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Home My WebLink AboutD-1921-08 Keystone $20 ml.Note.Sponsors: Councilors Griffiths and Snyder ORDINANCE D-1.927-08 AS AMENDED AN ORDINANCE OF THE COMMON COUNCIL OF TILE CITY OF CARMEL, INDIANA, APPROViNG`AN INTERIM LOAN TO FINANCE PORTIONS OF THE KEVSTONEAVF NUE PROJECT AND TAKING OTHER RELATED ACTIONS WHEREAS, parsuantJo a Memorandum of Agreement for Transfer. and Construction of SR. 431 between the Indiana Departmentof Transportation (" INDOT") and..the City of Carmel, Indiana (the "City')', executed by the City on October 3, 2007 and by INDOT on October5,,;2007 (the "State Agreement"), IItitiTDOT`relinquished jurisdiction over portions of S.R, 431 described in Attachment A -to the State kg7eement.(the "Relinquished Keystone Corridor") to the City,. and agreed to pay .the City, a total of ?$90,000;000 in installments, with the last installment of $20;000,000 payable in 2010 (the "2010 Installment. Payment"),,in exchange- for. the City?s assumption of responsibility for the Relinquished Keystone Corridor;'and WILE_REAS, in order to facilitate the 'timely construction of- improvements to thc• Relinquished <Keystone. Corridor- the Common Council of the City (the t'Common; Council') desires, to. approve an interim loan'by the City, repayabld,from the 2010 Installment Payntent, on the terms.an`''d conditions set forth.Herein; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL,1NDiANA,,as follows: Section']. Authorization of Loan. The Common Council hereby authorizes the City to enter into an interim loan; to be,evidenced by one.or more notes; (the, "Not_es"), in an;aggregate principal amount not;to exceed .$20;D00,000 (the'"Interim Loan"), the proceeds of'such,interim. Loan to be used exclusively to construcrimprovements to the Relinquished'Keystone,Co ridor (the "Project"). The Interim Loan shall be further subject-to the foiloAling conditions: (a) the City shall use '.the<.Interim Loan proceeds for intersection improvements on the. Relinquished Keystone Corridor, and (b) any change, orders for, the Project- that exceed $49;999 must.be approved;by,the Common Council oftheCity. Section 2. Pledge of?Ol O lnstallment Payment. The Common Council, on;behaif of the City, hereby pledges and, assigns tho,proceeds of,tfic 2010Installment- PaymQnt.to be received' by the City for the repaymerit`of the lhtelim =Loan. The City also-may use any'other revenues legally available tothe'City„if necessary, for the repayment of the Interim Load. Section.'). GeneralTerms oPIrnerim Loan-and Notes: (a) The, final,form of the Notes shall be determined by the Mayor and Clerk-Treasuerer, with the advice-of-the City's bond counscl°and financial advisor, consistent with the terms of this Ordinance. The Notes shall be signed in the name of the City by the,manual or facsimile signature of the Mayor of the City and attested bythe?manual or facsimile signature of the Clerk- Treasurernfehe City, who shall affix the seal of the City, if any, to each of'the Notes manually VERSION A - 02/10/09 or shall have the'seal -imprinted or impressed thereon:by,facsimile or other means: In case any officer wkose,signature or facsimile signature appears on the Notes shall cease to be such officer before the delivery of the`Notes,_such "signature shall nevertheless be valid, and sufficient for all purposes As-if such officer had- remained.,in office until' delivery thereof. The Notes shall also be authenticated by the manual signature of the Registrar (as hereafter defined). Subject to the provisions of`this Ordinance: regarding the registration of the Notes, the Notes shalt be fully negotiable,instruments under the,laws of the-State of Indiana., (b) Tile Notes shall beissued in fully registered' form in denominations of:F.ive Thousand Dollars (55,000) or any integral multiple,thereof, shall be numbered consecutively from R-1 