Loading...
HomeMy WebLinkAboutResolution_BPW_10-05-22-01;__Sewage_Works_System_Bond;_Utlities BPW RESOLUTION NO. 10-05-22-01 A RESOLUTION OF THE BOARD OF PUBLIC WORKS AUTHORIZING CERTAIN IMPROVEMENTS FOR THE SEWAGE WORKS SYSTEM OF THE CITY OF CARMEL, INDIANA, THE ISSUANCE OF REVENUE BONDS AND BOND ANTICIPATION NOTES TO PROVIDE THE COST THEREOF, AND OTHER MATTERS CONNECTED THEREWITH WHEREAS, the City of Carmel, Indiana (the “City”), has previously established and constructed and now owns and operates, through its Board of Public Works (the “Board”), a sewage works utility system for the City and its inhabitants (the “Sewage Works”), in accordance with the provisions of Indiana Code 36-9-23, as amended (the “Act”); and WHEREAS, in order to commence the acquisition, construction, extension and installation of certain improvements to the Sewage Works, the City must undertake the projects described in Exhibit A hereto (collectively, the “Project”); and WHEREAS, the Board hereby finds that the Project is necessary; and that preliminary design plans, specifications, detailed descriptions and cost estimates have been prepared and filed by the engineers employed by the City for said Project, which plans, specifications, descriptions and estimates have been or will be approved by the Board and by all governmental authorities having jurisdiction thereof; and WHEREAS, the Board further finds that the City has obtained estimates prepared and delivered by the engineers employed by the City for said Project; that on the basis of said estimates, the maximum estimated cost of the Project, as defined in Indiana Code 36-9-23 and Indiana Code 36-9-1, each as amended, including all authorized expenses relating thereto, including the costs of issuance of bonds on account of the financing of all or a portion thereof, is in the amount of Twelve Million Dollars ($12,000,000); and WHEREAS, the Board further finds that there are not sufficient funds on hand from the Sewage Works to pay the costs of the Project, and that the financing of the costs of the Project should be accomplished by the issuance of revenue bonds of the Sewage Works, in an aggregate principal amount not to exceed Twelve Million Dollars ($12,000,000), and, if necessary, bond anticipation notes, all on the terms and conditions set forth herein; and WHEREAS, this Board finds that it would be beneficial to finance the costs of the Project and hereby authorizes the same by issuance of the City of Carmel, Indiana Sewage Works Revenue Bonds, in one or more series (collectively, the “Bonds”) and, pending the issuance of such Bonds, one or more series of bond anticipation notes (collectively, the “BANs”) for such purpose; and WHEREAS, this Board now desires to order the undertaking of the Project and issuance of the Bonds and desires to recommend to the Council that it adopt an ordinance authorizing the issuance of the Bonds upon the terms set forth below. DocuSign Envelope ID: 4DC61F31-AD50-4593-9425-58BCB612064E 2 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF THE CITY OF CARMEL, INDIANA, AS FOLLOWS: 1. A brief description of the Project is set forth on Exhibit A hereto which is incorporated herein. 2. Based on the engineers employed by the City for the Project, the Board estimates that the cost of the Project, including all authorized expenses relating thereto, including the costs of issuance of the Bonds and the BANs on account thereof, will be in the estimated amount not to exceed Twelve Million Dollars ($12,000,000). 3. Subject to final approval of the Council, the Board hereby orders that the Project be undertaken and that the Bonds be issued, in one or more series, in a maximum aggregate principal amount not to exceed Twelve Million Dollars ($12,000,000), with a maximum interest rate of six percent (6.00%) and with a final maturity date no later than May 1, 2047, for the purpose of providing funds to (i) pay all or a portion of the costs of the Project, (ii) fund a debt service reserve fund or pay the premium for a debt service reserve surety policy, if necessary, and (iii) pay the costs incurred on account of the issuance and sale of the Bonds, including any premiums for any municipal bond insurance policies. 4. The Board hereby estimates that the fees for the several classes of users or property to be served by the Sewage Works utility are equal to the fees and charges set forth in Ordinance D-2271-16 (the “Rate Ordinance”), which Rate Ordinance is incorporated herein by reference. 5. The Board hereby authorizes the City Controller to arrange for publication of a notice of the adoption and the purport of this Resolution in accordance with Indiana Code 5-3-1. 6. The Board hereby declares its official intent, to the extent permitted by law, to issue the Bonds in one or more series, in an aggregate principal amount not to exceed Twelve Million Dollars ($12,000,000), and to reimburse costs of the Project consisting of the Expenditures from proceeds of the sale of such Bonds or the BANs. 7. The President of the Board is hereby authorized and directed to present a copy of this Resolution to the Carmel City Clerk for presentation to the Council as soon as may be done. 8. This Resolution shall be in full force and effect after its adoption by the Board. DocuSign Envelope ID: 4DC61F31-AD50-4593-9425-58BCB612064E 3 PASSED AND ADOPTED this 5th day of October, 2022. BOARD OF PUBLIC WORKS CITY OF CARMEL, INDIANA ________________________________ Mayor James Brainard, Presiding Officer ________________________________ Lori Watson, Member ________________________________ Mary Ann Burke, Member ATTEST: _________________________________ Sue Wolfgang, Clerk DocuSign Envelope ID: 4DC61F31-AD50-4593-9425-58BCB612064E Not Present 10/5/2022 EXHIBIT A DESCRIPTION OF PROJECT All or any portion of the design, inspection, construction, renovation, replacement, improvement and/or equipping of various improvements to the City’s sewage works system, including but not limited to an expansion of the 106th Street lift station, digester piping and gas cleaning improvements. 106th Street Lift Station Improvements $4,500,000 Project includes upgrades to pumping capacity, wet well capacity, piping improvements, electrical and controls improvements. Wastewater Plant Digester Piping Replacement $3,000,000 Project will replace pipe, valves, and safety equipment within four anerobic digesters that is past its useful life expectancy. Digester Gas Cleaning Equipment and Piping $3,000,000 Project includes the installation of gas cleaning equipment and associated piping that will clean the biogas produced at the wastewater plant to a level that meets the “pipeline ready” requirements. Total Project Cost $10,500,000 DMS 23585349v2 DocuSign Envelope ID: 4DC61F31-AD50-4593-9425-58BCB612064E