Although Indianapolis City officials have said publicly a property tax increase will not be needed to pay for the new criminal justice center, a Request for Proposal regarding the Justice Center shows the door is being left open to raising local option income taxes to help pay for the project.
The document provides an overview of the initiation of corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) in India. It explains that CIRP can be initiated by a financial creditor, operational creditor or the corporate debtor itself by filing an application to the adjudicating authority if there is a default. It outlines the eligibility criteria, process and documents required for an application filed by a financial creditor, operational creditor or corporate applicant. The CIRP must be completed within 180 days but can be extended if approved by 75% of the CoC voting shares.
Covers all the issues related to Insolvency Laws and also compares the steps taken by other countries in Insolvency Laws. Views on the impact of COVID-19 on IBC laws are discussed.
Browne Jacobson’s guide to public sector commercialisationBrowne Jacobson LLP
With ever more ambitious financial targets being set by central government, the need to look at different ways to make savings, safeguard services and generate income are becoming more important for local authorities and even, to some degree, central government departments.
Commercialisation of public services is not a new thing, but recent years have seen the public sector becoming more entrepreneurial and inventive in the ways in which it delivers services. For the purposes of this report, commercialisation means the delivery of services by a public body in a way which results in making profit or reducing costs, although this may not be the primary or only aim of provision of the services.
Our guide provides information and guidance for public bodies considering new, commercial approaches to service delivery. It will primarily be relevant to local authorities, although many of the issues will also be relevant to central government and other public bodies.
https://www.brownejacobson.com/sectors-and-services/sectors/public-sector
Distressed M&A under the Bankruptcy CodeShruti Jadhav
The document provides an overview of distressed M&A under the Insolvency and Bankruptcy Code of India. It discusses the key aspects of the resolution process including initiation, moratorium, appointment of the resolution professional, formation of the committee of creditors, preparation of an information memorandum, invitation of resolution plans subject to certain eligibility criteria, and timelines for completion of the process within 270 days.
Recent IBC Judgments (July, 2021 to August, 2021)richasaraf6
The NCLAT ruled on several cases related to the IBC:
- It disallowed intervenor applications filed prior to the constitution of the CoC, allowing the withdrawal of a Section 9 application after full payment was made.
- It held that bank guarantees issued by banks are the banks' responsibility and funds can be released minus any margin money provided by the CD.
- It dismissed a Section 7 application, finding that the transaction was not proven to be a loan and the FC did not provide necessary documents showing when repayment was due.
- It allowed the approval of a settlement proposal by the CoC despite some uncertainty, as the CoC had overwhelmingly voted for it.
- It held that a society registered
Analysis Of Section 206 AA & TDS Chart by Blue Consulting (16th July09)Chandan Goyal
Section 206AA makes it mandatory for deductees to provide their PAN number to the deductor, otherwise TDS will be deducted at 20% instead of the normal rate. This applies to payments made to both residents and non-residents of India. It will be effective from April 1, 2010. The document also provides the TDS rates for various types of payments like contracting from April 2009 to March 2010.
Scope for Insolvency Professionals - Sumedha IBCSumedha Fiscal
The Bankruptcy and Insolvency Code creates time-bound processes for insolvency resolution of companies & individuals which thereby will help India improve its World Bank insolvency ranking. The code has opened new opportunities for professionals particularly Chartered Accountants. This presentation looks at the wide scope for Insolvency Professionals.
Browne Jacobson's guide to public sector commercialisationBrowne Jacobson LLP
With ever more ambitious financial targets being set by central government, the need to look at different ways to make savings, safeguard services and generate income are becoming more important for local authorities, and even central government departments, to some degree.
Commercialisation of public services is not a new thing, but recent years have seen the public sector becoming more entrepreneurial and inventive in the ways in which it delivers services. For the purposes of this report, commercialisation means the delivery of services by a public body in a way which results in making profit or reducing costs, although this may not be the primary or only aim of provision of the services.
