, site work, paving, traffic controls, landscaping and drainage, and has determined that the estimated cost of said project and the incidental expenses necessary to be incurred in connection therewith and on account of the issuance of bonds therefor will be in the approximate amount of Six Hundred Thousand Dollars ($600,000); and WHEREAS, the Board of Public Works and Safety has filed a request for a bond issue and an appropriation in the amount of Six Hundred Thousand Dollars ($600,000) for said purpose, which request has been approved by the Clerk-Treasurer with the recommendation that the funds necessary to cover such appropriation be obtained by the issuance and sale of general obligation bonds of the City and investment earnings thereon; and WHEREAS, a petition has been filed under the provisions of IC 6-1.1-20-3, by more than fifty (50) owners of taxable real estate in the City of Carmel, requesting the Common Council to issue bonds in an amount not exceeding Six Hundred Thousand Dollars ($600,000) fo} the purpose of procuring funds to be applied on the cost of said proiect; and WHEREAS, the Common Council now finds that the City can expect to earn approximately $26,850 by investing .the proceeds of such bonds during the course of disbursements on the cost of said project; and WHEREAS, the Council now finds that said project is necessary and will be of general benefit to the City and its citizens; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA: Section 1. That the City of Carmel (hereinafter referred to as the "City"), by and through its Board of Public Works and Safety, proceed with the development of the City's Civic Square on the approximate 11 acre site west of Range Line Road and north and south of Gradle Drive by the acquisition of additional right-of-way to widen Gradle Drive, site work, paving, traffic controls, landscaping and drainage, as recommended by said Board. Section 2. For the purpose of procuring funds to be applied on the cost of said project and the incidental expenses necessary to be incurred in connection therewith and on account of the issuance of bonds therefor, 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 "Civic Square Bonds of 1986," in the aggregate pr}nc]pal amount of Six Hundred Thousand Dollars ($600,000), which bonds shall be issued in fully registered form in the denomination of Five Thousand Dollars ($5,000) or integral multiples thereof, shall be numbered consecutively from R-1 upwards, and shall bear interest at a rate not exceeding ten percent (10%) per annum (the exact rate to be determined by bidding), which interest shall be payable on July 1, 1987, and semiannually -2- thereafter on January 1 and July 1 of each year. The bonds shall mature serially on January i in the years and amounts as follows: Year Amount 1988 $10,000 1989 40,000 1990 45,000 1991 50,000 1992 50,000 1993 55,000 1994 60,000 1995 65,000 1996 70,000 1997 75,000 1998 80,000 The bonds of this issue maturing January 1, 1996 and thereafter are redeemable on July 1, 1995 and on any interest payment date thereafter in whole or in part, in inverse order of maturity, at face value plus a premium of 1% and accrued interest to the date of redemption. Notice of redemption shall be mailed at least 30 days prior to the redemption date to the registered owner at the address shown on the records of the Registrar. Each bond authenticated prior to the first interest payment date shall be dated the first day of the month in which sold. Thereafter, each bond shall be dated as of the interest payment date to which interest has been paid next preceding the date on which it is authenticated, unless it is authenticated on an interest payment date, in which case it shall be dated as of such date; provided that if at the time of authentication of any bond interest is in default thereon, such bond shall be dated as of the date to which interest has been paid in full. The Indiana National Bank in the City of Indianapolis, Indiana, is hereby appointed as Registrar and Paying Agent for the bonds and is hereby charged with the responsibility -3- of authenticating the bonds. The Mayor and Clerk-Treasurer are hereby authorized to enter into such agreements or understandings with such bank as will enable the bank to perform the services required of a registrar and paying agent. The Clerk-Treasurer is further authorized to pay such fees as the bank may charge for the services ~t provides as registrar and paying agent, and such fees may be paid from the sinking fund established to pay the principal of and interest on the bonds. Interest shall be payable by check mailed by first class mail one business day prior to the interest payment date or delivered on the interest payment date to the person in whose name such bond is registered on the bond register maintained at the office of the Registrar and Paying Agent as of the fifteenth day of the month preceding such interest payment date. Principal of the bonds shall be payable upon presentation of the bonds at the principal office of the Registrar and Paying Agent in lawful money of the United States of America. The bonds are transferable by the registered owner at the principal office of the Registrar and Paying Agent upon presentation and surrender of a bond and on presentation of a duly executed written instrument of transfer acceptable to the City and Registrar, and thereupon a new bond or bonds of the same aggregate principal amount and maturity and in authorized denominations will be issued to the transferee or transferees in exchange therefor. The bonds may be exchanged upon surrender at the principal office of the Registrar and Paying Agent, duly endorsed by the registered owner for the same aggregate principal amount of bonds of the same maturity in authorized