HomeMy WebLinkAboutD-2689-23 Amending Bond Anticipation Notes of the WaterworksSponsors: Councilors Aasen, Finkam and Worrell
ORDINANCE D-2689-23
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, AMENDING ORDINANCE NO. D-2486-19
Synopsis:
Ordinance amends prior Ordinance No. D-2486-19 to authorize a maximum interest rate of 6%
(rather than the original 5%) for bond anticipation notes of the waterworks.
WHEREAS, the City of Carmel, Indiana (the "City") has heretofore established,
constructed and financed a municipal waterworks and now owns and operates said waterworks
pursuant to I.C. 8-.1.5, as amended, and other applicable laws; and
WHEREAS, pursuant to Ordinance No. D-2486-19 adopted by the Common Council of
the City (the “Council”) on November 18, 2019 (the “Original Ordinance”), the Council
authorized the issuance of the City of Carmel, Indiana Junior Waterworks Revenue Bond
Anticipation Note of 2019 (the “BANs”); and
WHEREAS, the Council now desires to amend the Original Ordinance to provide a
greater interest rate on the BANs than originally authorized.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL, THAT:
Section 1. Section 2(e) of the Original Ordinance is deleted and replaced with the
following:
“The BAN or BANs shall be issued in an aggregate amount not exceeding
Eighteen Million Dollars ($18,000,000) and shall be designated "City of Carmel, Indiana
Waterworks Bond Anticipation Note of 20__" (with the year of issuance included along
with any series designation). Any such BAN or BANS shall mature on or before May 1,
2024, and shall be dated the first day of the month in which issued or sold or the date of
delivery as determined by the Executive or Fiscal Officer with the advice of the City's
municipal advisor. Any such BAN or BANS may be refunded with a later series of BAN
or BANs provided that such refunding BAN or BANS shall have a final maturity not later
than May 1, 2024, and shall be dated the first day of the month in which issued or sold or
the date of delivery as determined by the Executive or Fiscal Officer with the advice of
the City's municipal advisor. Any such BAN or BANs shall pay interest semiannually on
May 1 and November 1 in each year, beginning no later than either the next May 1 or
November 1 following their issuance until maturity. BAN interest may be paid as
capitalized interest and, after provision for payment of the 2008 Bonds, from the Net
Revenues of the utility on a subordinate basis and on parity with the 2023 Bond and the
2017 Bonds. BAN interest shall be calculated according to a 360-day calendar year
containing twelve 30-day months, or based on an actual days basis using a 365-day year,
as determined by the Executive or Fiscal Officer with the advice of the City's municipal
advisor. Any such BAN or BANs shall bear interest at a rate or rates not exceeding six
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percent (6.00%) per annum, or bear interest at a variable rate determined by reference to
any available published index as selected by the Executive or Fiscal Officer prior to their
issuance, and may be sold at a discount not to exceed two percent (2%). The BANs
herein authorized are payable from the proceeds of the 2019 Bonds and other legally
available funds of the utility. Any such BAN or BANs may be subject to early
redemption on or after any date selected by the Executive or Fiscal Officer prior to their
issuance, upon thirty (30) days’ notice to the owner of such BAN, at a redemption price
determined by the Executive or the Fiscal Officer. The BANs may be issued in one or
more series of BANs, or the City may receive payment on the BANs in installments, as
determined by the Executive or Fiscal Officer with the advice of the City's municipal
advisor prior to advertising or negotiating a sale of the BANs. The BANs shall be in a
customary form as approved by the Executive or Fiscal Officer.”
Section 2. No Other Changes. Except as set forth in this Ordinance, all other
provisions of the Original Ordinance remain in full force and effect.
Section 3. Effective Date. This Ordinance shall be in full force and effect from and
after its passage and execution by the Mayor in accordance with the laws of the State of Indiana.
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ADOPTED by the Common Council of the City of Carmel, Indiana this ___ day of __________
2023, by a vote of ____ ayes and ____nays.
COMMON COUNCIL FOR THE CITY OF CARMEL, INDIANA
___________________________________
Jeff Worrell, President Laura Campbell, Vice-President
___________________________________ ____________________________________
Kevin Rider Teresa Ayers
___________________________________ ____________________________________
Sue Finkam Anthony Green
___________________________________ ___________________________________
Adam Aasen Tim Hannon
___________________________________
Miles Nelson
ATTEST:
__________________________________
Sue Wolfgang, Clerk
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November
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Not Present
Not Present
20th
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Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of
_________________________ 2023, at _______ __.M.
____________________________________
Sue Wolfgang, Clerk
Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of
________________________ 2023, at _______ __.M.
____________________________________
James Brainard, Mayor
ATTEST:
___________________________________
Sue Wolfgang, Clerk
Prepared by: Richard C. Starkey
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
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