HomeMy WebLinkAboutCRC-12-2006RESOLUTION NO. 12-2006
RESOLUTION OF TAE CITY OF CARMEL REDEVELOPMENT
COMMISSION REGARDING THE REIMBURSEMENT OF CERTAIN
PRELIMINARY-EXPENDITURES FROM PROCEEDS. OFA PROPOSED
ISSUE OF BONDS
WHEREAS, the City of Carmel Redevelopment Commission (the "Redevelopment
Commission"), intends to issue, or cause to be issued by the City of Carmel Redevelopment
Authority, bonds in an aggregate principal amount not to exceed Seventy-Two Million Dollars
($72,000,000) (the 'Bonds"), to procure funds to be applied to the costs of the acquisition,
construction, installation and equipping of numerous road projects, a police maintenance facility,
pedestrian trail improvements, and public safety and transportation department facilities, and
various expenses and other matters relating thereto, and other property acquisition and
redevelopment in or serving one or more economic development areas previously established
pursuant to Indiana Code 36-7-14 (collectively, the "Project"); and
WHEREAS, certain preliminary expenses related to the Project have been or will be
incurred by the Redevelopment Commission, or on its behalf, prior to the issuance and delivery
of the Bonds; and
WHEREAS, the Redevelopment. Commission desires to express its intention 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 Section 1.150-2 of the U.S. Treasury
Regulations promulgated by the Internal Revenue Service (the "Treasury Regulations");
NOW, THEREFORE, BE IT RESOLVED by the City of Carmel Redevelopment
Commission as follows:
.
1. The Redevelopment Commission hereby declares that it reasonably expects to
reimburse with the proceeds of the Bonds expenditures for the Project made by the
Redevelopment Commission, or on its behalf, 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 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 Section 1.150-2 of the
U.S. Treasury Regulations.
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ADOPTED AND APPROVED at a meeting of the Commission held on the 18th day of
April, 2006.
CITY OF CARMEL
REDEVELOPMENT COMMISSION
*resident
Commissioner
ATTEST:
Prepared by:
David A. Arrensen, Esq.
Baker & Daniels LLP
April 18, 2006
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BDDBOI 4373630x2
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