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HomeMy WebLinkAboutD-1806-06 $72ml Road Bond plus Amendments If the City shall desire to obtain any such consent to any modification or amendment of this Ordinance, it shall mail or cause to be mailed a notice, postage prepaid, to the respective obligees under the Secured Obligations affected by such modification or amendment. Such notice shall briefly set forth the nature of the proposed supplemental ordinance and shall state that a copy thereof is on file for inspection by all obligees under such Secured Obligations. The City shall not, however, be subject to any liability to any obligees under any Secured Obligations by reason of its failure to mail the notice described in this Section 3, and any such failure shall not affect the validity of such supplemental ordinance when consented to and approved as provided in this Section 3. Whenever, at any time within one year after the date of the mailing of such notice, the City shall receive an instrument or instruments purporting to be executed by the obligees under such Secured Obligations of not less than a majority in aggregate principal amount of such Secured Obligations then outstanding (executive of Secured Obligations, . if any, owned by the City), which instrument or instruments shall refer to the proposed supplemental ordinance described in such notice, and shall speci fically consent to and approve the adoption thereof in substantially the form of the copy thereof referred to in such notice as on file, thereupon, but not otherwise, the Common Council may adopt such supplemental ordinance in substantially such form, without liability or responsibility to any obligees under the Secured Obligations, whether or not such obligee shall have consented thereto. (d) Upon the adoption of any supplemental ordinance pursuant to the provisions of this Section 3, this Ordinance shall be, and is deemed to be, modified and amended in accordance therewith, and the respective rights, duties and obligations under this Ordinance shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments. Section 4. Severabilitv. Ifany part of this Ordinance shall be adjusted to be invalid by a court of proper jurisdiction, it shall be conclusively presumed that the Common Council would have passed the remainder of this Ordinance without such invalid part. Section 5. Repeal of Conflicting Ordinances. All ordinances, resolutions and orders, or pats thereof, in conflict with the provisions of this Ordinance, are, to the extent of such conflict, hereby repealed. Section 6. Authorization of other Actions. Each of the Mayor, any member of the Common Council and the Clerk-Treasurer, and any other officer, employee or agent of the City is hereby authorized and directed, for and on behalf of the City, to execute and deliver any contract, agreement, certificate, instrument or other document and to take any action as such person determines to be necessary or appropriate to accomplish the purposes of this Ordinance, such determination to be conclusively evidenced by such person's execution of such contract, agreement, certificate, instrument or other document or such person's taking of such action. Section 7. This Ordinance shall be in full force and effect from and after its adoption by the Common Council and upon compliance with the procedures required by law. VERSION B 6/5/06 -4- 2006 Bond Projects Revised 06/04/2012 Funding 2006 Bond Anticipated From Total Estimated Project Description Project Cost Other Sources Project Cost Notes Complete Partially Funded by Michigan Rd Towne Road Improvements north of 116th Street (4 lane) 10,000,000 2,000,000 12,000,000 TIF Complete Partially Shelbourne Road Improvements north of 116th Street (3 lane Funded by Michigan Rd Section) 9,000,000 300,000 9,300,000 TIF 131st Street from Spring Mill to Towne (3 -lane Section) 9,000,000 9,000,000 Complete 131st Street from Towne to Shelbourne (3 -lane Section) 4,500,000 4,500,000 Complete 136th Street from Oak Ridge to Ditch (3 -Lane Section) 5,000,000 1,550,000 6,550,000 Complete East Grande Boulevard (Guilford to Old Meridian) 1,900,000 1,900,000 Complete West Grande Boulevard (RAB Old Meridian) 1,800,000 1,800,000 Not Yet Complete Pennsylvania Street 106th to 103rd (3 -lane Section) 3,000,000 3,000,000 Complete 2,500,000 2,500,000 Deleted