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HomeMy WebLinkAboutD-467 Econ Dev. Bond/O'Malias.. MIDAML CAN ACADEMY FOR GOVERNMENTAL INF{.,, MATION, Inc. 7472 Countrybrook Drive Indianapolis, IN 46260 (317) 257-6039 December 14, 1985 Hon. Dottle J. Hancock Clerk-Treasurer City of Carmel 40 East Main Street Carmel, IN 46032 Dear Dottle: When Terry sent me the copies of the new ordinances, I noticed a small tecnnical error in Z-196, the latest sigu ordinance. This ordinance is clearly structured to amend the Zoning Ordinance, and in fact, to incor- porate all of the sign regulations into the zoning regulations. This is in evidence by virtue of the section numbers, etc., as used in the ordi- nance, and I am told was the intention of the Department of Community Development. However, someone got confused when writing the preamble and styled the thing as an amendment to Sections 25.7 and 31.1 of the Carmel City Code, rather than the Carmel-Clay Zoning Ordinance! As you know, the two docu- ments have always been maintained as separate legislation. If taken literally, Z-196 would have the effect of adding a very lengthy set of sign regulations to the city plumbing code and would make an unintelli- gible hodge-podge out of the general provisions governing business licen- sure, which are the matters dealt with in Code Chapters 25 and 31. Therefore, after discussing the problem with the DCD, I have put together the enclosed ordinance which will make the necessary technical correc- tions, clarify the intent, and get everything placed where it should be. At the same time, the ordinance repeals Carmel City Code Chapter 27, in which the old sign regulations deriving originally out of Ordinance D-64 are codified; these would now presumably be superseded by the provisions of Z-196, but were not repealed by it previously. I know this has come up rather late, but if possible, it would be desir- able to get this correction passed through at the December 16th Council meeting. Then everything should be neat and clean to finalize the 1985 Supplement first thing in January. Thanks. Sincerely, John Barr President/General Manager JB:slg Enclosure ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL COMMON COUNCIL ORDINANCE NO.~r~, 1983 A SPECIAL ORDINANCE authorizing the City of Carmel to issue its "City of Carmel Economic Development Mortgage Revenue Bond (O'Malia Investment Co. Project)" in the principal amount of Seven Hundred Fifty Thousand Dollars ($750,000) and approving and authorizing other actions in respect thereto. WHEREAS, the Carmel Economic Development Commission has rendered a Report of the Carmel Economic Development Commission concerning the proposed financing of certain economic development facilities for O'Malia Investment Co. and the City of Carmel Plan Commission has been given an opportunity to comment thereon; ~ WHEREAS, O'Malia Investment Co. is now prepared to proceed with the proposed economic development facilities described in said Report; WHEREAS, Commission after a 1985, adopted a the Carmel Economic Development public hearing conducted on December 12, resolution, which resolution has been previously transmitted hereto, finding that the financing of the economic development facilities of O'Malia Investment Co. complies with the purposes and provisions of IC 36-7-11.9 and IC 36-7-12 and that such financing will be of benefit to the health, prosperity, economic stability and general welfare of the City of Carmel and its citizens; WHEREAS, Commission has by approved the final forms of the Note attached thereto, the Carmel Economic Development resolution adopted December 12, 1985, the Loan Agreement, including the Mortgage, the Security Agreement, the Bond Purchase Agreement, the Limited Guaranty and the Assignment of Interests, which resolution has been transmitted hereto; and WHEREAS, no member of the Common Council of the City of Carmel has any pecuniary interest in any employment, financing agreement or other contract made under the provi- sions of IC 36-7-11.9 and IC 36-7-12 and related to the economic development facilities of O'Malia Investmeht Co., or to the issuance of the economic development mortgage revenue bond authorized herein; now, therefore: BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL: SECTION 1. It is hereby found that the financing of the economic development facilities referred to in the Loan Agreement and the Bond Purchase Agreement, previously approved by the Carmel