HomeMy WebLinkAboutCC-11-04-13-02 Illinois Street Bond ($7,000,000) Sponsors: Councilors Sharp, Carter, Finkam, Rider, Schleif, Seidensticker and Snyder
RESOLUTION CC-I1-04-13-02
(FORMERLY CC-10-07-13-02)
AS AMENDED
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
OF CARMEL, INDIANA, APPROVING ISSUANCE OF BONDS
OF THE CITY OF CARMEL REDEVELOPMENT DISTRICT
WHEREAS, the City of Carmel Redevelopment Commission (the "Commission") is
proposing to issue bonds of the City of Cannel Redevelopment District (the "District") in an
aggregate principal amount not to exceed $7,000,000 (the "Bonds"), for the purpose of funding
the projects described on Exhibit A to this Resolution(the "Projects"); and
WHEREAS, the Common Council of the City now desires to approve the issuance of the
Bonds as required under Indiana Code 6-1.1-17-20.5 and Indiana Code 36-7-14-25.1(p);
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF CARMEL, INDIANA that:
Section 1. The Common Council hereby approves of the issuance of the Bonds of the
District, in one or more series, to finance the Projects, pursuant to hidiana Code 6-1.1-17-20.5
and Indiana Code 36-7-14-25.1(p), upon the following conditions: (a) the maximum aggregate
original principal amount of the Bonds shall not exceed $7,000,000; (b) the maximum interest
rate on the Bonds shall not exceed six percent (6.00%) per annum; (c) the Bonds may be subject
to redemption prior to maturity on any date not earlier than January 15, 2022, with such specific
dates and redemption terms determined at the time of the sale of the Bonds and approved by the
Commission in the purchase agreement for the Bonds, all upon the advice of the financial
advisor to the Commission; (d) payment of interest on the Bonds may be capitalized for a period
ending no later than July 15, 2014; (e) the awarding of all construction bids for the various
portions of the Projects shall be subject to the procedures set forth in Exhibit B hereto; (f) any
change orders for the Projects that exceed $49,999 shall be subject to the procedures set forth in
Exhibit B hereto; and (g) the Common Council shall approve the use of any surplus proceeds of
the Bonds remaining after completion of the Projects.
Section 2. The Council approves the First Amendment to Revenue Deposit
Agreement substantially in the form presented to this meeting (the "First Amendment"). The
Mayor is authorized to sign, and the Clerk-Treasurer is authorized to attest, the First Amendment
with the blanks and exhibits completed as appropriate upon the sale and delivery of the Bonds.
Section 3. This Resolution shall be in full force and effect from and after its passage
by the Common Council and approval by the Mayor as required by law.
VERSION A— 11/04/13
PASSED by the Common Council of the City of Carmel, this - day of Ocfroem,lek ,
2013, by a vote of 7 ayes and 61 nays.
COMMON COUNCIL OF THE CITY OF CARMEL, INDIAN.
Air-
1p/siding Officer Kevin D. Rider
Richard L. Sharp, Pres.dent Pro Tempore Carol Schleif
iz, ,,G (76
ifiki:--- 11------,1-----(f__
nald E. Carter W. Eric Seidensticker
IP /
, /tiA, 4 . 1.1 ... ...-- _■ .I'
Su• kam Luci Sn•.er /
ATTEST:
Diana L. Cordray, IAMC, Clerk-Tr s rer
Presented by me to the Mayor of the City of Carmel, Ind�ana, this day of/0rehe,/ ,
2013, at il---1.7,M.
/:o - �G�dtrt4149 ff F
Diana L. Cordray, IAMC, Cl - reasurer
Approved by me, Mayor of the City of Carmel, Indiana, this 5 4 day of ,
2013, at5t.CO Q .M.
�
James Brainard, Mayor
ATTEST:
' ' K , I ,'
/ '
Diana L. Cordray, IAMC, C1er.ITreasurer
Prepared by: Bruce D. Donaldson
Barnes& Thornburg LLP
11 South Meridian Street
Indianapolis, IN 46204
EXHIBIT A
DESCRIPTION OF THE PROJECTS
Spring Mill Road Intersection
• Reconstruct/reconfigure the existing two lane roadway and stop controlled intersection at
Spring Mill Road and Illinois Street with a four lane section and modern roundabout
• Construct multi-use trail facilities along both sides Illinois Street and throughout the
intersection
• Provide decorative plantings, trees, ground cover and hardscaping, throughout the raised
center medians, including the roundabout center island
Between Spring Mill and 103rd
• Mill and overlay to a depts. Of 1.5". Install new pavement markings providing for a four
lane section
• Plant trees and ground covering throughout the raised center median
103rd Street Intersection
• Reconstruct/reconfigure the existing roundabout intersection at the intersection of 103rd
Street and Illinois Street with a stop controlled (103rd Street only) "T" intersection
• Plant trees and ground covering throughout the raised center median(Illinois Street only)
Between 103rd and Illinois Street Realignment
• Mill and overlay to a depth of 1.S". Install new pavement markings providing for a four
lane section
• Extend existing multi use path along the west side of the roadway to the north
• Plant trees and ground covering throughout the raised center median
106th Street Intersection
• Reconstruct/reconfigure the existing two roadway and stop controlled intersection
(Illinois Street only) at 106th Street and Illinois Street with a four lane section and modern
roundabout intersection
• Realign Illinois Street, south of 106t'' Street, to a point approximately 400' west of the
existing Illinois Street intersection. Extend Illinois Street north, beyond 106st Street, to
connect with the newly constructed Illinois Street Extension.