in 2009 O Cool Creek North Trail 2,800,000 250,000 3,050,000 Complete m N. Rangeline 136th north to US 31 (3 lane Section) 3,000,000 3,000,000 Complete Monon Bridge Over Carmel Drive 600,000 2,400,000 3,000,000 Complete N East Side Salt Barn /Shed Shop 1,800,000 1,800,000 Complete River Road Alignment Medalist Drive to Golf Course Curve (3- Removed Entirely or In Lane Section, intersection improvements at Medalist) 2,500,000 2,600,000 Part 2010 Police Maintenance Building 1,000,000 1,000,000 Complete 750,000 750,000 Deleted 2010 2,500,000 250,000 2,750,000 Deleted 2010 Complete Partially Funded by Michigan Rd 126th Street Shelborne Rd. to Towne Rd. (3 -Lane Section) 3,300,000 3,300,000 TIF Clay Center Rd. 116th Street Intersection Improvements (Including Replacement of Clay Ctr. Bridge over Will Creek) 1,150,000 1,150,000 Complete TOTAL 66,100,000 6,750,000 72,850,000 Projects Added to 2006 COLT Bond Keystone Avenue 116th St. Improvement Project 2,500,000 2,500,000 Added in 2009 Keystone Avenue Improvement Project 5,000,000 5,000,000 Added in 2010 Illinois Street Project From its intersection with Spring Mill Rd just north of 1 -465 north to 1 16th Street and including the reconstruction of the Roundabout at 116th Street Spring Mill Rd 7,400,000 7,000,000 14,400,000 Added June 4, 2012 ,. , SPONSOR(S): Councilor(s) Carter, Sharp, Griffiths and Mayo ORDINANCE D-1806-06 AS AMENDED AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, APPROVING A LEASE FOR CERTAIN PUBLIC IMPROVEMENTS BETWEEN THE CITY OF CARMEL REDEVELOPMENT AUTHORITY AND THE CITY OF CARMEL REDEVELOPMENT COMMISSION, PLEDGING COUNTY OPTION INCOME TAX REVENUES OF CITY TO PAY CERTAIN LEASE RENTAL OBLIGATIONS THEREUNDER, AND TAKING OTHER ACTIONS RELATED THERETO WHEREAS, the City of Cannel Redevelopment Commission (the "Commission"), at a meeting on May 3, 2006, after a public hearing in which all interested parties were provided the opportunity to be heard, adopted its Resolution, approving a proposed lease (the "Lease") between the City of Carmel Redevelopment Authority (the "Authority") and the Commission, under Section 25.2 of Indiana Code 36-7-14 (the "Act"), of certain public improvements consisting of a portion of Towne Road and Shelbome Road north of 116th Street and a Survive Alive House to be constructed in the City of Cannel, Indiana (collectively, the "Project"), after finding, pursuant to Indiana Code 36-7-14.5-14, that the annual lease rentals to be paid thereunder not in excess of Six Million One Hundred Thousand Dollars ($6,100,000) are fair and reasonable and finding, pursuant to the Act, that the use of the Project throughout the tenn of the Lease will serve the public purpose of the City of Carmel, Indiana (the "City"), and is in the best interests of its residents; and WHEREAS, the lease rental payments under the Lease will secure the payment of the principal of and interest on the Authority's Lease Rental Revenue Bonds, Series 2006 (the "Bonds"), to be issued to finance the acquisition, construction, installation and equipping of the projects listed in Exhibit A attached hereto and made a part hereof; and WHEREAS, pursuant to the Act, the Common Council of the City (the "Common Council") desires to approve the execution and delivery of the Lease by the Authority and the Commission; and WHEREAS, the Hamilton County Income Tax Council has imposed a county option income tax (the "COlT") pursuant to Indiana Code 6-3.5-6, as amended (the "COlT Act"), on the adjusted gross income oftaxpayers in Hamilton County, Indiana (the "County"); and WHEREAS, the COlT Act provides that revenue derived from the imposition of the COlT shall be distributed to the County monthly on the first day of each month (the City's share of each such monthly distribution, a "Monthly Distribution"); and WHEREAS, Section 25.5 of the Act authorizes the City to pledge its Monthly Distributions of CO IT revenues to pay lease rental obligations under Section 25.2 of the Act; and VERSION B 6/5/06 WHEREAS, on July 7,1997, the Common Council adopted its Ordinance No. D-1302-97 (the "COlT Ordinance"), pursuant to which the Common Council, on behalf of the City, pledged and assigned the City's Monthly Distributions of COlT revenues for the payment of any bond, note, warrant or other evidence of indebtedness, any lease or any other obligation (any