HomeMy WebLinkAboutD-1934-09 $20 ml./Keystone Ave ProjectSponsor: Councilor Snyder
ORDINANCE D-1934-09
AS AIIIENDED
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, APPROPRIATING PROCEEDS OF AN INTERIM LOAN TO FINANCE
PORTIONS OF THE KEYSTONE AVENUE PROJECT
WHEREAS, pursuant to a Memorandum of Agreement for Transfer and Construction of
S.R. 431 between the Indiana Department of Transportation ("INDOT") and the City of Carmel,
Indiana (the "City"), executed by the City on October 3, 2007 and by 1NDOT on October 5, 2007
(the "State Agreement"), INDOT relinquished jurisdiction over portions of S.R. 431 described in
Attachment A to the State Agreement (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
WHEREAS, by Ordinance D-1921-05 adopted by the Common Council of the City (the
"Common Council") on February 16, 2009, the Common Council authorized an interim loan by
the City, repayable from the 2010 Installment Payment and other legally available revenues of
the City, to procure fiords to be applied to the construction and inspection of intersection
improvements at 1101' Street and Carmel Drive on the Relinquished Keystone Corridor (the
"Project"), and authorized the issuance of one or more notes (the "Notes") to evidence such loan;
and
WHEREAS, the proceeds of the Notes have not been included in the appropriations
provided for in the existing budget and tax levy for the City, and the Common Council now
desires to appropriate such funds.tobeapplied to costs of the Project; and
WHEREAS, prior to final adoption of this Ordinance, notice of a hearing on said
appropriation shall have been duly given by publication as required by law, and the hearing on
said appropriation shall have been held, at which all taxpayers shall have had. an opportunity to
appear and express their views as to such appropriation.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA, as follows:
Section 1. Appropriation. There is hereby appropriated into line item 920--Keystone
Avenue--Non-Reverting Fund a sum not to exceed Twenty Million Dollars ($20,000,000) out of
the proceeds of the Notes, together with all investment earnings thereon, for the purpose of
providing- funds to be applied to the Project. Such appropriation shall be in addition to all
appropriations provided for in the existing budget and shall continue in effect until the
completion of the described purposes.
Section 2. Authorization of Other Actions. The Mayor and the Clerk-Treasurer are
hereby authorized to take all such actions and execute all such instruments as are necessary or
VERSION A - 04/20/09
desirable to effectuate this ordinance, including the filing of a report of this appropriation with
the Indiana Department of Local Government Finance.
Section 3. Effectiveness. This Ordinance shall be in full force and effect from and.
after its adoption by the Common Council and upon compliance with the procedures required by
law.
PASSED by the Common Council of the City of Cainiel, this aO_P_ day of ,
2009, by a vote of -j ayes and r) nays.
COIWMON COUNCIL OF TIIE CITY OF CARMEL, INDIANA
P siding Officer
Eric Seidenstic er; President Pro empore
V
n Accetturo
Ronald E. Carter
ATTEST:
9444--) ?' " -
Diana L. Cordray, [AMC, Clerk-Trea Irer
*ucnyde--
VERSION A-04/20/09
- 'IZ_14?11 1_?rl
Richard L. Sharp V
S?
Presented by me to the Mayor of the City of Carmel this a l day of , 2009, at
.;? '-55 -e.M.
Diana L. Cordray,
Approved by me, Mayor of the City of Carmel, Indiana, this ?day of ,
2009, at q:L;-.M.
mes Brainard, MayorBrainard, Mayor
ATTEST:
&A,
Diana L. Cordray,lAMC, Clerk-T e surer
Prepared by: Bruce D. Donaldson
Barnes & Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
INDS01 uon 11 10463v4
VERSION A - 04/20/09