• Construct a 3-sides culvert under the proposed intersection for the realignment of UNT of
Williams Creek
• Construct multi-use train facilities along both sides Illinois Street and throughout the
intersection
• Provide decorative plantings and hardscaping, along the east side of the roadway,
including the roundabout center island
• Plant trees and ground covering throughout the raised center median
North of 106th Street to a point 850' south of 116th Street
• Construct multi-use trail facilities, decorative plantings, trees and hardscaping, and
appropriate landscaping or other buffering along the west side of the roadway south of
111th Street
• Plant trees and ground covering throughout the raised center median
VERSION A— 11/04/13 2
•
EXHIBIT B
CONSTRUCTION BIDDING AND CHANGE ORDER PROCEDURES
1. Whenever the Board of Public Works of the City (i) awards a construction
bidding contract relating to the Projects, or (ii) approves a change order relating to the Projects
that exceeds $49,999 (each, a "BPW Decision"), the Clerk-Treasurer of the City shall
immediately provide notice of the BPW Decision to all members of the Common Council.
2. Subject to Section 3 below, the Common Council shall have the right to review
and approve, reject or modify the BPW Decision.
3. If the Common Council has not rendered a decision under Section 2 above within
five (5) business days of receiving the notice provided under Section 1 above, the BPW Decision
shall be deemed approved by the Common Council.
INDS01 BDD 1420118v3
VERSION A— 11/04/13 3
FIRST AMENDMENT TO REVENUE DEPOSIT AGREEMENT
Between
CITY OF CARMEL, INDIANA,
And
CITY OF CARMEL REDEVELOPMENT COMMISSION
Dated as of , 2013
FIRST AMENDMENT TO REVENUE DEPOSIT AGREEMENT
This FIRST AMENDMENT TO REVENUE DEPOSIT AGREEMENT, dated as of
, 2013 (the "First Amendment"), is being entered into between the CITY OF
CARMEL, INDIANA (the "City"), a political subdivision duly created and validly existing
under the laws of the State of Indiana (the "State"), and the CITY OF CARMEL
REDEVELOPMENT COMMISSION (the "Commission"), as governing body of the City of
Carmel Redevelopment District (the "District"), a special taxing district duly created and validly
existing under the laws of the State (each, a "Party" and, collectively, the "Parties").
WITNES SETH
WHEREAS, the City and the Commission previously entered into a Revenue Deposit
Agreement dated as of November 20, 2012 (the "Original Agreement") relating to the agreed
upon application of various tax increment revenues of the Commission to the payment of
Commission obligations; and
WHEREAS, the Commission now proposes to issue bonds of the District (the "2013
Bonds") for the purpose of funding the construction of additional portions of Illinois Street in the
City and related costs; and
WHEREAS, the Commission reasonably expects to pay debt service on the 2013 Bonds
from TIF Revenue (as defined in the Original Agreement) derived from the Illinois Street
Allocation Area, the Illinois Street Expansion Allocation Area and the Amended Illinois Street
Allocation Area (collectively, the "Illinois Street Allocation Areas"), and to the extent necessary,
from the Amended 126th Street Allocation Area and the Amended 126th Street Expansion
Allocation Area (collectively, the "126`x' Street Allocation Areas"); and
WHEREAS, the City and the Commission desire to amend the Original Agreement to
establish a procedure for setting aside the TIF Revenue derived from the Illinois Street
Allocation Areas and the 126`" Street Allocation Areas as and when received to ensure the timely
payment of the 2013 Bonds; and
WHEREAS, the Commission previously established the Merchants Square Economic
Development Area and designated the entire area as an allocation area pursuant to IC 36-7-14-39
(the "Merchants Square Allocation Area"), and issued its Redevelopment District Tax Increment
Revenue Bonds of 1998 (the "1998 Bonds") payable from tax increment revenues generated
from the Merchants Square Allocation Area (the "Merchants Square TIF Revenue"); and
WHEREAS, the Commission has sufficient Merchants Square TIF Revenue on hand to
defease all outstanding 1998 Bonds and, upon defeasance of the 1998 Bonds, the City and the
Commission desire to add the Merchants Square Allocation Area to the List of Allocation Areas
identified in Exhibit A of the Original Agreement;
NOW, THEREFORE, in consideration of the premises and the covenants and agreements
contained herein, the Parties now desire to enter into this First Amendment to Revenue Deposit
Agreement and hereby agree as follows:
1
ARTICLE I
DEFINITIONS
In addition to the definitions contained in the Original Agreement, the following words
and phrases shall have the following meanings, unless the context or use clearly indicates
another or different meaning or intent.
"Illinois Street Allocation Areas" means, collectively, the Illinois Street Allocation Area,
the Illinois Street Expansion Allocation Area and the Amended Illinois Street Allocation Area.
"Merchants Square Allocation Area" means the allocation area previously created by the.
Commission and comprised of the Merchants Square Economic Development Area.
"1998 Bonds"means the City of Carmel Redevelopment District Tax Increment Revenue
Bonds of 1998.
"126th Street Allocation Areas" means, collectively, the Amended 126th Street Allocation
Area and the Amended 126th Street Expansion Allocation Area.
"2004 Bonds"means the City of Carmel Redevelopment District Tax Increment Revenue
Bonds, Series 2004A (Illinois Street Project).
"2013 Bonds" means the City of Carmel Redevelopment District Bonds of 2013, dated
, 2013.
"2013 Bond Payment Date"means January 15 and July 15 of each year.