bond, note, warrant or other evidence of indebtedness, any lease or any other obligation, individually, an "Obligation" and, collectively, the "Obligations") identified by ordinance of the Common Council as an obligation secured by the COlT Ordinance (any Obligation so identified as an obligation secured by the COlT Ordinance, individually, a "Secured Obligation" and, collectively, the "Secured Obligations"), if certain conditions are satisfied, and such conditions have been satisfied; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA THAT: Section 1. Approval of the Lease. The Common Council hereby finds that the rental payments, as approved by the Commission, are fair and reasonable, and further finds that the use of the Project throughout the term of the Lease will serve the public purpose of the City and is in the best interests of its residents. Accordingly, the Common Council hereby approves the Lease, as approved by the Commission, pursuant to the Act, in substantially the form provided at this meeting. Section 2. Pledge of Pledged Revenues. Pursuant to Section 25.5 of the Act, the Common Council, on behalf of the City, hereby pledges and assigns the City's Monthly Distributions of COlT revenues to the Commission in amounts necessary to make all payments required under the Lease and provided, however, that any changes to the Projects, as listed with proposed cost estimates and prioritized in Exhibit A, . financed by the proceeds from the Bonds shall be subject to the terms and conditions of the agreement set forth in Exhibit B hereto. The Common Council hereby identifies the rental payments under the Lease as obligations secured by the COlT Ordinance. Section 3. Creation of Contract: Amendment of Ordinance. (a) The provisions of this Ordinance shall constitute a contract by and between the City and the obligees of the Secured Obligations (including the holders of the Bonds). After the issuance of any Secured Obligations, the Common Council shall not, except as specifically provided in Section 3(b) or 3( c) hereof, repeal, modify or amend this Ordinance. (b) The Common Council may, from time to time and at any time, without the consent of or notice to any obligees under any Secured Obligations, adopt a supplemental ordinance to modify or amend this Ordinance for anyone or more of the following purposes: (i) to cure any ambiguity or formal defect or omission In this Ordinance or in any supplemental ordinance; VERSION B 6/5/06 -2- (ii) To grant to or confer upon any obligees under any Secured Obligations any additional benefits, rights, remedies, powers, authority or security that may lawfully be granted to or conferred upon such obligees under such Secured Obligations; (iii) To modify or amend this Ordinance to permit the qualification of any Secured Obligations for sale under the securities laws of the United States of America or any of the states of the United States of America; (iv) To provide for the refunding or advance refunding of any Secured Obligations; (v) to procure a rating on any Secured Obligations from a nationally recognized securities rating agency, designated in such supplemental ordinance if such supplemental ordinance will not materially adversely affect the interests of any obligees under any Secured Obligations; (vi) an obligation thereof; or To make changes to reflect the identification of any Obligation as secured by the COlT Ordinance in accordance with Section 3 (vii) Any other purpose which, in the judgment of the Common Council, does not materially adversely affect the interests of any obligees under any Secured Obligations. (c) This Ordinance, and the rights and obligations of the City and any obligees under any Secured Obligations, may be modified or amended from time to time at any time by a supplemental ordinance adopted by the Common Council with the consent of the obligees under the Secured Obligations affected by such modification or amendment, holding at least a majority in aggregate principal amount of such Secured obligations then outstanding (exclusive of Secured Obligations, if any owned by the City); provided, however, that no such modification or amendment shall, without the express consent of all of the obligees under the Secured Obligations affected by such modification or amendment, permit a privilege or priority of any of such Secured