HomeMy WebLinkAboutD-2074-11 $7,500,000 2002 COIT Refunding 2011ORDINANCE NO. D- 2074 -11
Sponsor: Councilor Snyder
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, APPROPRIATING THE PROCEEDS FROM THE SALE OF BONDS
HERETOFORE AUTHORIZED TO BE ISSUED AND DESIGNATED AS "CITY OF
CARMEL, INDIANA, COUNTY OPTION INCOME TAX REVENUE REFUNDING
BONDS OF 2011," TOGETHER WITH ANY INVESTMENT EARNINGS THEREON,
ALL FOR THE PURPOSE OF FINANCING THE COSTS OF THE REFUNDING
CERTAIN OBLIGATIONS OF THE CITY OF CARMEL, INDIANA, TOGETHER
WITH COSTS AND EXPENSES INCIDENTAL THERETO, INCLUDING COSTS AND
EXPENSES IN CONNECTION WITH THE ISSUANCE OF THE BONDS
WHEREAS, the City has previously issued its City of Carmel, Indiana, County Option
Income Tax Revenue Bonds, Series 2002, dated as of October 15, 2002 (the "2002 Bonds in
the original aggregate principal amount of Ten Million Four Hundred Fifty Thousand Dollars
($10,450,000), pursuant to Ordinance No. D- 1594 -02, as amended, adopted by the Common
Council of the City (the "Common Council on September 16, 2002, for the purpose of
procuring funds to construct certain transportation related facilities and certain road
infrastructure improvements in the City; and
WHEREAS, due to favorable market conditions, the City now desires to refund all of the
outstanding 2002 Bonds (the "Refunded. Bonds in order to effect a savings in the interest costs
on the Refunded Bonds; and
WHEREAS, on or prior to the date hereof, the Common Council for the City has adopted
a separate ordinance authorizing the issuance of the City of Carmel, Indiana, County Option
Income Tax Revenue Refunding Bonds of 2011, in the aggregate principal amount not to exceed
Seven Million Five Hundred Thousand Dollars ($7,500,000) (the "2011 Bonds for the purpose
of providing funds to pay: (i) the redemption price of the Refunded Bonds, maturing on June 15,
2012 and thereafter, at the earliest optional redemption date, together with accrued interest to the
date fixed for redemption; and (ii) the costs of refunding the Refunded Bonds, including the costs
of issuance for the refunding bonds (clauses (i) through and including (ii), collectively, the
"Refunding and
WHEREAS, the Refunding and the financing thereof by the City, together with costs and
expenses incidental thereto, are necessary and are authorized by Indiana Code 5 -1 -5 and Indiana
Code 6- 3.5 -6, each as amended, and will be of general benefit to the City and its citizens; and
WHEREAS, the City has insufficient funds available or provided for in the existing
budgets or tax levies that may be applied to the costs of the Refunding, together with costs and
expenses incidental thereto, including costs and expenses in connection with the issuance of the
the 2011 Bonds, and the issuance of the 2011 Bonds has been contemporaneously authorized
herewith in order to procure the necessary funds, and an extraordinary emergency and necessity
exist for the making of the additional appropriation as set forth herein; and
WHEREAS, the proceeds of the 2011 Bonds have not been included in any regular budget of
the City; and
WHEREAS, notice of a hearing on such appropriation has been published as required by
law and such public hearing was held on such appropriation at which all taxpayers and interested
persons had an opportunity to appear and express their views as to such additional appropriation;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF TIIE
CITY OF CARMEL, INDIANA, as follows:
SECTION 1. Additional Appropriation. The proceeds derived from the sale of 2011
Bonds heretofore authorized to be issued and designated as "City of Carmel, Indiana, County
Option Income Tax Revenue Refunding Bonds of 2011" in an aggregate principal amount not to
exceed Seven Million Five Hundred Thousand Dollars ($7,500,000), together with all investment
earnings thereon, shall be and the same are hereby appropriated to provide financing for any or
all or any portion of the costs of the Refunding, together with costs and expenses incidental
thereto, including costs and expenses in connection with the issuance of the 2011 Bonds. Such
appropriation shall be in addition to all appropriations provided for in the existing budget and
levy, and shall continue in effect until the payment of the costs of the Refunding, together with
costs and expenses incidental thereto, including costs and expenses in connection with the
issuance of bonds to provide therefor. Any surplus of such proceeds shall be credited to the
proper fund as required by law.
SECTION 2. Report to Indiana Department of Local Government Finance. A certified
copy of this Ordinance shall be filed by the Clerk- Treasurer of the City with the Indiana
Department of Local Government Finance in accordance with Indiana Code 6- 1.1 -18 -5.
SECTION 3. Miscellaneous. The Mayor, Clerk Treasurer or any other officer of the City
are hereby authorized to take any and all such actions and to execute all such instruments as are
desirable to carry out the transactions contemplated by this Ordinance, in such forms as such
officer or member executing the same shall deem proper, to be conclusively evidenced by the
execution thereof and any and all actions previously taken, or documents previously executed, in
connection with the transactions contemplated by this Ordinance, including but not limited to,
publication of the notice of the public hearing held in connection with this appropriation, be, and
hereby are, ratified and approved
SECTION 4. Effectiveness. This Ordinance shall be in full force and effect from and
upon compliance with the procedures required by law.
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1 PASSED by the Common Council of the City of Carmel, this -S day ofc ec- eiuber
2 2011, by a vote of r ayes and 6 nays.
3
5
ding Officer
Eric Seiden -`ick President Prue
P 111
Pre
ATT
Accetturo
Ronald E. Carter
Diana L. Cordray, IAMC, Cam- Treasurer
6
7
8 2011, atS:
9
10
ATTEST:
Dian. L. Cordray, IAMC, Clerk -Try surer
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15 Prepared by: Bruce D. Donaldson
16 Barnes Thornburg LLP
17 11 South Meridian Street
18 Indianapolis, IN 46204
4 COMMON COU IL OF THE CITY OF C �,I;;���
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Richard L.
1 Sn
Presented by me to the Mayor of the City of Carmel this 5 day of,b-e em 1)e r
Diana L. Cordray, IAMC, Clerk J easurer
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12 Approved by me, Mayor of the City of Carmel, Indiana, this day of
13 2011, at 1a P.M.
14
fines Brainard, Mayor