(End of Article I)
2
ARTICLE II
FUNDS AND ACCOUNTS
Section 2.1 of the Original Agreement is hereby amended to add the following subsection
(d):
"(d) Notwithstanding subsections (a), (b) and (c) of this Section 2.1, prior to making any
other transfers of TIF Revenue under this Agreement, the Clerk-Treasurer shall first transfer to
the paying agent for the 2013 Bonds an amount of TIF Revenue derived from the Illinois Street
Allocation Areas (available after payment of any required debt service on the 2004 Bonds) equal
to the lesser of(i) all of such TIF Revenue, or (ii) an amount of such TIF Revenue sufficient to
pay all amounts due with respect to the 2013 Bonds on the immediately succeeding 2013
Payment Date, in accordance with the schedule set forth in Exhibit A to this First Amendment.
In the event such TIF Revenue is insufficient to pay all amounts due with respect to the 2013
Bonds on the next 2013 Payment Date, the Clerk-Treasurer shall transfer to the paying agent for
the 2013 Bonds an amount of TIF Revenue derived from the 126th Street Allocation Areas equal
to the lesser of(i) all of such TIF Revenue, or (ii) an amount of such TIF Revenue (together with
TIF Revenue transferred from the Illinois Street Allocation Areas) sufficient to pay all amounts
due with respect to the 2013 Bonds on the next 2013 Payment Date."
(End of Article II)
3
ARTICLE III
AMENDMENT TO EXHIBIT A OF ORIGINAL AGREEMENT
Exhibit A to the Original Agreement is hereby amended by adding the Merchants Square
Allocation Area to the List of Allocation Areas contained therein, effective upon the defeasance
of the 1998 Bonds. The Commission agrees to promptly take all steps necessary to defease the
outstanding 1998 Bonds.
(End of Article III)
4
IN WITNESS WHEREOF, the Parties have caused this First Amendment to Revenue
Deposit Agreement to be executed in their names and on their behalf as of the date first written
above.
CITY OF CARMEL, INDIANA
By:
James Brainard, Mayor
Attest:
By:
Diana L. Cordray, Clerk-Treasurer
CITY OF CARMEL, INDIANA,
REDEVELOPMENT COMMISSION, as
governing body of the City of Carmel
Development District
By:
William Hammer, President
Attest:
By:
Brad Meyer, Secretary
5
EXHIBIT A
SCHEDULE OF 2013 BOND PAYMENT OBLIGATIONS
[To be provided]
INDS01 BDD 1420453v2
A-1
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CITY OF CARMEL, REDEVELOPMENT DISTRICT- PROPOSED IL.L,IINIOS STREET PROJECT
$15,055,000 Redevelopment District [Refunding] Bonds of 2013
Dated December 2, 2013
MAXIMUM
Total Issue Sources And Uses
Dated 12/02/2013 I Delivered 12/02/2013
Issue
Refunding New Money Summary
Sources Of Funds
Par Amount of Bonds $8,055,000.00 $7,000,000.00 515,055,000.00
Total Sources $8,055,000.00 $7,000,000.00 $15,055,000.00
..................___._..._...__..._........
Uses Of Funds
Total Underwriter's Discount (1.000%) 80,550.00 70,000.00 150.550.00
.........__._....._......_.._
Costs of Issuance 100,000.00 300,000.00 400,000.00
_____.._......____........
Deposit to Debt Service Reserve Fund(DSRF) 733,554.67 645,812.20 1,379,366.87
Deposit to Project Construction Fund - 5,983,224.87 5,983,224.87
......_....___.........____......
Deposit to Current Refunding Fund 7,136,656.04
- 7,136;656.04
Rounding Amount 4,239.29 962.93 5,202.22
_..........____.-
Total Uses $8,055,000.00 $7,000,000.00 $15,055,000.00
100713 I Issue Summary I 10/7/2013 1 5:06 PM
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CITY OF CARMEL REDEVELOPMENT DISTRICT- PROPOSED ILLIENIOS STREET PROJECT
$15,055,000 Redevelopment District [Refunding] Bonds of 2013
Dated December 2, 2013
MAXIMUM
►Il ebt Service Schedule Part 1 of 2
Date Principal Coupon Interest Total P+I Fiscal Total
12/02/2013 - - - -
01/15/2014 42 5,000.00 1.200% 69,743.91 494,743 91 494,743.9 1
07/15/2014 340,000.00 1.200% 289,40125 629,401.25 -
01/15/2015 345,000.00 1.450% 287,361.25 632,361.25 1,261,762.50
07/15/2015 350,000.00 1.450% 284,860.00 634,860.00 -
01/15/2016 345.000.00 1.800% 282,322.50 627,322.50 1,262,182.50
07/15/2016 350,000.00 1.800% 279,217.50 629,217.50 -
01/15/2017 355.000.00 2.150% 276,067.50 631,067.50 1,260;285.00
07/15/2017 360,000.00 2.150% 272,251.25 632,251.25 -
01/15/2018 365,000.00 2.600% 268,381.25 633,381.25 1,265,632.50
07/15/2018 370,000.00 2.600% 263,636.25 633,636.25 -
01/15/2019 375,000.00 2.900% 258,826.25 633,826.25 1,267,462.50
07/15/2019 380,000.00 2.900% 253,388.75 633,388.75 -
01/15/2020 385,000.00 3.150% 247,878.75 632,878.75 1,266,267.50
07/15/2020 390,000.00 3.150% 241 815.00 631,815.00 -
01/15/2021 400,000.00 3.500% 235,672.50 635,672.50 1,267,487.50
07/15/2021 400,000.00 3.500% 228,672.50 628,672.50 -
01/15/2022 410,000.00 3.700% 221,672.50 631,672.50 1,260,345.00
07/15/2022 415,000.00 3.700% 214,087.50 629,087.50 -
01/15/2023 425,000 00 3.900% 206,410 00 631,410.00 1,260,497.50
.___........_.__..............