Obligations over any other of such Secured Obligations, or create a lien securing any of such Secured Obligations other than a lien ratably securing all of such Secured Obligations, nor shall any such modification or amendment reduce the percentage of consent required for amendment or modification of this Ordinance. Any act done pursuant to a modification or amendment so consented to shall be binding upon all the obligees under the Secured Obligations and shall not be deemed an infringement of any of the provisions of this Ordinance, and may be done and performed as fully and freely as if expressly permitted by the terms of this Ordinance, and, after such consent relating to such specified matters has been given, no obligees under the Secured Obligations shall have any right or interest to object to such action or in any manner to question the propriety thereof or to enjoin or restrain the City of any officer thereof from taking any action pursuant thereto. VERSION B 6/5/06 -3- Ordinance D-jf'6-06, As Amended PASSED by the Common Council of the City of Cannel, Indiana this~day of r ,2006 by a vote of E-ayes and .z.. nays. o. aD.??~ ~~ Mark Rattennann of>" C.s e!) ~ Diana L. Cordray, IAMC, Clerk- T asurer -+'-- t e City of Cannel, Indiana this L day of 2006, at J.f:~ P.M. Presented by me to the Mayor 0 ~ Diana L. Cordray, IAMC, Approved by me, Mayor of the City of Cannel, Indiana, this ltlt-aay of J LIlt/IF 2006 at/O~ JCI k & 'V''' Om;","', M'YO'~ Prepared by: David A. Arren Baker & Daniels LLP 300 North Meridian Street, Suite 2700 Indianapolis, Indiana 46204 VERSION B 6/5/06 -5- EXHIBIT A 2006 Bond Projects Revised 4/1812006 ~unolng 2006 Bond Anticipated From Total Estimated Project DescrlpUon Project Cost Other Sources . Project Cost Towne Road - Improvements north of 116th Street (4-lane) $ 10,000,000 $ 2,000,000 $ 12,000,000 Sbelbourne Road - Improvements north of 116th Street (3-lane Section) $ 9,000,000 $ 300,000 $ 9,300,000 t31st Street from Spring Mill to Towne (3-lane Section) $ 9,000,000 $ - $ 9,000,000 131,t Street from Towne to Shelboume (3-lane Sectlon) $ 4,500,000 $ . $ 4,500,000 136th Street from Oak Ridge to Ditch (3-Lane Sectlon) $ 5,000,000 $ 1,550,000 $ 6,550,000 East Grande Boulevard (Guilford to Old MeridIan) $ 1,900,000 $ - $ 1,900,000 West Grande Boulevard (RAB @Old Meridian) $ 1,800,000 $ - $ 1,800,000 Penn'ylvanla Street - 106th to 103rd (3-lane Section) $ 3,000,000 $ - $ 3,000,000 Snrvive AUve House $ 2,500,000 $ - $ 2,500,000 Cl Cool Creek North Trail $ 2,800,000 $ 250,000 $ 3,050,000 Z 0 N, RangeUne - 136th north to US 31- (3-lane Section) $ 3,000,000 $ - $ 3,000,000 m <0 Monon Bridge Ov.er Carmel Drive $ 600,000 $ 2,400,000 $ 3,000,000 0 0 East Side Salt Barn/Shed & Shop $ 1 ,800,000 $ - $ 1,800,000 '" River Road Alignment -Medali,t Drive to GolfCour,e Cnrve (3.Lane Section, Intersection Improvements at Medali't) $ 2,500,090 $ - $ 2,500,000 Police Maintenance Building $ 1,000,000 $- - $ 1,000,000 Guilford Road - City Center to Main Street Enhancements (Curbing) $ 750,000 $ - $ 750,000 Guilford Road - 116th Street to Carmel Drive (3-Lane Section, ,Ignal improvements at Carmel Drive) $ 2,600,000 $ 250,000 $ 2,750,000 126tb Street - Shelborne Rd, to Towne Rd, (3-Lane Section) $ 3,300,000 $ 3,300,000 Clay Center Rd, &1l6th Street Intersectlon Improvements (including Replacement of Clay Ctr. Bridge over wm Creek) $ 1,150,000 $ 1,150000 TOTAL $ 66,100,000 $ 6,750,000 $ 72,850,000 V 6"RSJDN 13 lo /s/o~ EXHIBIT B MATTERS RELATING TO PROJECT CHANGES Prior to the issuance ofthe Bonds, the Authority, the Common Council, the Mayor and the Board of Public Works shall enter into an agreement containing substantially the following terms: Section 1. Contract Approvals and Bidding. The Board of Works (hereinafter "BPW") shall conduct all bid proceedings for the expenditures ofthe proceeds of this bond issue in accordance with applicable law and subject to the provisions of Sections Two (2) and Three (3) hereinafter. The BPW shall also approve all agreements, contracts and change orders for the expenditure ofthe proceeds of this bond issue in accordance with applicable law and subject to the provisions of Sections Two (2) and Three (3) hereinafter. All agreements, contracts and change orders shall clearly state that they are not binding upon the BPW or the city of Carmel