HomeMy WebLinkAboutCC-03-18-02-03 WITHDRAWN/Reimburse Costs/Proceeds Bonds
Sponsor: Council President Wilson
RESOLUTION NO. CC-03018-02-03
RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, ESTABLISHING
ITS INTENT TO REIMBURSE CERTAIN PRELIMINARY
COSTS FROM THE PROCEEDS OF BONDS
WHEREAS, the City of Carmel, Indiana (the "City"), expe s to incur preliminary costs
and expenses in connection with any or all or any portion 0 . (i) the acquisition,construction,
installation and equipping of a motor vehicle ~et maint ance facility and three .salt barns, and
(ii) the acquisition, construction, inst ll~ a equipping of various local road and
intersection improvements in the
er with storm sewer, drainage and other
ollectively, the "Project"); and
h preliminary costs and expenses relating to the Project
"Bonds"); and
,c ain preliminary expenses related to the Project have been or will be.
incurred by the Cit prior to the issuance and delivery ofthe Bonds; and
S, the Common Council of the City (the "Common Council") desires to
express its i ention to reimburse such expenditures as have been or may be incurred prior to the
issuance of the Bonds, pursuant to Indiana Code 5-1-14-6 and in compliance with
1.150-2 of the U.S. Treasury Regulations promulgated by the Internal Revenue Service
(t "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 to reimburse
with the proceeds of the Bonds expenditures for the Project made by the City 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.
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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INlMANl\578798_1.DOC