HomeMy WebLinkAboutD-2084-12 CRC Finances Approval by Common CouncilORDINANCE D- 2084 -12
AS AMENDED
SPONSORS: Councilors Rider,
Seidensticker, Sharp, Schleif, Snyder
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY
OF CARMEL, INDIANA, AMENDING CHAPTER 2, ARTICLE 1,
DIVISION II, ADDING 2 -8(d) OF THE CARMEL CITY CODE
WHEREAS, the City of Carmel, Indiana, created a Carmel Redevelopment Commission
with Ordinance D -600 dated March 7, 1989; and
WHEREAS, the State of Indiana has designated the duly elected Common Council as the
fiscal body of the City of Carmel with the responsibility to manage the overall financial policies
of the City; and
WHEREAS, the fiscal body of the City of Carmel wishes to affirm its primary role of
fiscal oversight while assisting the Redevelopment Commission in continuing its redevelopment
efforts
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Carmel, Indiana, that:
Section 1. The foregoing Recitals are fully incorporated herein by this reference.
Section 2. Chapter 2, Article 1, Division II, Section 2 -8 of the Carmel City Code shall be
and the same is hereby amended by adding a new section 2 -8(e) to read as follows:
"Sec. 2 -8 Redevelopment Commission
(d)
A. The following definitions apply throughout this section.
1) "Affiliate" means any person, board, body or entity
subject in any manner to the direct or indirect
influence, control, appointment or direction of the
Redevelopment Commission.
2) "Obligation" means any bond, note, warrant, lease,
synthetic lease, agreement, swap, derivative, hedge,
installment purchase contract, grant, either directly or
through a third party or other structure or instrument
under which money is borrowed, or revenue is
leveraged.
VERSION A FINANCE, ADMINISTRATION AND RULES COMMITTEE 4/19/12
3) "Public Funds" means all fees, payments, tax
receipts and funds of whatever kind or character
coming into the possession of the Redevelopment
Commission.
B. The Redevelopment Commission may not enter into any
obligation, directly or in combination with or through any
affiliate, payable from public funds, secured by public funds or
guaranteed by public funds without first obtaining the
approval, by Ordinance or Resolution, of the Common Council
of the City of Carmel.
C. The Redevelopment Commission may not enter into an
obligation payable from public funds, other than an obligation
described in this section, unless the Redevelopment
Commission first obtains the approval of the Common Council
of the City of Carmel as provided in subsection B. The
approving Ordinance or Resolution of the Common Council of
the City of Carmel must include the following:
1) The maximum amount of the obligation.
2) The maximum interest rate or rates, any provisions
for redemption before maturity, and any provisions
for the payment of capitalized interest associated
with the obligation.
Section 3. All prior ordinances or parts thereof inconsistent with any provision of this
Ordinance are hereby repealed as of the effective date of this Ordinance.
Section 4. The sections, paragraphs, sentences, clauses and phrases of this Ordinance are
separable, and if any phrase, clause, sentence, paragraph or section of this Ordinance shall be
declared unconstitutional, invalid or unenforceable by the valid judgment or decree of a court of
competent jurisdiction, and such unconstitutionality, invalidity or unenforceability shall not
affect any of the remaining phrases, clauses, sentences, paragraphs and sections of this
Ordinance.
Section 5. In construing or interpreting this Ordinance, the construction or interpretation
that resolves any doubts, ambiguities or conflicts shall be applied and adopted which resolves all
questions of application, authority or oversight in favor of the Common Council of the City of
Carmel and preserves or extends the Council's authority.
Section 6. This Ordinance shall be effective after its passage by the Common Council,
signature of the Mayor, and such publication as is required by law.
PASSED by the Common Council of the City of Carmel, Indiana, this 04 day of
2012, by a vote of ayes and l nays.
VERSION A FINANCE, ADMINISTRATION AND RULES COMMITTEE 4/19/12
Presiding ficer
Ronald E. Carter
COMMON COUNC FOR THE CITY OF C -RMEL
L,
Richard L'Sharp, Presi•Fnt Pro Tempore
PPosE
Diana L. Cordray, IAMC, Clerk -Tk asurer
Presented by me to the Mayor of the City of Carmel, Indiana this Q. dy of
2012, at 1: a .M.
Approved by me, Mayor of the City of Carmel, Indiana, this 4' d
ay of
2012, at 1'• a -P.M.
LGI �U
Diana L. Cordray, 'AMC, Cler` Treasurer
Prepared by: Briane M. House, Attorney
NORRIS CHOPLIN SCHROEDER LLP
Kevin D. Rider
Carol Schleif
W. Eric Seidensticker
(es Brainard, Mayor
VERSION A FINANCE, A DMINISTRATEON AND RULES COMMITTEE 4 /19/12
Diana L. Cordray, IAMC, C1er): -Treasurer