until passage of the seven (7) business day review period or approval by the Common Council as outlined in Section 3 hereinafter. Section 2 Council Approval for Bids and Change Orders. Contracts that Exceed the Estimated Proiect Costs Estimated project costs are the individual project estimated costs listed herein on Exhibit "A" (hereinafter "EPC.") Soft costs such as right-of-way costs, legal and engineering fees and other soft costs (hereinafter "soft costs') that are paid from these bond proceeds shall be included when calculating EPC. Soft costs to be paid from other previously appropriated monies shall not be included when calculating EPC. After the BPW approves any bids, change orders or contracts'that exceed the EPC (hereinafter ("Change Orders)," the Council shall have the right to approve or disapprove said Change Order in accordance with Section Three (3) herein below. VERSION B - 6/5/06 Section 3 Process for Approving Bids that Exceed the EPC By the close of business within three (3) business days after the day the BPW approves any Change Order that exceeds the EPC, the Clerk-Treasurer ofthe City of Carmel shall deliver copies of said Change Order to each member of the Common Council, along with any explanation requested to be transmitted to the Council by the City Engineer, or his designee, at the time of the BPW approval. Thereafter, the Council shall have deemed to have agreed to the'proposed Change Order at the close ofbusiness on the seventh (7th) after the date of the BPW approval (hereinafter "Effective Date"), unless: (a) by the close of business ,on the Effective Date, any member of the Council who disputes in writing such proposed Contract requests in writing that the Clerk-Treasurer place such issue on the agenda for the next meeting of the Council; and (b) at such meeting, the Council disapproves such Contract by a vote of a majority of the elected members of the council. Section 4, Definitions. For purposes of this Agreement, each of the' following terms shall have the meaning assigned to it by this Section 4: (a) "Expenditure" means any payment or other disposition of any Proceeds, excluding: (i) any payment of principal of or premium, if any, or interest on the Bonds, (ii) any payment of any costs of issuance of the Bonds, (iii) any investment of any Proceeds in any interest-bearing instruments, or (iv) any payment(s) or other disposition(s), in the aggregate if the contracted matter for which payment(s) or disposition(s) is/are being made is completed in one or more steps or is part of a set or series of related contracted matters with a single person or vendor, on each project listed on Exhibit A of any Proceeds in an amount less than $250,000. (b) "Proceeds" means any amounts received on behalf of the Authority and the City from the original issuance and sale of the Bonds, and any interest earnings thereon. Section 5. Amendments. This Agreement may be amended or terminated only by the written agreement of all the parties hereto. Section 6. Governing Law. This Agreement and the rights and obligations hereunder shall be governed by and construed and enforced in accordance with the intemallaws of the State of Indiana, without reference to any choice oflaw principles. VERSION B - 6/5/06 Section 7. Severabilitv. If any portion of this Agreement is held or deemed to be, or is, invalid, illegal, inoperable or unenforceable, the validity, legality, operability and enforceability of the remaining portions of this Agreement shall not be affected, and this Agreement shall be construed as of it did not contain such invalid, illegal, inoperable or unenforceable portion. Section 8. Interpretation. The use herein of the singular shall be construed to include the plural, and vice versa. Unless otherwise indicated, the words 'hereof herein," "hereby and "hereunder," and words of similar import, refer to this Agreement as a whole and not to any particular section, subsection, clause or other portion of this Agreement. Section 9. Captions. The captions appearing in this Agreement are included herein for convenience of reference only, and shall not be deemed to define, limit or extend the scope or intent of any rights or obligations under this Agreement. VERSION B - 6/5/06 MEMORANDUM OF UNDERSTANDING THIS MEMORANDUM OF UNDERSTANDING, dated as of ('0 2006 (this "MOU"), is entered