07/15/2023 430,000.00 3.900% 198,122.50 628,122.50 -
01/15/2024 440,000.00 4.100% 189,737.50 629,737.50 1,257,860.00
07/15/2024 - - 180,717.50 180,717.50 -
01/15/2025 - - 180,717.50 180,717.50 361,435.00
07/15/2025 - - 180,717.50 180,717.50 -
01/15/2026 - - 180,717.50 180,717.50 361,435.00
07/15/2026 240,000.00 4.500% 180,717.50 420,717.50 -
01/15/2027 245,000.00 4.600% 175,317.50 420,317.50 841,035.00
07/15/2027 255,000.00 4.600% 169,682.50 424,682.50 -
01/15/2028 260,000.00 4.750% 163,817 50 423,817.50 848,500.00
.........__._...........__.........
07/15/2028 - - 157,642.50 157,642.50 -
01/15/2029 - - 157,642.50 157,642.50 315.285.00
07/15/2029 - - 157,642.50 157,642.50 -
01/15/2030 - - 157,642.50 157,642.50 315,285.00
07/15/2030 - - 157,642.50 157,642.50 -
01/15/2031 - - 157,642.50 157,642.50 315,285.00
07/15/2031 65,000.00 5.050% 157,642.50 222,642.50 -
01/15/2032 65,000.00 5.150% 156,001.25 221,001.25 443,643.75
07/15/2032 195,000.00 5.150% 154,327.50 349.327.50 -
01/15/2033 200,000.00 5 200% 149,30625 349,306 25 698,633.75
07/15/2033 1,310,000.00 5.200% 144,106.25 1,454,106.25 -
01/15/2034 1345,000.00 5.250% 110,046.25 1,455,046 25 2,909,152.50
07/15/2034 1,390,000.00 5.250% 74,740.00 1,464,740.00 -
01/15/2035 1,430,000.00 5.350% 38,252.50 1,468,252.50 2,932,992.50
Total $15,055,000.00 - $8,412,208.91 $23,467,208.91 -
100713 I Issue Summary I 10/7/2013 I 5:06 PM
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CITY OF CARMEL REDEVELOPMENT DISTRICT- P," ®POSED ][LLIIN!OS STREET PROJECT
$15,055,000 Redevelopment District [Refunding] Bonds of 2013
Dated December 2, 2013
MAXIMUM
Debt Service Schedule Part 2 of 2
Yield Statistics
Bond Year Dollars 8177,533.24
_______.._........._......._...... .. ...._
....._.._...._._____._.........._.
Average Life 11.792 Years
Average Coupon 4 7383854%
Net Interest Cost(NIC) 4.8231864%
-....._...._..................___
True Interest Cost(TIC) 4.7463324%
_...-....______.................._..
Bond Yield for Arbitrage Purposes 4.6269341%
All Inclusive Cost(AIC) 5.0734880%
_..__......._........_.......__--..
IRS Form 8038
Net Interest Cost 4.7383854%
......._...._........__..___......._
Weighted Average Maturity 11.792 Years
100713 I Issue Summary I 10/7/2013 1 5:06 PM
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CITY OF CARMEL REDEVELOPMENT DISTRICT (Proposed Illinois Street Project)
$8,055,000 Redevelopment District [Refunding] Bonds of 2013 (Refunding Portion)
Dated December 2, 2013
MAXIMUM
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
12/02/2013 - - -
01/15/2014 425,000.00 1200% 26,572.51 451,572.51 451.572.51
07/15/2014 340,000.00 1.200% 108,683.75 448.683.75 -
01/15/2015 345,000.00 1.450% 106,643.75 451,643.75 900,327.50
07/15/2015 350,000.00 1.450% 104,142.50 454,142.50 -
01/15/2016 345,000.00 1.800% 101,605 00 446 605.00 900,747.50
07/15/2016 350,000.00 1.800% 98,500.00 448,500.00 -
01/15/2017 355,000.00 2.150% 95,350.00 450,350.00 898,850.00
07/15/2017 360,000.00 2.150% 91,533.75 451,533.75 -
01/15/2018 365,000.00 2.600% 87,663.75 452,663.75 904,197.50
......._......_............
07/15/2018 370,000.00 2.600% 82,918.75 452,918.75 -
01/15/2019 375,000.00 2.900% 78,108.75 453,108.75 906,027.50
07/15/2019 380,000.00 2.900% 72,671.25 452,671.25 -
01/15/2020 385,000.00 3.150% 67.161.25 452,161.25 904,832.50
07/15/2020 390,000.00 3.150% 61,097.50 451,097.50 -
01/15/2021 400,000.00 3.500% 54,955.00 454,955.00 906,052.50
07/15/2021 400,000.00 3.500% 47,955.00 447,955.00 -
01/15/2022 410,000.00 3.700% 40,955.00 450,955.00 898,910.00
07/15/2022 415,000.00 3.700% 33,370.00 448,370.00 -
01/15/2023 425,000.00 3.900% 25,692.50 450,692 50 899,062.50
07/15/2023 430,000.00 3.900% 17,405.00 447,405.00 -
01/15/2024 440,000.00 4.100% 9,020.00 449,020.00 896,425.00
Total $8,055,000.00 - $1,412,005.01 $9,467,005.01 -
Yield Statistics
Bond Year Dollars $42,744.63
Average Life 5.307 Years
Average Coupon 3.3033510%
Net Interest Cost(N1C) 3.4917958%
....._........... ..................
True Interest Cost(TIC) 3.4899228%
Bond Yield for Arbitrage Purposes 4.6269341%
All Inclusive Cost(A1C) 3.7581935%
___...._......___......._..__....
IRS Form 8038
Net Interest Cost 3.3033510%
.......__...._............_.__.__.....
