HomeMy WebLinkAboutResolution 2020-13 (use of SRF for debt service payments)RESOLUTION NO. 2020-13
A RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION
AUTHORIZING USE OF FUNDS IN THE CARMEL REDEVELOPMENT COMMISSION
SUPPLEMENTAL RESERVE FUND TO FUND CASH FLOW DEFICITS
WHEREAS, the City of Carmel, Indiana (the “City”) and the City of Carmel Redevelopment
Commission (the “Commission”) have executed an Amended & Restated Revenue Deposit
Agreement, dated as of April 9, 2019 (the “RDA”) which governs the required uses and priorities of
TIF Revenue (as defined therein) of the Commission; and
WHEREAS, the RDA created a Supplemental Reserve Fund (as defined therein) into which
certain amounts of the TIF Revenue are required to be deposited and held by the Commission; and
WHEREAS, the Commission desires to make a portion of the Supplemental Reserve Fund
available to the Commission to allow the Commission to fully fund its upcoming debt service
payments on obligations payable from the TIF Revenue (the “CRC Debt Service Obligations”),
pending receipt of delayed property tax payments due to the COVID-19 pandemic; and
WHEREAS, the Common Council of the City (the “Common Council”) is anticipated to adopt
a substantially identical resolution approving this proposed use of the Supplemental Reserve Fund;
and
WHEREAS, the Commission now desires to approve the proposed use of the Supplemental
Reserve Fund on the terms and conditions set forth herein.
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission, governing body of the City of Carmel Department of Redevelopment, as follows:
Section 1. Authorization of Use of Supplemental Reserve Fund. Notwithstanding the
provisions of the RDA, the Commission hereby authorizes the use of a portion of the Supplemental
Reserve Fund to finance the CRC Debt Service Obligations, subject to the following conditions: (a)
the maximum amount of Supplemental Reserve Fund monies that may be used to for this purpose
shall not exceed $1,500,000, (b) the amount so used from the Supplemental Reserve Fund shall be
fully replenished from the first TIF Revenues received by the Commission from delayed property tax
collections, and (c) the Common Council shall have approved the proposed use of the Supplemental
Reserve Fund on substantially the same terms and conditions set forth herein.
Section 2. Authorization of Other Actions. Each of the President, Vice President and
Secretary of the Commission is hereby authorized and directed, for and on behalf of the Commission,
to execute and deliver any document and to take any action as such person determines to be necessary
or appropriate to accomplish the purposes of this Resolution, such determination to be conclusively
evidenced by such person’s execution of such document or such person’s taking of such action.
Section 3. Effectiveness. This Resolution shall be in full force and effect from and after
its adoption by the Commission.
DocuSign Envelope ID: 5801234F-CB21-44CD-87E8-96172CAD0A30
2
ADOPTED this 17th day of June, 2020.
CITY OF CARMEL REDEVELOPMENT
COMMISSION
President
Vice President
Secretary
Member
Member
DMS 17524114v1
DocuSign Envelope ID: 5801234F-CB21-44CD-87E8-96172CAD0A30