HomeMy WebLinkAboutBPW-06-28-06-01 Indianapolis Water Line Purchase
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Resolution NO. BPW - 06 - 28 - 06 -01
A RESOLUTION OF THE BOARD OF PUBLIC WORKS AND SAFETY
OF THE CITY OF CARMEL, INDIANA, AUTHORIZING THE
ACOUlSITION OF CERTAIN WATER UTILITY ASSETS
WHEREAS, pursuant to the Asset Purchase Agreement, in the substantially final form
attached hereto as Exhibit A, 'by and between the City of Carmel, Indiana (the "City") and the
Consolidated City of Indianapolis, Indiana and the Department of Waterworks of the
Consolidated City of Indianapolis (together, "Indianapolis"), the City acquired certain water
utility assets owned by Indianapolis that are used in the provision of water utility service to
customers located within Clay Township, Hamilton County, Indiana ("Clay Township") and
inside the corporate limits of the City (the "Carmel Assets");
WHEREAS, pursuant to the Asset Purchase Agreement, the purchase price for the
Carmel Assets is $36.2 million, payable over twenty (20) years, less credits for water purchased
by the City from Indianapolis for the first sixty (60) months following the closing of the Asset
Purchase Agreement;
WHEREAS, the Board of Public Works and Safety of the City of Carmel, Indiana (the
"BPW") desires to acquire the Carmel Assets; and
WHEREAS, the BPW hereby shall authorize the acquisition of the Carmel Assets
pursuant to the terms and conditions of the Asset Purchase Agreement.
NOW, THEREFORE, BE IT RESOLVED AND AGREED by the Board of Public
Works and Safety of the City of Carmel, Indiana, as follows:
1. The BPW hereby authorizes the acquisition of the Carmel Assets pursuant to the
terms and conditions ofthe Asset Purchase Agreement.
2. That the members of the BPW are hereby authorized to execute any and all
documents required in connection with the acquisition of the Carmel Assets (the "Acquisition
Documents").
3. That the members of the BPW hereby delegate the execution of the Acquisition
Documents to John M. Duffy, Director of Utilities ("Duffy"), and authorize Duffy to approve
non-substantial changes in form or substance to the Acquisition Documents, including the Asset
Purchase Agreement, as may be necessary or appropriate to accomplish the purposes of this
Resolution, with any such approval to be conclusively evidenced by the authorized execution of
such Asset Purchase Agreement.
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SO RESOLVED by the Board of Public Works and Safety of the City of Carmel,
Indiana, this .;?~day of J t/)J e:-- ,2006.
Jam Brainard, Presiding Offic~
Date: bide) Ob
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Mary Ann Burke, Member
Date:
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Date:
Prepared by:
Randolph L. Seger
BINGHAM McHALE LLP
2700 Market Tower
lOWest Market Street
Indianapolis, Indiana 46204
904810.53307 III 062462.3
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