Weighted Average Maturity 5.307 Years
100713 Refunding i 10/7/2013 5:06 P4 M
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CITY OF CARMEL REDEVELOPMENT DISTRICT (Proposed Illinois Street Project)
$7,000,000 Redevelopment District [Refunding] Bonds of 2013 (New Money Portion)
Dated December 2, 2013
MAXIMUM
Debt Service Schedule Part 1 of 2
Date Principal Coupon Interest Total P+I Fiscal Total
-
12/02/2013 - - -
01/15/2014 - - 43,171.40 43,171.40 43,171.40
07/15/2014 - - 180,717.50 180,717.50 -
01/15/2015 - 180,717.50 180,717.50 361,435.00
07/15/2015 - - 180,717.50 180,717.50 -
01/15/2016 - - 180,717.50 180,717.50 361,435.00
07/15/2016 - - 180,71750 180,717.50 -
01/15/2017 - - 180,717.50 180,717.50 361,435.00
07/15/2017 - - 180,717.50 180,717.50 -
01/15/2018 - - 180,717.50 180,717.50 361,435.00
..._..........._____...._......
07/15/2018 - - 180,717.50 180,717.50 -
01/15/2019 - - 180,717.50 180,717.50 361,435.00
07/15/2019 - - 180,717 50 180,717.50 -
01/15/2020 - - 180,717.50 180,717.50 361435.00
07/15/2020 - - 180,71 7.50 180,717.50 -
01/15/2021 - - 180,717.50 180,717.50 361,435.00
07/15/2021 - - 180,717.50 180,717.50 -
01/15/2022 - 180,717.50 180,717.50 361,435.00
07/15/2022 - - 180,717.50 180,717.50 -
01/15/2023 - - 180,717.50 180,717.50 361,435.00
.._....__.....__._....__......
07/15/2023 - - 180,717.50 1 80,717.50 -
01/15/2024 - 180,717.50 180,717.50 361,435.00
07/15/2024 - - 180,717.50 180,717.50 -
01/15/2025 - - 180,717.50 180,717.50 361,435.00
07/15/2025 - - 180,717.50 180,717.50 -
01/15/2026 - - 180,717.50 180,717.50 361,435.00
07/15/2026 240,000.00 4.500% 180,71750 420,717.50 -
01/15/2027 245,000.00 4.600% 175,317.50 420,317.50 841,035.00
07/15/2027 255,000.00 4.600% 169,682.50 424,682.50 -
01/15/2028 260,000.00 4.750% 163,817.50 423,817.50 848,500.00
........._.__..............____.
07/15/2028 - - 157,642.50 157,642.50 -
01/15/2029 - - 157,642.50 157,642.50 315,285.00
07/15/2029 - - 157,642.50 157,642.50 -
01/15/2030 - - 157,642.50 157,642.50 315.285.00
07/15/2030 - 157,642.50 157,642.50 -
01/15/2031 - - 157,642.50 157,642.50 315,285.00
07/15/2031 65,000.00 5.050% 157,642.50 222,642.50 -
01/15/2032 65,000.00 5.150% 156,00125 221,001.25 443,643.75
07/15/2032 195,000.00 5.150% 154,327.50 349,327.50 -
01/15/2033 200,000.00 5.200% 149;306.25 349,306.25 698,633.75
07/15/2033 1,310,000.00 5.200% 144,106.25 1,454,106.25 -
01/15/2034 1,345,000.00 5.250% 110,046.25 1,455;046.25 2,909,152.50
07/15/2034 1,390,000.00 5.250% 74,740.00 1,464,740.00 -
01/15/2035 1,430,000.00 5.350% 38,252.50 1,468,252.50 2,932,992.50
Total $7,000,000.00 - $7,000,203.90 $14,000,203.90 -
100713 I New Money I 10/7/2013 1 5:06 PM
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CITY OF CARMEL REDEVELOPMENT DISTRICT (Proposed Illinois Street Project)
$7,000,000 Redevelopment District [Refunding] Bonds of 2013 (New Money Portion)
Dated December 2, 2013
MAXIMUM
Debt Service Schedule Part 2 of 2
Yield Statistics
Bond Year Dollars $134,788.61
Average Life 19.256 Years
Average Coupon 5.1934684%
5.2454016%
5.24
Net Interest Cost(NIC) 54
5 ------__._
True Interest Cost(TIC) 5.2675192%
._....____._...................._.....
Bond Yield for Arbitrage Purposes 4.6269341%
(AIC)
5.6392396%
AIC
All Inclusive Cost
IRS Form 8038
Net Interest Cost 5.1934684%
................_.___.___._........
Weighted Average Maturity 19256 Years
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CITY OF CARMEL REDEVELOPMENT DISTRICT (Proposed Illinois Street Project)
$8,055,000 Redevelopment District [Refunding] Bonds of 2013 (Refunding Portion)
Dated December 2, 2013
MAXIMUM
Debt Service Comparison
Date Total P+I DSR Net New D/S Old Net D/S Savings
01/15/2014 451,572.51 - 451,572.51 456,931.25 5,358.74
01/15/2015 900,327.50 - 900,327.50 910,753.75 10,426.25
01/15/2016 900,747.50 - 900,747.50 913,168.75 12,421.25
01/15/2017 898,850.00 - 898,850.00 913,422.50 14,572.50
01/15/2018 904,197 50 - 904,197.50 916,182.50 11,985.00
01/15/2019 906,027.50 - 906,027.50 916,282.50 10,255.00
01/15/2020 904,832.50 - 904,832.50 913,722.50 8,890.00
01/15/2021 906,052.50 - 906,052.50 913,502.50 7,450.00
01/15/2022 898,910.00 - 898,910.00 915,123.75 16,213.75
01/15/2023 899,062.50 - 899,062.50 913,420.00 14,357.50
_......._...............___..
