HomeMy WebLinkAboutBPW-12-20-06-12 City/Utility Loan Repay.
RESOLUTION BPW-12-20-06-12
A RESOLUTION OF THE BOARD OF PUBLIC WORKS AND SAFETY OF THE CITY OF
CARMEL, INDIANA, CONCERNING SATISFACTION OF A LOAN TO THE CITY OF
CARMEL, INDIANA, FROM THE FUNDS OF THE CITY OF CARMEL, INDIANA'S
MUNICIP ALLY-OWNED SEWER UTILITY
WHEREAS, pursuant to Indiana Code S 8-1.5-3-12, the Board of Publjc Works and Safety
("Board") is empowered to adopt a resolution to lend money to the City of Carmel, Indiana; and
WHEREAS, the Board previously authorized a loan from the City Of Carmel's municipally-
owned Sewer Utility in the amount of Four Hundred Twenty-Two Thousand Three Hundred Fifty-Five
Dollars and Ninety-Seven Cents ($422,355.97) to the Common Council of the City of Carmel, Indiana
("Common Council"), for the acquisition of property (the "Property") to construct a Street Department
Maintenance facility (the "Facility") for the City of Carmel; and
WHEREAS, the Common Council and the Board agreed the loan would be payable on or before
January 30,2006 (the "2006 Loan"); and
WHEREAS, the City of Carmel Water Utility has built a water storage tower, office and
maintenance facilities on the Property; and
WHEREAS, the Common Council has adopted a resolution agreeing,to transfer the Property to
the Board in satisfaction of the 2006 Loan; and
WHEREAS, the Board has determined that it is desirable and appropriate for the Property to be
accepted in satisfaction for the loan and transferred to the water utility to be used for the water tower,
office and 'maintenance facilities; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works and Safety of the City
of Carmel, Indiana, as follows:
I. The foregoing Recitals are incorporated herein by reference.
2. 'The !ransfer of the Property shall be accepted in satisfaction ofthe 2006 Loan.
3. The Sewer Utility shall transfer the Property to the Water Utility for the purposes of owning
and operating the water tower, offices and maintenance facility.
4. As consideration for the Facility, the Water Utility shall pay to the Sewer Utility the amount,
Four Hundred Eighty-Seven Thousand Four Hundred Ninety Dollars and Thirty-Nine Cents
($487,490.39), due and payable on or before December 31,2006.
Page One of Two Pages
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6. The water utility will pay interest on the liability owed to the sewer utility at an annual rate of
three and onelhalfpercent (3.5%).
Approved and adopted this
day of
,2006.
CARMEL BOARD OF PUBLIC WORKS AND SAFETY
By:
a J' I
- -
J~es Brainard, Presiding Officer
Date: 1:7 - ;1 ~ - ,,-1..
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Date: I '2 -,)...f:J -,0 ,
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Date: l.:l () '*'
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ATTEST:
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Resolution BPW-12-20-06.12
Page Two of Two Pages
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