denominations as the owner may request. No transfer or exchange need be made by the Registrar during the 15 days prior to an interest payment date. Said bonds shall be executed in the name of the City by the manual or facsimile signature of the Mayor and attested by the manual or facsimile signature of the Clerk- Treasurer who shall affix or imprint the seal of the City to each of said bonds. The Mayor and Clerk-Treasurer, by the execution of a proper signature identification -4- certificate, shall adopt as and for their own proper signatures their facsimile signatures appearing on said bonds. In case any official whose signature or facsimile of whose signature shall appear on the bonds shall cease to be such officer before the issuance, authentication or delivery of such bonds, such signature or such facsimile shall, nevertheless, be valid and sufficient for all purposes, the same as if said official had remained in office until delivery. No bond shall be valid or obligatory for any purpose, unless and until authenticated by the Registrar. Such authentication may be executed by an authorized representative of the Registrar, but it shall not be necessary that the same representative authenticate all of the bonds issued. The City and the Paying Agent may deem and treat the person in whose name a bond is registered, on the bond register as the absolute owner thereof for all purposes, notwithstanding any notice to the contrary. Section 3. The bonds shall be issued in substantially the following form, all blanks to be filled in properly prior to delivery: UNITED STATES OF AMERICA State of Indiana County of Carmel No. R- $__,000 Maturity date Interest date CITY OF CARMEL CIVIC SQUARE BOND OF 1986 The City of Carmel, a municipal corporation organized and existing under the laws of the State of Indiana, in Carmel County, Indiana, for value received, hereby acknowledges itself indebted and promises to pay to ., or registered assigns, the amount set forth above on the maturity date set forth above and to pay interest thereon from the date hereof at the rate per annum set forth above on July 1 and January i of each year until the principal shall be fully paid, beginning July 1, 198_. Interest shall be payable by check mailed by first class mail one business day prior to the interest payment date or delivered on the interest payment date to the person in -5- whose name this bond is registered as of the fifteenth day of the month preceding such interest payment date. Principal of this bond shall be payable upon presentation of this bond at the principal office of The Indiana National Bank, Indianapolis, Indiana, in lawful money of the United States of America. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF WHICH SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF DULY SET FORTH HEREIN. (On reverse side) This bond is one of an issue of bonds aggregating Six Hundred Thousand Dollars ($600,000), of like tenor and effect, except as to numbering, date, denomination, rates of interest and dates of maturity, issued by the City of Carmel pursuant to an ordinance adopted by the Common Council of said City on , 1986, and in strict compliance with the governing statutes of the State of Indiana, particularly the Indiana Code, Title 36, Article 4, Chapter 6, for the purpose of providing funds to be applied on the cost of development of the City's Civic Square on the approximate 11 acre site west of Range Line Road and north and south of Gradle Drive by the acquisition of additional right-of-way to widen Gradle Drive, site work, paving, traffic controls, landscaping and drainage, together with the incidental expenses in connection therewith and on account of the issuance of bonds therefor. The bonds of this issue maturing January 1, 1996 and thereafter are redeemable on July 1, 1995 and on any interest payment date thereafter in whole or in part, in inverse order of maturity, at face value plus a premium of 1% and accrued interest to the date of redemption. Notice of redemption shall be mailed at least 30 days prior to the redemption date to the registered owner at the address shown on the records of the Registrar. This bond is transferable by the registered owner hereof at the principal office of The Indiana National Bank,.Indianapolis, Indiana, upon presentation and surrender of this bond and on p/'esentation of a duly executed written instrument of transfer acceptable to the City and Registrar, and thereupon a new bond or bonds of the same aggregate principal amount and maturity and in authorized denominations will be issued to the transferee or transferees in exchange therefor. This bond may be exchanged upon surrender hereof at the principal office of T_he Indiana National Ba.n_~k, Indianiapolis, Indiana, duly endorsed by the regiStered owne~; for the same aggregate principal amount of bonds of the same maturity in authorized denominations as the owner may request. No transfer or exchange need be made by the Registrar within the 15 days prior to an interest payment date. The City of Carmel and The In__diana National Ba~k~ may deem and treat the person in whose name this bond is registered ~s the absolute owner hereof. It is hereby certified and recited that all acts, conditions and things required by taw and the constitution of the State of Indiana to be done precedent to and in the issuance, sale and delivery of this bond have been properly done, happened and performed in regular and due form as provided by law, and that the bonds of this issue do not exceed any con stitutional or statutory limitation of indebtedness. The full faith and credit of the City of Carmel, Indiana, together with all of its taxable property, both real and -6- personal, are hereby irrevocably pledged to the punctual payment of the principal and interest