01/15/2024 896,425.00 - 896,425.00 908,39125 11,966.25
01/15/2025 - - - _ -
01/15/2026 - - -
01/15/2027 - - -
01/15/2028 - -
01/15/2029 - - -
01/15/2030 - - - _ -
01/15/2031 - - _ _ -
01/15/2032 -
01/15/2033 - -
._.__......___._..__.__...
01/15/2034 - - - - -
01/15/2035 - (733,554.67) (733,554.67) - 733,554.67
Total $9,467,005.01 (733,554.67) $8,733,450.34 $9,590,901.25 $857,450.91
PV Analysis Summary(Net to Net)
Gross PV Debt Service Savings 102,669.89
Effects of changes in DSR investments 334,139.21
@_.. 758 o° (...
Net as n ow Savings 3 AIC) 436,809.10
Contingency or Rounding Amount 4,239.29
Net Present Value Benefit 5441.048.39
Net PV Benefit/ $6,825,000 Refunded Principal 6.462%
___......_.__........
Net PV Benefit/ S8,055,000 Refunding Principal 5.475%
..__.........._._..._..
Refunding Bond Information
Refunding Dated Date 12/02/2013
Refunding Delivery Date 12/02/2013
100713 I Refunding I 10/7/2013 1 5'06 PM
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CITY OF CARMEL REDEVELOPMENT DISTRICT- PROPOSED ILLINIOS STREET PROJECT
$13,780,000 Redevelopment District [Refunding] Bonds of 2013
Dated December 2, 2013
ESTIMATE
Total Issue Sources And Uses
Dated 12/02/2013 I Delivered 12/02/2013
Issue
Refunding New Money Summary
Sources Of Funds
Par Amount of Bonds $7,395,000.00 56,385,000.00 $13,780,000.00
Total Sources $7,395,000.00 $6,385 000.00
$13,780,000.00
.........__......__........................
Uses Of Funds
Total Undermiter's Discount (1.000%) 73,950 00 63,850.00 137,800.00
._...._......__....___...._._._
Costs of Issuance 100,000.00 300,000.00 400,000.00
Gross Bond Insurance Premium 40,594 14 - 40,594.14
__.......___..._.._...__.
Surety 41,042.05 35,436.58 76,478.63
1
Deposit to Project Construction Fund - 5,983,224.87 5,983,224 87
Deposit to Current Refunding Fund 7,136,656.04 - 7,136,656 04
___........._...._.._....._.......
Rounding Amount 2,757.77 2,488.55 5.246.32
............._._.__.........
Total Uses $7,395,000.00 $6,385,000.00 $13,780,000.00
100713 Surety I Issue Summary I 10/7/2013 I 4:56 PM
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CITY OF CARMEL REDEVELOPMENT DISTRICT- PROPOSED ILLINIOS STREET PROJECT
$13,780,000 Redevelopment District [Refunding] Bonds of 2013
Dated December 2, 2013
ESTIMATE
Debt Service Schedule Part 1 of 2
Date Principal Coupon Interest Total P+I Fiscal Total
12/02/2013 - - -
01/15/2014 390,000.00 1.200% 63,892.63 453,892.63 453,892.63
07/15/2014 310,000.00 1.200% 265,117.50 575.117.50 -
01/15/2015 315,000.00 1.450% 263,257.50 578,257.50 1,153,375.00
07/15/2015 320,000.00 1.450% 260,973.75 580,973.75 -
01/15/2016 320,000.00 1.800% 258,653.75 578,653.75 1,159;627.50
07/15/2016 325,000.00 1.800% 255,773.75 580,773.75 -
01/15/2017 325,000.00 2.150% 252,848.75 577,848.75 1,158,622.50
07/15/2017 330,000.00 2.150% 249,355.00 579,355.00 -
01/15/2018 335,000.00 2 600% 245,807.50 580,807.50 1,160,162.50
-...._........____..................
07/15/2018 340,000.00 2.600% 241,452.50 581,452.50 -
01/15/2019 345,000.00 2.900% 237,032.50 582,032.50 1,163.485.00
07/15/2019 350,000.00 2.900% 232,030.00 582,030.00 -
01/15/2020 350,000.00 3.150% 226,955.00 576,955.00 1,158,985.00
07/15/2020 355,000.00 3.150% 221,442.50 576,442.50 -
01/15/2021 365,000.00 3.500% 215,851.25 580,851.25 1,157,293.75
07/15/2021 370,000.00 3.500% 209,463.75 579,463.75 -
01/15/2022 380,000.00 3.700% 202,988.75 582,988.75 1,162,452.50
07/15/2022 380,000.00 3.700% 195,958.75 575,958.75 -
01/15/2023 390,000 00 3.900% 188,928.75 578,928.75 1,154,887.50
........_....................._...........
07/15/2023 395,000.00 3.900% 181,323.75 576,323.75 -
01/15/2024 405,000.00 4.100% 173,621.25 578,621.25 1,154,945.00
07/15/2024 - - 165,318.75 165,318.75 -
01/15/2025 - - 165,318.75 165,318.75 330,_637.50
07/15/2025 - - 165,318.75 165,318.75 -
01/15/2026 - - 165,318.75 165,318.75 330,637.50
07/15/2026 195,000.00 4.500% 165,318.75 360,318.75 -
01/15/2027 195,000.00 4.600% 160,931.25 355,931.25 716,250.00
07/15/2027 200,000.00 4.600% 156,446.25 356,44625 -
01/15/2028 205,000.00 4.750% 151,846.25 356,846.25 713,292.50
..._....._.____................
