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HomeMy WebLinkAboutCRC-09-2004 Amend Lease Between CRA and CRCRESOLUTION NO. 9- -:?e04 RESOLUTION OF THE CITY OF CARMEL REDEVELOPMENT COMMISSION AUTHORIZING THE EXECUTION OF AN AMENDMENT TO LEASE BETWEEN THE CITY OF CARMEL REDEVELOPMENT AUTHORITY AND THE CITY OF CARMEL REDEVELOPMENT COMMISSION AND RELATED MATTERS WHEREAS, the City of Carmel Redevelopment Authority (the "Authority") has been created pursuant to IC 36-7-14.5 as a separate body corporate and politic, and as an instrumentality of Hamilton County, Indiana (the "County") to finance local public improvements for lease to the City of Carmel Redevelopment Commission (the "Commission"); WHEREAS, the Authority, as lessor, and the Commission, as lessee, entered into a Lease Agreement, dated as of July 8, 1997, as amended (the "Lease"); WHEREAS, the Authority issued its County Option Income Tax Lease Rental Revenue Bonds of 1997, dated September 4, 1997 (the "1997 Bonds"), in the original aggregate principal amount of Thirty-Two Million Dollars ($32,000,000), pursuant to a Trust Indenture, dated as of August 1, 1997, between the Lessor and Fifth Third Bank of. Central Indiana, as trustee, for the purpose of procuring funds to pay the cost of constructing certain road improvements in the City of Carmel, Indiana, as described in Exhibit A of the Lease; WHEREAS, the 1997 Bonds are outstanding in the aggregate principal amount of Twenty-Six Million Two Hundred Seventy-Five Thousand Dollars ($26,275,000) (such 1997 Bonds, the "Refunded Bonds"); WHEREAS, Indiana Code 36-7-14.5 authorizes the refunding of bonds issued by the Authority; WHEREAS, the Authority desires to refund all of the outstanding 1997 Bonds at alower interest cost in order to effect a savings; WHEREAS, the Authority has authorized the issuance of refunding bonds designated as "City of Carmel Redevelopment Authority County Option Income Tax Lease Rental Revenue Refunding Bonds of 2004" (the "2004 Bonds"), for the purpose of providing funds for the payment of: (i) the principal and interest due on the Refunded Bonds from July 1, 2004, through January 1, 2006; (ii) the principal, interest and redemption premium payable on the remaining outstanding Refunding Bonds, as the same becomes due on July 1, 2006; (iii) funding a debt service reserve fund or reserve fund credit facility for the 2004 Bonds, and (iv) the costs of such refunding, including the costs of issuance of the 2004 Bonds; and WHEREAS, pursuant to the Lease, the Commission. has agreed to pay to the Authority fixed annual rentals, which are based on the annual amount of principal and interest due on the 1997 Bonds; and WHEREAS, the Commission desires to approve the issuance of the 2004 Bonds and a First Amendment to Lease Agreement, between the Authority and the Commission (the "First Amendment to Lease") pursuant to which the fiked annual rentals °payable under Lease are amended-to correspond to the annual amouni-of principal and interest-,due on the 2004 Bonds, and other actions.related thereto. NOW, THEREFORE, BE IT, RESOLVED BY THE CITY OF CARMEL RF.DEVELOPMENT'COMMISSION AS:FOLLOWS: The Commission hereby. approves the;issuance of the 2004 Bonds., 2. The Comnission,hereby approves the proposed First Amendment to Lease, in the, form;preseated,at this meeting. The Presiderrt,ovanyaother officer of the Commission is hereby authorized and directed to execuWand deliver the First;, Amendment to,Lease lin.substantially the form presented at this meeting with such changes in form or substance as the. President or any other officer of the Commission shall approve, such. approval to be conclusively evidenced by the execution thereof.. 3. The President, Vice President and Secretary of,this Commission; and each of them, is`hereby authorized and directed to take all such further actions ]and to execute-all.such instruments as•are desirable to carryout the transactions contemplated by this Resolution, including but not lim ied°to a continuing disclosure agreement and closing certifications, in.such forms as,the President,, Vice President or Secretary executing the same shall deem.proper,. such .desirability to be:conclusively evidenced by the execution thereof. This Resolution shall, be infull force and effect after adoption by the Commission. ADOPTED the 1.0th day of February, 2004. CTf.Y OF CARMEL. REDEVELOPMENT COMIUSSION Member INo50l,H?O 6456550 2