into by and between the Mayor (the "Mayor") c f the City of Carmel, Indiana (the "City"); the Common Council of the City (the "Council'); the Board of Public Works and Safety of the City (the "BPW"); and the Clerk-Treasurer of the City (the "Clerk-Treasurer"). a and RECITALS WHEREAS, the City intends to issue Lease Rental Revenue Bonds, Series 2006, (the "Bonds"); WHEREAS, the parties hereto desire to create procedures for the approval of certain expenditures of Bond proceeds ("Proceeds"), in accordance with Ordinance D-1806-06, incorporated herein by reference. NOW, THEREFORE, in consideration of the foregoing, the parties confirm their understanding as follows: AGREEMENTS Section 1. Contract Approvals. On and after the effective date of this MOU, the BPW shall approve all agreements or contracts, and all change orders to same, for the expenditure of Proceeds, and shall conduct all bid proceedings, with respect thereto, in accordance with applicable law. Section 2. Expenditures. If the BPW approves any bid, contract change order, or contract that exceeds the estimated project cost (`'EPC"), the Council shall have the right to approve or disapprove the same in accordance with Section 3 herein below., Right-of-way costs, legal and engineering fees and other soft costs that are paid from these bond proceeds. shall be included in the EPC: Soft costs to be paid from other, previously appropriated, monies shall not be included when calculating EPC: Section 3. Process for Approval. By the close of business within three (3) business days after the date on which the BPW approves any item covered by this MOU that exceeds the EPC, the Clerk- Treasurer shall deliver copies of said item to each member of the Common Council, .along with any explanation for same provided by the City Engineer or his designee. Thereafter, the Council shall have deemed to have agreed to the proposed contract change order, unless: (a) by 4:30 p.m. on the seventh day after the date of the BPW approval of the contract change order, any member of the Council who disputes such contract change order requests in writing, and timely delivers a copy of same to the Office of the Mayor, that the Clerk-Treasurer place such issue on the Council agenda for the next meeting of the Council; and (b) at such meeting, the Council disapproves such Contract by a vote of a majority of the elected members of the council. • Section ,4. Definitions. For purposes of this Agreement, each of the following terms shall have the meaning assigned to it by this Section 4: (a) "Expenditure" means any payment or other disposition of any Proceeds, excluding: (i) any payment of principal of or premium, if any, or interest on the Bonds, (ii) any payment of architectural, engineering, accounting, financial advisory, legal or other professional services, (iii) any payment of costs of issuance of the Bonds, (iv) any investment of any Proceeds in any interest-bearing instruments, or (v) any payment(s) or other disposition(s), whether individually or in the aggregate if the contracted matter for which payment(s) or disposition(s) is/are being made is completed in one or more steps or is part of a set or series of related contracted matters with a single person or vendor, of any Proceeds in an amount less than Two Hundred Fifty Thousand Dollars ($250,000.00). (b) "Proceeds" means any amounts received by the City from its original issuance and sale of the Bonds, and any interest earnings thereon. Section 5. Amendments. This MOU may be amended or terminated only by written agreement of all the parties hereto. Section 6. Authority. Undersigned President of the Council acknowledges and represents that he has authority to sign this MOU on behalf of the Council and to bind said body to the.terms and conditions contained herein. IN WITNESS WHEREOF, the parties hereto have executed this.Memorandum as of the day and year first above written. CONMION COUNCIL FOR THE CITY OF CAR-NIEL, INDIANA n Richard L. S arp, Presi ent Pro Tempore MAYOR, CITY OF CARMEL, INDIANA: zz,? Ja s Brainard [Z %T eawrsmvx ao WNn n MENIE+r_umcmae 3? 7rw1 2 BOARD OF PUBLIC WORKS AND SAFETY OF THE CITY OF CARMEL, INDIANA t Ja zs Brainard, Presiding Officer CLERK-TREASRER OF THE CITY OF CARIMEL, IlJDIANA J44?e? -.4ax4exi Tana L. Cordray, IAMC ry\T¢c6v`Cmvsswae 60A wm.AGPP.FYff?T_RS.CZyYtOD6 3 ), FM