07/15/2028 - - 146,977.50 146,977.50 -
01/15/2029 - 146,977.50 146,977.50 293,955.00
07/15/2029 - - 146,977.50 146.977.50 -
01/15/2030 - - 146,977.50 146,977.50 293,955.00
07/15/2030 - - 146,977.50 146,977.50 -
01/15/2031 - - 146,977.50 146,977.50 293,955.00
07/15/2031 15,000.00 5.050% 146,977.50 161,977.50 -
01/15/2032 15,000.00 5.150% 146,598.75 161,598.75 323,576.25
07/15/2032 145,000.00 5.150% 146,212.50 291,212.50 -
01/15/2033 150,000.00 5.200% 142,478.75 292,478.75 583,691.25
..............._____.............
07/15/2033 1,260,000.00 5.200% 138,578.75 1.398,578.75 -
01/15/2034 1,290,000.00 5.250% 105,818.75 1,395,818.75 2,794,397.50
07/15/2034 1,340,000.00 5.250% 71,956.25 1,411,956.25 -
01/15/2035 1,375,000.00 5.350% 36,78125 1,411,781.25 2,823,737.50
Total $13,780,000.00 - $7,755,813.88 $21,535,813.88 -
100713 Surety I Issue Summary I 10/7/2013 1 4:56 PM
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CITY OF CARMEL REDEVELOPMENT DIST ICS'- PROPOSED 1(LLl<NIOS STREET PROJECT
$1 3,780,000 Redevelopment District [Refunding] Bonds of 2013
Dated December 2, 2013
ESTIMATE
`i`ebt Service Schedule Part 2 of 2
Yield Statistics
Bond Year Dollars $163,340.94
.._.____.............................
Average Life 1 1.853 Years
Average Coupon 4.7482362%
Net Interest Cost(NIC) 4.8325996%
..__..._.._...__.....................
Taste Interest Cost(TIC) 4.7547627%
............___..........................
Bond Yield for Arbitrage Purposes 4.7367218%
...........___.._...................._.
All Inclusive Cost(AIC) 5.2200729%
.__._._.........._______.._......
IRS Form 8038
Net Interest Cost 4.7482362%
............._......_....._.............._..
.....___................._........_...
Weighted Average Maturity 11.853 Years
100713 Surety I Issue Summary 110/7/2013 I 4.56 PM
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CITY OF CARMEL REDEVELOPMENT DISTRICT (Proposed Illinois Street Project)
$7,395,000 Redevelopment District [Refunding] Bonds of 2013 (Refunding Portion)
Dated December 2, 2013
ESTIMATE
Debt Service Schedule
Date Principal Coupon Interest Total P+I Fiscal Total
12/02/2013 - - -
01/15/2014 390,000.00 1.200% 24,399.81 414,399.81 414.399.81
07/15/2014 310,000.00 1.200% 99,798.75 409,798.75
01/15/2015 315,000.00 1 450% 97,938.75 412,938.75 822,737.50
07/15/2015 320,000.00 1.450% 95,655.00 415,655.00 -
01/15/2016 320,000.00 1.800% 93,335.00 413,335.00 828,990.00
07/15/2016 325,000.00 1.800% 90,455.00 415,455.00
01/15/2017 325,000.00 2.150% 87,530.00 412,530.00 827,985.00
07/15/2017 330,000.00 2.150% 84,036.25 414,036.25 -
01/15/2018 335,000.00 2.600% 80,488.75 415,488.75 829,525.00
..._........_.____.............
07/15/2018 340,000.00 2.600% 76,133.75 416,133.75
01/15/2019 345,000.00 2.900% 71,713.75 416,713.75 832,847.50
07/15/2019 350,000.00 2.900% 66,711.25 416,711.25 -
01/15/2020 350,000.00 3.150% 61,63625 411,636.25 828,347.50
07/15/2020 355,000.00 3.150% 56,123.75 411,123.75 -
01/15/2021 365,000.00 3.500% 50,532.50 415,532.50 826,656.25
07/15/2021 370,000.00 3 500% 44,145.00 414,145.00 -
01/15/2022 380,000.00 3.700% 37,670.00 417,670.00 831,815.00
07/15/2022 380,000.00 3.700% 30,640.00 410,640.00 -
01/15/2023 390,000.00 3.900% 23,610.00 413,610.00 824,250.00
..............--_........
07/15/2023 395,000.00 3.900% 16,005.00 411.005.00 -
01/15/2024 405,000.00 4.100% 8,302.50 413,302.50 824.307.50
Total $7,395,000.00 - $1,296,861.06 $8,691,861.06
Yield Statistics
Bond Year Dollars $39,255.79
................_...._.......__..
Average Life 5.308 Years
Average Coupon 3.3036171%
Net Interest Cost(NIC) 3.4919970%
_...._.___..........................
True Interest Cost(TIC) 3.4900962%
__.........._....._....._...............
Bond Yield for Arbitrage Purposes 4.7367218%
._.._......_. _.. ......__...
All Inclusive Cost(AIC) 4.0256860%
...............______........___
IRS Form 8038
Net Interest Cost
3.3036171%
...__._..........___...........
Weighted Average Maturity 5.308 Years
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CITY OF CARMEL REDEVELOPMENT DISTRICT (]Proposed Illinois Street Project)
$6,385,000 Redevelopment District [Refunding] Bonds of 2013 (New Money Portion)
Dated December 2, 2013
ESTIMATE
Debt Service Schedule Part 1 of 2
Date Principal Coupon Interest Total P+I Fiscal Total
12/02/2013 - -
01/15/2014 39,492.81 39,492.81 39.492.81
07/15/2014 - 165,318.75 165,318.75 -
01/15/2015 165,318.75 165,318.75 330,637.50
07/15/2015 165,318.75 165,318.75 -
01/15/2016 165,318.75 165,318.75 330.637.50
07/1 5/2016 165,318.75 165,318.75 -
01/15/2017 165,318.75 165,318.75 330.637.50
07/15/2017 165,318.75 165,318.75 -
01/15/2018 165,318.75 165,318.75 330,637.50
........_...._.--__................
