HomeMy WebLinkAboutMayor/Council Spending Agreement AGREEMENT
THIS AGREEMENT dated as of October 23, 2002 (this "Agreement by and
among the Mayor (the "Mayor of the City of Carmel Indiana (the "City the Common
Council of the City (the "Council and the Board of Public Works and Safety of the City (the
"Board of Public Works and joined in by the Clerk Treasurer of the City (the "Clerk
Treasurer"),
RECITALS
WHEREAS the City intends to issue on the effective date hereof its County
Option Income Tax Revenue Bonds Series 2002, in the aggregate pnncipal amount of
$10,450 000 (the "Bonds and
WHEREAS the parties hereto desire by this Agreement to provide procedures
for the approval of certain expenditures of Bond proceeds,
NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree as follows
AGREEMENTS
Section 1 Contract Approvals From and after the date hereof, the Board of
Public Works shall approve all agreements or contracts, and change orders to any such
agreements or contracts or to agreements or contracts entered into pnor to the date hereof, for the
expenditure of Proceeds (singly or together hereafter referred to as "contracts" or "change
orders and shall conduct all bid proceedings, if required by applicable law, with respect
thereto
Section 2 Expenditures From and after the date hereof, the Mayor shall not
enter into and execute any contract nor award any bid for a contract, or issue any change order
which contemplates or involves any Expenditure (as hereinafter defined), unless such contract
(including any award of a bid for a contract) or change order is approved by the Board of Public
Works and the Council in accordance with Section 3 hereof e
Section 3 Approval After the Board of Public Works approves any
proposed contract (including any pioposed award of a bid for a contract) or proposed change
order for any Expenditure the Board of Public Works shall deliver written notice of its approval
of such proposed contract (or proposed award of bid) or proposed change order to the Clerk
Treasurer, together with instructions to deliver a copy of such notice to each member of the
Council by the close of business on the business day after the Board of Public Works' delivery of
such notice to the Clerk- Treasurer If the Board of Public Works so delivers such notice and
instructions the Council shall be deemed to have approved such contract (or award of bid) or
change order at the close of busyness on the fifth business day after the date by which the Clerk
Treasurer was so instructed by the Board of Public Works to deliver a copy of such notice to
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11 each member of the Council (the "Effective Date unless (a) by the close of business on the
Effective Date any member of the Council who disputes in writing such proposed contract (or
proposed award of bid) or proposed change order requests in writing the Clerk Treasurer to place
such dispute on the agenda for the next meeting of the Council, and (b) at such meeting the
Council disapproves such proposed contract (or proposed award of bid) or proposed change
1 order by a vote of' a majonty of the elected members of the Council
Section 4 Definitions For purposes of this Agreement each of the following
11 terms shall have the meaning assigned to it by this Section 4
(a) "Expenditure" means any payment or other disposition of any Proceeds,
1 excluding (i) any payment of principal of or premium if any, or interest on the Bonds, (ii) any
payment of architectural engineering accounting, financial advisory, legal or other professional
services, (m) any payment of any costs of issuance of the Bonds (iv) any investment of any
1 Proceeds in any interest beanng instruments or (v) any payment(s) or other disposition(s),
whether individually or in the aggregate if the contracted matter for which payment(s) or
disposition(s) is/are being made is completed in one or more steps or is part of a set or senes of
related contracted matters with a single person or vendor of any Proceeds in an amount less than
$75 000
1 (b) "Proceeds" means any amounts received by the City from its onginal
issuance and sale of the Bonds, and any interest earnings thereon
1 Section 5 Amendments This Agreement may be amended or terminated
only by the wntten agreement of all the parties hereto
II Section 6 Governing Law This Agreement and the rights and obligations
hereunder shall be governed by and construed and enforced in accordance with the internal laws
I of the State of Indiana, without reference to any choice of law pnnciples
Section 7 Severability If any portion of this Agreement is held or deemed
1 to be, or is, invalid, illegal, inoperable or unenforceable, the validity, legality operability and
enforceability of the remaining portions of' this Agreement shall not be affected and this
Agreement shall be construed as of it did not contain such mvalid, illegal, inoperable or
I unenforceable portion
Section 8 Interpretation The use herein of the singular shall be construed to
e include the plural and vice versa Unless otherwise indicated the words "hereof," "herein,"
"hereby" and "hereunder," and words of similar import, refer to this Agreement as a whole and
not to any particular section subsection, clause or other portion of this Agreement
1 Section 9 Captions The captions appearing in this Agreement are included
herein for convemence of reference only, and shall not be deemed to define, limit or extend the
scope or intent of any nghts or obligations under this Agreement
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1
r IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written
MAYOR, CITY OF CARMEL, INDIANA
i
GAL
J es Brainard
i
COMMON COUNCIL OF THE CITY OF
LirL 1:12n
Uthr
Wayne WI son Council President
BOARD OF PUBLIC WORKS AND SAFETY
OF THE CITY OF CARMEL, INDIANA
I t* I` //f -0 1 Jrainard Chairman
1 The Clerk- Treasurer hereby acknowledges and agrees to the procedures set forth in
Section 3 of this Agreement
1
CLERK TREASURER OF THE CITY OF
1 CARMEL INDIANA
1,
Diana L Cordray
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