HomeMy WebLinkAboutCRC-10-2004 $9.5 ml Reimbursementr- -
RESOLUTIONlvO.
RESOLUTION OF THE CITY.OVCARMEL
REDEVELOPMENT COMMISSION
REGARDING THE REIMBURSEMENT
OF CERTAIN PRELIMINARY EXPENDITURES FROM
PROCEEDS OF A PROPOSED.ISSUKOF BONDS.
WHEREAS, the City of Carmel ;Redevelopment Commission (the "Redevelopment
Commission! 0, -,intends to cause to -be issued, by^ the `Redevelopment District of the City of
Cannel, Indiana, tax increment- revenue bonds in an aggregate principal amount not to exceed
Nine Million Five Hundred'Thousand Dgllars (59,500;000) (the 'Bonds"), to procure funds to be
applied Co. the costs of the acquisition and. construction of certain street and intersection
improvements in or serving the economic development area. locate .in the City of Carmel,
Indiana, known as'the "Illinois Street Economic Development Area" (collectively; t&'"Project" );
and
WHEREAS, certain preliminary expenses related to Ihe• Project'have been or will be
incurred by the.Redevelopment,Commission, or. on its behalf, prior to therissuance and..delivery
of the.Bonds;;and
WHEREAS,'the,Redevelopment Commission desires to express its intention to reimburse
such expenditures,as have been or "lr ay be incurred: prior to the issuaricc of theBonds,-pursuant
to Indiana. Code 5-I-14-6' and in compliance with Section 1.150-2 of the U.S. Treasury
Regulations, promulgated by the Internal-Revenue Service (the 'Treasury Regulations'!);.
1` bw -THEREFORE;, BE IT RESOLVED BY TIdE CITY OF CARMEL
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Redevelopment, Commission -hereby declares that it-reasonablyl expects to
reimburse with the proceeds of the Bonds expenditures for the Project made by 4he
Redevelopment Commission °prior to the issuance' of-the Bonds during the period beginning on
the date sixty {60) days prior to the; date of this Resolution distil the date of issuance of the
Bonds. which expenditures are expected to be paid initially from other legally available funds of
the Redevelopment.Commission.
2. The Redevelopment Commission hereby declares° that, this Resolution is being,
adopted for purposes of evidencing-compliance with Indiana Code 5-1-14-6 and'Sectioh 1.150-2
of the Treasury Regulations.
0i * *
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IMtilAN1 425799v2
ADOPTED. AND •APPROVED at a meeting of the City of Cannel Redevelopment
Commission held oil the3 day'o f March, 2004:
CITY OF CARMEL
REDEVELOPMENT COMMISSION
A
Secretary
j:.
missioner
Commissioner
ATTEST:
(NIMANI 725799v2
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