upward, and-shall be originally dated as of their date of issuance. The Notes-shall.bear interest payable on such dates as may lie determined by the Mayor and the Clerk-Treasurer at the time of sale, at a rate or rates not exceeding eight percent (8.00,°/d) per annum. Interest shall be calculated on thebasis;of a 360-day year comprised of-twelve 30-day months. The Notes shall mature in full on a date in 20tO detenrimedby the Mayor and the Clerk-Treasure; atthe'time of sale thereof; provided that the maturity date -shall be-no later than December X3'1 2010. Section 4. Terms of Prepayment: The Mayor and the Clerk-Treasurer, upon consultation with the City's -financial advisor, are hereby authorized- and directed to detehnine the terms governing any prepaymentrights`relating to the.Notes- Section.5.. Registrar and-P.aying-Agent. The C1erk;Trcasurer is hereby authorized to serve•as, or to appoint °a qualified financial institution to`"serve as,.registrar and paying agent for the Notes (the "Registrar" :or "Paying Agent" ). The Registrar is hereby charged with the responsibility of authenticating;the Notes, and shall-keep and maintain at,'its'principal office or. corporate trust office books. for the registration ,and transfer of the Notes 'The Clerk-Treasurer and the Mayor are. hereby authorized to enter into such, agreements or understandings. with such institution as will enable, the, insiitution to perform the services required of the Registrar and Paying Agent: The Clerk-Treasurer is authorized to pay such fees as the.institution may charge for the services.it provides,as Registrar and Paying.Agent. Section 6. Sale of Notes. The Notes shall`be sold by competitive bid in accordance with the provisions of IC 5-1-11,; or with the advice ofbond counsel may be sold in a negotiated sale to one or more. purchasers, including ihe:Indiana 13ond'3ank. Section 7. Severability. If any part of;this Ordinance shall be-adjudged to,be invalid by a court o[ proper jurisdiction, it shall be, conclusively presumed that the Common Council would have.passedtheremainder of ibis Ordinance without such invalid;'part. Section 8. Repeal. of Conflicting Ordinances: All ordinaners,:resolutions and orders, or parts thereof, in conflict with the provisions of this Ordinance, are 'to the extent'of such conflict, hereby repealed. Section 4. Authorization of Other Actions. -Each of the-Mayor, any mernbe_r of the. Common Council and the,Cl'erk-Treasurer„and any other officer, ernployee'oi agerit.of the City is hereby authorized and directed, for and on behalf"of"the City, to execute, and deliver any contract, agre`.ernent, e6tificate,,instrument or other document and to take any action_as.such VERSION A - 02116/09 person determines to be,necessary or appropriate to accomplish the purposes:ofthis Ordinance, such determinationto be conclusively evidenced by _such .person's -execution of such. contract, agreement, certificate,.inslrumentorotlfer document or such person's.taking of such action.. Section 10. Effectiveness. This Ordinance shall be in full force and effect from and after its: adoptionhy the Cominon Council and upon compliance N ith'the,procedures required by law. PASSED by.the Common.Council .of.Yhe City of Carmel, this )(001-day 2009, by a vote?,of to ayes and. t nays.; COMMON COUNCIL OF THE CITY OF CARMEL-, INDIANA OPpasz? Ronald E. Carter ATTEST: -?? ^^ , Diana L. Cordray lAMC, Clerk=Tr urO VERSION A - 02/16109 Presented by me to the Mayor of the Cicyof Carmel this 1 day ofrln.Qr M4 , 2009; at, 11:s?f ?:M. O U Diana L.,Cordray,IAMC,,Cerk-Treasvl Approved by me, Mayor of the City of Carmel, Indiana, this !gam day of 2009, at JU-Q3 ._A- A ATTEST: Diana, L. Cordray, IAMC„ Prepared by: Bruce D. Donaldson Barnes, Thornburg;LLR 11 South Meridian Street. Indianapolis; IN 4G204 Iti G801 BBINGHAbF1082091,4 al .a. ig J ages BrainaTd,'Mayor VERSION A- 02/16/09 4