Economic Development Commission and presented to this Common Council, the issuance and sale of economic development mortgage revenue bond, the loan of the net proceeds thereof to O'Malia Investment Co. for the acquisition, construction, installation and equipping of -2- said facilities and the repayment of said loan by O'Malia Investment Co., to be evidenced and secured by a promissory note of O'Malia Investment Co. will be of benefit to the health, prosperity,, economic stability and general welfare of the City of Carmel and its citizens and complies with the purposes and provisions of IC 36-7-11.9 and IC 36-7-12. SECTION 2. The forms of the Loan Agreement, including the Note attached thereto, the Mortgage, the Security Agreement, the Bond Purchase Agreement, the Limited Guaranty and the Assignment of Interests approved by the Carmel Economic Development Commission are hereby approved, 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-Treasurerl~~ SECTION 3. The City of Carmel shall issue its Economic Development Mortgage Revenue Bond (O'Malia Investment Co. Project) in the aggregate principal amount of Seven ~undred Fifty Thousand Dollars ($750,000) for the purpose of procuring funds to loan to O'Malia Investment Co. in order to pay the costs of the acquisition, construction, installation and equipping of the economic development facilities, as more particularly set out in the Loan Agreement and the Bond Purchase Agreement incorporated herein by reference, which Bond will be payable as to principal and interest solely from the payments made by -3- O,Malia Investment Co. on its promissory note that will be executed and delivered by O'Malia Investment Co., to evidence and secure said loan and from other sources under the Loan Agreement, or as otherwise provided in the above- described Bond Purchase Agreement. The bond shall never constitute a general obligation of, an indebtedness of, 6r a charge against the general credit of the City of Carmel. SECTION 4. The Mayor and the Clerk-Treasurer are authorized and directed to sell such bond to the purchaser set forth in the Bond Purchase Agreement at a price of the principal amount thereof plus accrued interest, if any, and at the per annum rates of interest on the bond set forth in the Bond Purchase Agreement and incorporated herein by reference. SECTION 5. The Mayor and Clerk-Treasurer are authorized and directed to execute the Loan Agreement, the Bond Purchase Agreement and the bond approved herein on behalf of the City of Carmel and any other documents that may be necessary or desirable to consummate the transaction and, by their execution of such documents, may approve such further changes therein without further approval of the Economic Development Commission excepting, however, such changes as must be approved by the Common Council and the Economic Development Commission pursuant to IC 36-7-11.9 and IC 36-7-12. The signatures of the Mayor and the Clerk- -4- Treasurer on the bond shall be manual signatures. The Clerk-Treasurer is authorized to arrange for the delivery of such Bond to the purchaser thereof, payment for which will be made to the Trustee as provided in the Bond Purchase Agreement. SECTION 6. the Bond Purchase The provisions of this Ordinance and Agreement shall constitute a contract binding between the City of Carmel and the holders of the City of Carmel, Indiana Economic Development Mortgage Revenue Bond (O'Malia Investment Co. Project), and after the issuance of said bond, 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 bond or the interest thereon remains unpaid. The obligation of the City of Carmel and the Carmel Economic Development Commission shall be limited solely to the good faith effort to consummate said proceedings and issue the said bond, and neither the City of Carmel nor the Carmel Economic Development Commission, or their officers or members shall incur any liability whatsoever if for any reason the proposed issuance of bond or the undertakings, as described herein, are not consummated. SECTION 7. and effect from and required by law. This Ordinance shall be in full force after compliance with the procedures -5- ADOPTED this 16th day of December,~5. , /pr.~Sidin~ Officer Attq~t: ~ / ~/ Dorothy J. ~cock, Clerk-Treasurer -6- Presented by Carmel, Indiana, on the Approved and December, 1985. me to the Mayor of the City of 16th day~f December~ 198~5; I l Clerk-Treasurer signed by me this 16th day e A. Reiman, Mayor of -7-