HomeMy WebLinkAboutCC-03-18-02-04 WITHDRAWN/Reimburse Costs/Proceeds Bonds
,c.
.,
Sponsor: Council President Wilson
RESOLUTION NO. CC-03-18-02-04
y.
F
NT OF
CERTAIN
OF BONDS
RESOLUTION OF THE COMMON COUNCIL OF THE
OF CARMEL, INDIANA, ESTABLISHING ON BE
OF THE CITY OF CARMEL, INDIANA, DEPART
REDEVELOPMENT ITS INTENT TO REIMBUR
PRELIMINARY COSTS FROM THE PROCEE
WHEREAS, the City of Carmel, Indiana (the "e "), with respect to itself and the City
of Carmel, Indiana, Department o~edevelopm t (the "Department"), expects to incur
.preliminary costs and expenses in co~on ' the acquisition, construction, installation and
equipping of any or all or any ~~f va ' us local road and intersection improvements in the
City, together with storm s e\dtaina and other infrastructure improvements related thereto
(collectively, the "Projec
cipates such preliminary costs and expenses relating to the
onds issued by the City of Carmel Redevelopment Authority or
the ity, in an aggregate principal amount not to exceed Seven Million
WHE
certain preliminary expenses related to the Project have been or will be
ty and/or the Department prior to the issuance and delivery of the Bonds; and
AS, the Common Council of the City (the "Common Council") desires to
express its ntention that such expenditures as have been or may be incurred prior to the issuance
onds be reimbursed, pursuant to Indiana Code 5-1-14-6 and in compliance with
1.150-2 of the U ,So Treasury Regulations promulgated by the Internal Revenue Service
(th "Treasury Regulations");
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
. CITY OF CARMEL, INDIANA, as follows:
I, The Common Council hereby declares that it reasonably expects a portion of the
proceeds of the Bonds to be used to reimburse the City andlor the Department for expenditures
for the Project made by the City and/or the Department prior to the issuance of the Bonds during
the period beginning on the date sixty (60) days prior to the date of this Resolution until the date
of issuance of the Bonds, which expenditures are expected to be paid initially from other legally
available funds of the City and/or the Department.
2. The Common Council hereby declares that this Resolution is being adopted for
purposes of evidencing compliance with Indiana Code 5-1-14-6 and Section 1.150-2 of the
Treasury Regulations.
3. This Resolution shall be effective upon its passage by the Common Council and
approval by the Mayor of the City, in accordance with procedures as required by law.
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