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RESOLUTION NO. 17-2006
A PRELIMINARY BOND RESOLUTION OF THE CITY OF CARMEL
REDEVELOPMENT COMMJSSION
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission"),
governing body of the City of Carmel Redevelopment District (the "District'), previously issued
its City of Cannel, Indiana Redevelopment District-Taxable.County Option_Inceme Tax Revenue
Bonds of 1998 in the original aggregate principal amount of $10;500,000 (the "1998 Bonds");
and
WHEREAS, due to a decline in interest rates since the issuance of the 1998 Bonds, the
Commission deems it advisable to advance refund the 1998 Bonds in order to effectuate a debt
service savings to the Commission;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF CARMEL
REDEVELOPMENT COMMISSION, GOVERNING BODY OF THE CITY OF CARMEL
REDEVELOPMENT DISTRICT, AS FOLLOWS:
SECTION 1. The Commission hereby makes a preliminary determination to issue bonds
payable from county option income tax revenues of the City and other revenues available to the
Commission for the purpose of advance refunding the 1998 Bonds. Said bonds shall be in the
maximum principal amount of $9,500,000 with a final maturity no later than December 15, 2018.
SECTION 2. The President, Vice President, Secretary or any other officer or member of
the Commission are authorized to take all such actions and to execute all such instruments as are
desirable to carry out the transactions contemplated by this Resolution, in such forms as such
officer or member executing the same shall deem proper, to be conclusively evidenced by the
execution thereof.
SECTION 3. This Resolution shall be in full force and effect immediately from and
after its passage.
Passed dpd adopted this l 7th day of October, 2006.
CITY OF CARJMEL
REDEVELOPMENT COMMISSION.
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