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HomeMy WebLinkAboutD-1987-10 Addt'l Approp. Rainy Day Funds $1,635,904 As AmendedORDINANCE D- 1987 -10 AS AMENDED SPONSORS: Councilors Sharp, Snyder, Rider, Griffiths, and Carter AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, AUTHORIZING AND PROVIDING FOR THE APPROPRIATION OF FUNDS FROM THE RAINY DAY FUND WHEREAS, the City of Carmel, Indiana (hereinafter "City has established a Rainy Day Fund (hereinafter "Fund and WHEREAS, the Fund currently has a balance of approximately Seven Million Two Hundred Seventy -Eight Thousand Seventy -Two Dollars and Twenty -Eight Cents ($7,278,472.28); and WHEREAS, the Mayor and the Carmel Common Council (the "Council hereby pledge to replenish the Fund, in the Fourth Quarter 2010, in the amount of eight hundred and twenty five thousand dollars ($825,000) from monies available in the budget at that time; and WHEREAS, The Carmel Performing Arts Foundation, Inc. (also known as "The Center for the Performing Arts, Inc. is an Indiana not- for -profit foundation (hereinafter "Foundation formed to operate the concert hall and theaters being built by the Carmel Redevelopment Commission in the Carmel City Center; and WHEREAS, it is the long range goal of the City and the Foundation for the Foundation to raise funds to relieve the City of the entire burden of funding operations of the concert hall and theaters; and WHEREAS, it is the goal of the City and Foundation to increase economic activity and continue to build Carmel as a more desirable city in which to live by providing world class performances and facilities; and WHEREAS, the various arts venues to be operated by the Foundation are in the start-up phase prior to the receipt of revenue from ticket sales, program sales, etc.; and WHEREAS, it is necessary for the Foundation to hire staff and prepare for the inaugural season of performances; and WHEREAS, the start-up costs of venues of this quality are substantial; and WHEREAS, the Executive Director of the Foundation will brief the Council on the Foundation's budget, to include sources of funds to date, except to the extent that such sources of funds have required anonymity and /or confidentiality in writing or where such disclosure is otherwise prohibited by law, and proposed uses of City funding, prior to the consideration by the Council of this Ordinance; and Page One of Three Pages Version A, April 27, 2010 This Ordinance was prepared by Thomas O. Perkins, Carmel Assistant City Attorney. :LAVAE Bass1My Documents \ORDINANCFSUdditional Appropriafions12010RAINY DAY Funds CPAC Appr ORD D- 1987 -10 2.doc:41281201010:13 AMA WHEREAS, The Executive Director of the Foundation, or his designee, shall provide to the Council: A copy of the written, monthly financial report submitted to the Foundation Board; A yearly, professionally- audited financial statement, not later than the end of the second month of the Foundation's fiscal year; A copy of the Foundation's IRS Form 990 within thirty (30) days of filing; A quarterly report, at a regular Council meeting, within 30 days after the close of the quarter; Said reports shall include sources of income, except to the extent that such sources of income have required anonymity and /or confidentiality in writing or where such disclosure is otherwise prohibited by law. NOW, THEREFORE, BE IT ORDAINED by the Common. Council of the City of Carmel, Indiana, that the following sum of money is hereby appropriated out of the Rainy Day Fund Operating Balance for the purposes specified, subject to applicable laws, as follows: Section 1: The foregoing Recitals are incorporated herein by this reference. Section 2: The following sum of money is hereby appropriated out of the Rainy Day Fund Operating Balance for the purposes specified, subject to applicable laws, as follows: PASSED by the Common Council of the City of Carmel, Indiana, this 3 4 day of 2010, by a vote of 6 ayes and t nays. Ordinance D- 1987 -10 Page Two of Three Pages Version A, April 27, 2010 $1,635,904.00 from the RAINY DAY FUND OPERATING BALANCE To The Carmel Performing Arts Foundation, Inc., to defray the initial costs of operation, In the amount of $1,635,904.00. This Ordinance was prepared by Thomas D. Perkins, Carmel Assistant City Attomey. [Z:1E Bass1My DocumentsVORDINANCESVAdditional Appropdations120101RAINY DAY Funds CPAC Appr ORD D- 1987- 10_2.doc:51512010 8:55 And SPONSORS: Councilors Sharp, Snyder, Rider, Griffiths, and Carter Richard L. Sharp, Pre dent Pro Tempore ©PPos- b J hn V cetturo Ronald E. Carter ATTEST: Diana. L. Cordray, IAMC, Clerk -Tr Presented by me to the Mayor of the City of Carmel, Indiana, this 5 day of I na A 2010, at 7":59 O'clock, _PL. M. Approve by me, the Mayor of the City of Carmel, Indiana, this 2010, at 3 O'clock, h M. ATTE Diana L. Cordray, I Clerk -Tre. rer Ordinance D- 1987 -10 Page Three of Three Pages COMMON COUNCIL FOR THE CITY OF CARMEL uci nyder This Ordinance was prepared by Thomas D. Perkins, Carmel Assistant City Attorney. [Z:1LAW1E Basstkly DocumentslORD{NANCESIAddijonal Appropriaaons12010\RAINY DAY Funds CPAC Appr ORD D- 1987- 10_2.doc:4128l201010:13 AM] SPONSORS: Councilors Sharp, Snyder, Rider, Griffiths, and Carter Kevin Rider W. Eri eidensticker Diana L. Cordray, IAMC, Clerk day of U 6 /7zzc-7--c J mes Brainard, Mayor asurer