07/15/2018 165,318.75 165,318.75 -
01/15/2019 165,318.75 165,318.75 330,637.50
07/15/2019 1 65,3 1 8.75 165.3 1 8.75
01/15/2020 165,318.75 165,318.75 330,637.50
07/15/2020 - 165,318.75 165,318.75 -
01/15/2021 165,318.75 165,318.75 330.637.50
07/15/2021 165,318.75 165,3 1 8.75
01/15/2022 - 165,318.75 165,318.75 330,637.50
07/15/2022 165,318.75 165,318.75
01/15/2023 - 165,318.75 165,318 75 330,637.50
.......................................
07/15/2023 165,3 1 8.75 165,318.75
01/15/2024 165,318.75 165,318.75 330,637.50
07/15/2024 165,318.75 165,318.75 -
01/15/2025 165,318.75 165,318.75 330,637.50
07/15/2025 165,318.75 165,3 1 8.75
01/15/2026 - 165,318.75 165,318.75 330,637.50
07/15/2026 195,000.00 4.500% 165,318.75 360,318.75 -
01/15/2027 195,000.00 4.600% 160,931.25 355,931.25 716250.00
07/15/2027 200,000.00 4.600% 156,446.25 356,446.25 -
01/15/2028 205,000.00 4.750% 151,846.25 356 846.25 713,292.50
.............____..............._..
07/1 5/2028 146,977.50 146,977.50
01/15/2029 146,977.50 146,977.50 293,955.00
07/15/2029 146,977.50 146,977.50
01/15/2030 - 146,977.50 146,977.50 293,955.00
07/15/2030 - 146,977.50 146,977.50 -
01/15/2031 146,977.50 146,977.50 293,955.00
07/15/2031 15;000.00 5.050% 146,977.50 161,977.50 -
01/15/2032 15,000.00 5.150% 146,598.75 161,598.75 323,576.25
07/15/2032 145,000.00 5.150% 146.212.50 291,212.50 -
01/15/2033 150,000.00 5.200% 142,478.75 29_478 75 583,69125
..............-._____.............
07/15/2033 1,260,000.00 5.200% 138,578.75 1,398,578.75 -
01/15/2034 1,290,000.00 5.250% 105,818 75 1,395,818.75 2,794,397.50
07/15/2034 1,340,000.00 5.250% 71;956.25 1,411;956.25 -
01/15/2035 1,375,000.00 5.350% 36,781.25 1,411,781.25 2,823,737.50
Total 86,385,000.00 - $6,458,952.81 $12,843,952.81 -
100713 Surety I New Money I 10/7/2013 I 4.57 PM
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CITY OF CARM[EL REDEVELOPMENT DISTRICT (Proposed Illinois Street Project)
$6,385,000 Redevelopment District [Refunding] Bonds of 2013 (New Money Portion)
Dated December 2, 2013
ESTIMATE
Debt Service Schedule Part 2 of 2
Yield Statistics
Bond Year Dollars 8124.085.15
Average Life
19.434 Years
Average Coupon 5 2052584%
Net Interest Cost(NIC) 52567150%
True Interest Cost(TIC) 5.2800060%
Bond Yield for Arbitrage Purposes 4.7367218%
All Inclusive Cost(AIC) 5.7367297%
......._..._........__..............._
IRS Form 8038
Net Interest Cost 52052584%
Weighted Average Maturity 19.434 Years
.�y�. 100713 Surety New Money I 10/7/2013 I 4.57 PM
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CITY OF CARMEL REDEVELOPMENT DISTRICT (Proposed Illinois Street Project)
$7,395,000 Redevelopment District [Refunding] Bonds of 2013 (Refunding Portion)
Dated December 2, 2013
ESTIMATE
Debt Service Comparison
Date Total P+I Net New D/S Old Net D/S Savings
01/15/2014 414,399.81 414,399.81 456,931.25 42.531.44
01/15/2015 822,737.50 822,737 50 910,753.75 88,016.25
01/15/2016 828,990.00 828,990.00 913,168.75 84,178.75
01/15/2017 827,985.00 827,985.00 913,422.50 85,437.50
01/15/2018 829,525.00 829,525.00 916,182.50 86.657.50
01/15/2019 832,847.50 832,847.50 6_282_
7.50 916,282.50 83,435 00
01/15/2020 828,347.50 828,347.50 913,722.50 85,375.00
01/15/2021 826,656.25 826,65625 913,502.50 86,846.25
01/15/2022 831,815.00 831,815.00 915,123.75 83,308.75
01/15/2023 824,250.00 824,250.00 913,420 00 89,170.00
2222
._..._.._.........._........._.
01/15/2024 824,307.50 824,307.50 908,391.25 84,083.75
Total $8,691,861.06 $8,691,861.06 $9,590,901.25 $899,040.19
PV Analysis Summary(Net to Net)
Gross PV Debt Service Savings 738,559.46
Net PV Casbilow Savings @ 4 026%(A1C) 738,559.46
_.......__...............__....
Contingency or Rounding Amount 2,757.77
Net Present Value Benefit $741,317.23
2222
_.._......____........_...2222..
Net PV Benefit/ $6,825,000 Refunded Principal 10.862%
....._..._...____..._..
Net PV Benefit/ $7,395,000 Refunding Principal 10.025%
.........____.........
Refunding Bond Information
Refunding Dated Date 12/02/2013
Refunding Delivery Date 12/02/2013
100713 Surety I Refunding 110/7/2013 I 4:58 PM
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