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HomeMy WebLinkAboutCRC-08-1998 Bond Execution Letter RESOLUTION NO. ?4113 RESOLUTION OF CITY OF CARAMEL REDEVELOPMENT COMMISSION AUTHORIZING EXECUTION OF LETTER CONCERT` MG BONDS RESOLVED, that the President or any other officer of the City of Carmel Redevelopment Commission (the 'Commission') is hereby authorised and directed, for and on behalf of the Commission, to execute and deliver the letter attached hex-etc as Exinibit Adopted at a public meeting of the City of Cartel Redevelopment Commission in the Department of Community Services Conteteence Room o Carmel City Hall, One Civic Square, which meeting was held at Carrel time, on 1998. CITY OF CARMEL REDEVELOPMENT COMMISSION to i V Vice President `i ,nq :sus i Member January 1998 City of Carmel One Civic Square Carmel, Indiana 46032 Re. City of Carnal, Indiana, Redevelopment District Taxable Cnanty Ootion Income Tax Revenue Bonds of 1998 Dear Ladies and Gentlemen: The City of Carmel RedevelopmentCommission(the "Commission'lheneby agreeswiththe City of Carrel, Indiana (the "City'I, that, unless the Commission receives a written consearfrom the Common Council of the City, the Commission shall'applyany property tax proceeds paid into the 126th Street Corridor Economic Development Allocation Area Fund (as defined in Resahrtion 2-1998, adopted by die Commission on January 15, 1998) or the City Center Redevelopment Allocation Area Fund (as defined in Resolution 3-1998, edaptedby the Commissionon Jatmary .15, 1998) to the payment of the principal of or imcrest on the above-referenced bonds (the "Bonds' l, authorized by Resolution 4-1998, adopted by the Commission on January 15, 1998 (the "bond Resolution''), which principal or interest is scheduled to become due within six months after the Cotmnission'sreceipt of such property tax proceeds, prior.to the Commission's application of any COLT Revenues (as defined in the Bond Resolution) to the payment of such principal or interest. This letteris intended to be, and shall be, for the sole and exclusive benefit of the City, and nothing expressed or implied herein is intended to give, or shall give, to any holder of any of the Bonds or any other pemon, other than the City, any legal or equitable right, remedy or claim CITY OF CARMEL REDEVELOPMENT CO W SSION ?rioted: Tide: N=1 IM Zal"