of this bond according to its terms. (On front side) This bond shall not be valid or become obligatory for any purpose until authenticated by the Registrar. IN WITNESS WHEREOF, the City of Carmel, in Carmel County, Indiana, has caused this bond to be executed in its name by the facsimile signature of its Mayor, its corporate seal to be hereunto affixed or imprinted and attested by the facsimile signature of its Clerk-Treasurer. Dated: Attested: Clerk-Tre~u~e~ CITY OF CARMEL, I~]~ANA -7- CERTIFICATE OF AUTHENTICATION This Bond is one of the bonds described in the within-mentioned ordinance. ~[TI~. ~E INDIANA NATIONAL BANK As Registrar BYl Authorized Representative ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto the within bond and all rights hereunder and hereby irrevocably constitutes and appoints attorney to transfer this bond on the bond register kept for the city, with full power of substitution in the premises. Dated Signature guaranteed by Section 4. As soon as can be done after the passage of this ordinance, the Clerk- Treasurer shall give notice of the filing of the petition for and determination to issue bonds. Said notices shall be published once each week for two weeks in the Noblesville Ledger and The Noblesville Times newspapers of general circulation published in the City of Carmel, and said notices shall also be posted in three public places in the City, as provided in IC 6-1.1-20-4 and IC 6-1.1-20-5. In the event a remonstrance shall be filed by the owners of taxable real estate under the provisions of IC 6-1.1-20-4, then no further steps toward the issuance of said -8- bonds shall be taken unless and until the Common Council shall have determined that such remonstrance is insufficient. In the event an objecting petition or petitions are filed by taxpayers under the provisions of IC 6-1.1-20-5, then no further steps toward the issuance of said bonds shall be taken unless and until the State Board of Tax Commissioners shall issue its order approving the issuance of said bonds. In the event it shall be determined by the State Board of Tax Commissioners, or otherwise, that the whole amount of the 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 Commissioners approving the bonds pursuant to IC 6-3.5-t-3. Section 5. Prior to the sale of said bonds, the Clerk-Treasurer shall cause to be published a notice of such sale once each week for two weeks in the above-named newspapers and one time in The Indianapolis Commercial. The notice shall also be posted. In the discretion of the Clerk-Treasurer, a summary notice may be published in The Bond Buyer, a financial journal published in the City and State of New York. The date fixed for the sale shall not be earlier than fifteen (15) days after the first of said publications. Said bond sale notice shall state the time and place of sale, the purpose for which the bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and conditions on which bids will be received and the sale made, and such other information as the Clerk-Treasurer shall deem necessary. Ail bids for said bonds shall be sealed and shall be presented to the Clerk-Treasurer at her office, and said Clerk-Treasurer shall continue to receive all bids offered until the hour named on the day fixed in the bond sale notice, at which time and place she shall open and consider said bids. Bidders for said bonds shall be required to name the rate of -9- interest which the bonds are to bear, not exceeding the maximum rate hereinbefore fixed, and such interest rate shall be in multiples of one-eighth (1/8) or one-tenth (1/10) of one percent (1%). A rate bid shall be equal to or greater than the rate bid on the immediately preceding maturity. A bid may name a discount not to exceed 2% of the par value of the bonds. The Clerk-Treasurer shall award the bonds to the highest responsible and qualified 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 adding thereto the discount bid, if any. No bid for less than 98% of the par value of said bonds, including accrued interest at the rates named to the date of delivery, will be considered. The Clerk-Treasurer shall have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed in said notice for the sale of said bonds, the Clerk-Treasurer shall be authorized to continue to receive bids from day to day thereafter for a period of not to exceed thirty (30) days, without readvertisement, but during such continuation, no bid shall be accepted ~ is lower than the highest bid received at the time fixed for such sale in the bond sale notice. Prior to the delivery of said bonds, the Clerk-Treasurer shall obtain a legal opinion as to the validity of said bonds from Ice Miller Donadio & Ryan, bond counse! of Indianapolis, Indiana, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be considered a part of the cost of said project, and shall be paid out of the proceeds of said bonds. Section 6. The Clerk-Treasurer is hereby authorized and directed to have said bonds prepared, and the Mayor and Clerk-Treasurer are hereby authorized and d~rected to execute said bonds in the form and manner herein provided. After said bonds shall have been properly executed, the Clerk-Treasurer shall receive payment therefor, deliver - 10 - the same to the purchaser thereof, take his receipt therefor, and pay the proceeds from the sale into the City Treasury pursuant to IC 36-4-6-19. Section 7. This ordinance shall be in full force and effect immediately upon its passage and signing by the Mayor. Passed and adopted by the Common Council of the City of Carmel, Indiana, on the day of ., 1986. ilerST: ~_Treas~~~, Presented by me to the Mayor of the City of Carmel on the __ , 1986, at the hour of : .m. day of c1~~ This ordinance approved and signed by me on the __ day of 1986, at the hour of : .m.