HomeMy WebLinkAboutD-2712-24 BANs Extension - Amends D-2689-23Sponsors: Councilor Green
ORDINANCE D-2712-24
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, AMENDING ORDINANCE NO. D-2689-23
Synopsis:
Ordinance amends prior Ordinance No. D-2689-23 to authorize a maximum interest rate of 7%
(rather than 6%) and extending the maturity date of the bond anticipation notes of the
waterworks to July 31, 2024 (from May 1, 2024).
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, pursuant to Ordinance No. D-2689-23 adopted by the Council on
November 20, 2023 (the “Amended Ordinance”), the Council amended the Original Ordinance;
and
WHEREAS, the Council now desires to amend the Amended Ordinance to provide a
greater interest rate on the BANs than originally authorized and extend the maturity date of the
BANs to July 31, 2024.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL, THAT:
Section 1. Section 2(e) of the Original Ordinance, as amended by the Amended
Ordinance, is hereby 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 July 31,
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 July 31, 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
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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 Bonds 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 seven
percent (7.00%) 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 and Amended 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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PASSED by the Common Council of the City of Carmel, Indiana this ___ day of
______________, 2024, by a vote of ______ ayes and ______ nays.
COMMON COUNCIL FOR THE CITY OF CARMEL, INDIANA
___________________________________
Tony Green, President Adam Aasen, Vice-President
___________________________________ ____________________________________
Rich Taylor Matt Snyder
___________________________________ ____________________________________
Jeff Worrell Teresa Ayers
___________________________________ ___________________________________
Shannon Minnaar Ryan Locke
___________________________________
Anita Joshi
ATTEST:
__________________________________
Jacob Quinn, Clerk
Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of
_________________________ 2024, at _______ __.M.
____________________________________
Jacob Quinn, Clerk
Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of
________________________ 2024, at _______ __.M.
____________________________________
Sue Finkam, Mayor
ATTEST:
___________________________________
Jacob Quinn, Clerk
Prepared by: Richard C. Starkey
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
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