HomeMy WebLinkAboutD-1871-07 Keystone Ave Fund 920 As AmendedSPONSORS`. Councilors Kirby, Rattermann,
Sharp & Seidensticker
WHEREAS, the City. is acquiring from the.Indiana Department of Transportation(" 2MOT") that
portion of State Road 431 ,(`=Keystone Avenue') that extends from its-southern-terminus at the southern
boundaryof 961x' Street northward to its northern terminus located approximately three thousand four
hundred (3,400) feet north of,136 h Street; and
WHEREAS; as consideration for the, tzansfer of jurisdiction and oontrol of Keystone Avenue
from INDOT to the City, 1NDOT has agreed to pay the City the approximate sum of Ninety Million.
dollars ($90;000000;00); and
WHEREAS, if will.be,necessary and in the publicinterest6or the City to make significant design,
construction,;rep"air.and operational, improvementsto.Keystone Avenue; and,
WHEREAS, there currently exists no specific City repository for the;above funds to be received
fi cm LNDOT that will ensure that ,they are used for 'the ;improvement of Keystone Avenue arid its
intersections with other roadways; and
1*JHERE?i5,-it is necessary to' establish a "Non-R'everdggXeystonc Avenue Improvement Fund
to accept such:monies. and'-to disburse them,for improvements-consistent with the acquisition of Keystone:
Avenue.-
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of Carmel,
Indiana, as follows:
SectioifI The foregoing. Recitals are fully incorporated.herein_ by-thi's reference.
Se6tion°2' That Chapter 2, Article-4,0f the Carmel. City Code is`hereby amended to add a new
Scction-129 which shall;read as follows:,
"Seel. 2.129: Non-Reverting Keystone Avenue Improvement Fund
(a) Thereis established aNon-Reverting Keystone Avenue improvement Fund #920 ("Non-Reverting.
Keystone Avenue, Improvement Fund") to be used exclusively for the purpose of accepting and disbursing
monies, received from ADOT"and disbursed for projects consistent'with the Cily's improvement of Keystone
Avenue and this Section.-
Prepared by Douglas C. Haney;,Carmel City Attorney
[Z:?H 9saVMY?v",m,iOTDMAV?9?,gT?9U5H PVYOVdop MJ Sc ].??U F?u6[fm Ce,aeee ?•«?Lw..trvinm].l2, PM
66.05 SCm'p Pw] •.
ORDINANCE NO. D-.1871-07 (AS AMENDED)
(b) The Non-Reverting.Keystone Avenue Improvement Fund shall be.,administered and maintained as set
forth herein:
1. The Non-Reverting Keystone Avenuetmprovement Fund shalt be"managed by the.fiscai officer of
the City as required by law;
2. The monies contained in -the` Non-Reverting Keystone Avenue Improvement. Fund shall be
received and deposited.therein4rom INDOT and from all other tawfuhsources°in accordance with
applicable law; .
3. The funds contained in the, Non-Reverting Keystone Avenue' Improvement Fund shall be.
accounted for and maintained separate and apart from all other City funds, and shall be invested
with the interest earned thereon deposfted into the Non'Reverting. Keystone Avenue
Improvement Fund;, and
4. The funds held and.acccOted for in the Non'Peveiting Keystone Avenue.lmprov_ement Fund
shallbe withdrawn only: - .
a. At the discretion of the Director„of the Engineering Department of the City upon
appropriation,by the Common Council;
b,_ Solely and exclusively for the purpose of building, improving,'or:maintaining Keystone
Avenue and for any improvements to connecting or local roads and, intersections to
accommodate vehicular trafftc .load and diversion attributable to the improvement of
Keystone_Avenue and consistent with this Section..
TheJunds contalned`in the Non-Reverting Keystone Avenue Improvement Fund,shall not be
assigned,:,used as collateral,' borrowed against or otherwise, risked or encumbered except as
consistent with this, Section,,and'that certain Memorandum of:Aireement between -the City and
INDOT transferring control andjunsdiction of Keystone Avenue to the City.
All property, acquired. from monies held' in the Non-Reverting Keystone Avenue Improvement
Fund shall be titled in.the name; of the City of Carmel, and'.
7, the 'life 'of the Non-Reverting' Keystone Avenue Improvement Fund shall be perpetual,. unless
terminated by subsequent ofdinance."
Section 3. That the remaining -provisions of, Carmel City Code Chapter 2, Article 4, are not
affectedby thi's Ordinance and remain in full force and effect.
Section 4: If any portion of this Ordinance is for any reason declared to be, unconstitutional. or
invalid, such decision shall not-affect the validity of the -remaining portions of this O_ rdiriance so long as
enforcement of same can be given the?same effect.
Section 5. This:Ordinance,shall bein full force and effect, from and after its passage and signing
by the Mayor and such publication as is rNuired.bylaw.
Prepared by Douglas C, Haney; Carmel City Attorney
?2:SE BafaVNY9owmmCl?FDWANCPS?SSTM US HFi Ada PALA 5a i-130 alabfi?4Ke3mec knprwePVadGU', Id' a7W Ic?M:
a e.o? Spmin iiv,r _
}
PASSED by the Common Council of the City of Carmel, Indiana,this, IS .day ofDdle&?,
2007, bya vote of '7 ayes and b nays.
COMMO COUNCIL>FOR'THE. CITY OF CARMEL, INDIANA
v
a Presented by me to the. Mayor of the City of Carmel,: Indiana, at :o'clockA M. on the
dayofCt`pjfiti 2007.
Approved by me, Mayor of the City of
day of 03fJi , 2007.
ATTEST:
L. Cordray, IANIC,
Ordinance-No. D-1871-07(AS
3
Prepared by Douglas C- Haney, Carmel City Attorney
an this
,L? BwNry OecexmrronOWnN?S?ESTABL8F3PIhNLWp? Md 5c 1-19o:k.atiy(. tLCn'?e ?,Py., }ypdr? W1RWf g ]a PM'.
.
?6W Spomw 9'r-?