HomeMy WebLinkAboutCRC-15-2006RESOLUTION NO. 15-2006 A
RESOLUTION OF THE CARMEL REDEVELOPMENT COMMISSION
ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION
WITH THE LEASE DATED AS OF JULY 1, 2006, BETWEEN THE CITY
OF CARMEL REDEVELOPMENT COMMISSION AND THE CITY OF
CARMEL REDEVELOPMENT AUTHORITY RELATING TO THE
AUTHORITY'S COUNTY OPTION INCOME TAX LEASE RENTAL
REVENUE BONDS, SERIES 2006, PLEDGING CERTAIN REVENUES TO
MAKE LEASE RENTAL PAYMENTS UNDER SUCH LEASE AND
OTHER RELATED MATTERS
WHEREAS, the City of Cannel Redevelopment Authority (the "Authority") has
been created pursuant to Indiana Code 36-7-14.5 as a separate body, corporate and politic, and as
an instrumentality of the City of Carmel, Indiana (the "City"), to finance local public
improvements for lease to the City of Carmel Redevelopment Commission (the "Commission");
and
WHEREAS, the Authority intends to issue bonds ;pursuant to Indiana Code
36-7-14.5-19 to be known as the "City of Carmel Redevelopment Authority County Option
Income Tax Lease Rental Revenue Bonds,.Series 2006 (the "Bonds"), the proceeds of which are
to be used to finance numerous road and other infrastructure projects as more particularly
described in Exhibit C of the Lease (as hereinafter defined) (collectively, the "Project"), to pay
capitalized interest on the Bonds and to pay the costs of issuance of the Bonds; and
WHEREAS, the Authority intends to lease the Project, to the Commission
pursuant to a lease dated as of July I, 2006 (the "Lease"), which Lease was heretofore approved
by this Commission; and
WHEREAS, it is necessary for the Commission to (i) establish certain funds and
accounts for the payment of the rentals owed by the Commission pursuant to said Lease, and
(ii) pledge certain revenues to make rental payments under the Lease; and
NOW, THEREFORE, BE IT RESOLVED, by the Cannel Redevelopment
Commission as follows:
Section 1. There is hereby created and established'.a Redevelopment District,
Bond Fund to, consist ofa 2006 Projects Principal and lnterest-Account and such other accounts
as the Commission shall from time, to time establish. From the 2006 projects Principal. and
Interest Account; al] required lease rental payments under the -Lease shall'be made by the
Commission to the. Authority:
Section 2, (a) The rental payments to. be paid from 'the 2006 Projects
Principal and, Interest. Account under the. Lease shall'be payable from tlie,City's distributive share,
of Hamilton.Coumy Option Income Tax.revenues (the "COIT Revenues") previously pledged by
the Common Council of the City to the Commission, on a, parity with outstanding pledges of.
COIT Revenues, and any and all future authorized pledgcs of COIT`Revenues on ii•parity with
the pledge of COIT,.Revenues herein;, in connection With.(i) other.obligations issued by the City
or affiliated' entities or (ii) leases entered into by the Commission; as lessee, payable in whole or
in part with COIT Revenues (collectively, the "Parity :COIT Pledges"). From the monthly
distributions ofCOIT'Revenues to-the City,, fine Commission shall cause to be deposited with the
corporate trustee for;thei-Bonds an amount at least equal4n the?ncxvrental payment',due under the
Lease.
(b) The Coinmission,.iri eonsideration of the Lease, in order to secure, the
payment of rentals. due thereunder and the performance and observance of the covenants
thercunder,.hereby pledges to the..Auihority, and the holders of the Bonds, the COIT-Revenues,
along with any investment.carnings thereon-, such-pledge to be; effective,as set forth in Indiana
Code 5-1-14-4 without filing pr recording of the Lease, this! Resolution or any other instrument,
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on a parity as to the COIT"Revenues with_the Parity COTT Pledges. The Commission' hereby
affirms that the„pledge of COIT"Revenues herein is in compliance with any of'the terms and
conditions of all of the outstanding Parity COTT.Pledges, The pledge of.COIT`Revenues, shall he
effective only-to the extent and. for the term that ,the Commission- is obligated to°make rental
payments' under the Lease. The,obligadonofthe Cornmission.to make rental payments under'thc
Lease is limited to COTT Revenues; and investment earnings thereon, and shall not be consideied
a delis of the, City or; the:Redevelppment District,pf the City for purposes ofthe.Gonstitution or
laws ofthe State of Indiana.
Section3. All of the terms and conditions- precedent for the .issuance of
additional obligations or leaserentals payable from, COIT Revenues relating to the outstanding
Parity COTT Pledges shall remain iii- full 'force and 'effect; provided that nothing in this
Resolution shall be construed to. limit any future pledge of COTT Revenues by the Common
Council of the City or the Commission so.long,as such.."pledge is in conformance with the terms
and conditions;.ofthe outstanding.Parity COLT Pledges.
Section-4. This Resolution shall be in full,force and effeci after its,adoption
by the Commission..
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ADOPTED AND APPROVED of a meeting,:of the Commission held on thel5th day of
Au"gust, 2006;
ATTEST:
Prepared by:
David A. Arrerisen,'E6q.
Baker & Daniels'LLP
Aukuse15' 2006
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BDD801 4488698v1
CITY OF CARMEL
REDEVELOPMENT COMMISSION