Our guide provides information and guidance for public bodies considering new, commercial approaches to service delivery. It will primarily be relevant to local authorities, although many of the issues will also be relevant to central government and other public bodies.
https://www.brownejacobson.com/training-and-resources/resources/guides/browne-jacobsons-guide-to-public-sector-commercialisation
The document provides an overview of the initiation of corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) in India. It explains that CIRP can be initiated by a financial creditor, operational creditor or the corporate debtor itself by filing an application to the adjudicating authority if there is a default. It outlines the eligibility criteria, process and documents required for an application filed by a financial creditor, operational creditor or corporate applicant. The CIRP must be completed within 180 days but can be extended if approved by 75% of the CoC voting shares.
Covers all the issues related to Insolvency Laws and also compares the steps taken by other countries in Insolvency Laws. Views on the impact of COVID-19 on IBC laws are discussed.
Browne Jacobson’s guide to public sector commercialisationBrowne Jacobson LLP
With ever more ambitious financial targets being set by central government, the need to look at different ways to make savings, safeguard services and generate income are becoming more important for local authorities and even, to some degree, central government departments.
Commercialisation of public services is not a new thing, but recent years have seen the public sector becoming more entrepreneurial and inventive in the ways in which it delivers services. For the purposes of this report, commercialisation means the delivery of services by a public body in a way which results in making profit or reducing costs, although this may not be the primary or only aim of provision of the services.
Our guide provides information and guidance for public bodies considering new, commercial approaches to service delivery. It will primarily be relevant to local authorities, although many of the issues will also be relevant to central government and other public bodies.
https://www.brownejacobson.com/sectors-and-services/sectors/public-sector
Distressed M&A under the Bankruptcy CodeShruti Jadhav
The document provides an overview of distressed M&A under the Insolvency and Bankruptcy Code of India. It discusses the key aspects of the resolution process including initiation, moratorium, appointment of the resolution professional, formation of the committee of creditors, preparation of an information memorandum, invitation of resolution plans subject to certain eligibility criteria, and timelines for completion of the process within 270 days.
Recent IBC Judgments (July, 2021 to August, 2021)richasaraf6
The NCLAT ruled on several cases related to the IBC:
- It disallowed intervenor applications filed prior to the constitution of the CoC, allowing the withdrawal of a Section 9 application after full payment was made.
- It held that bank guarantees issued by banks are the banks' responsibility and funds can be released minus any margin money provided by the CD.
- It dismissed a Section 7 application, finding that the transaction was not proven to be a loan and the FC did not provide necessary documents showing when repayment was due.
- It allowed the approval of a settlement proposal by the CoC despite some uncertainty, as the CoC had overwhelmingly voted for it.
- It held that a society registered
Analysis Of Section 206 AA & TDS Chart by Blue Consulting (16th July09)Chandan Goyal
Section 206AA makes it mandatory for deductees to provide their PAN number to the deductor, otherwise TDS will be deducted at 20% instead of the normal rate. This applies to payments made to both residents and non-residents of India. It will be effective from April 1, 2010. The document also provides the TDS rates for various types of payments like contracting from April 2009 to March 2010.
Scope for Insolvency Professionals - Sumedha IBCSumedha Fiscal
The Bankruptcy and Insolvency Code creates time-bound processes for insolvency resolution of companies & individuals which thereby will help India improve its World Bank insolvency ranking. The code has opened new opportunities for professionals particularly Chartered Accountants. This presentation looks at the wide scope for Insolvency Professionals.
Browne Jacobson's guide to public sector commercialisationBrowne Jacobson LLP
With ever more ambitious financial targets being set by central government, the need to look at different ways to make savings, safeguard services and generate income are becoming more important for local authorities, and even central government departments, to some degree.
Commercialisation of public services is not a new thing, but recent years have seen the public sector becoming more entrepreneurial and inventive in the ways in which it delivers services. For the purposes of this report, commercialisation means the delivery of services by a public body in a way which results in making profit or reducing costs, although this may not be the primary or only aim of provision of the services.
Our guide provides information and guidance for public bodies considering new, commercial approaches to service delivery. It will primarily be relevant to local authorities, although many of the issues will also be relevant to central government and other public bodies.
https://www.brownejacobson.com/training-and-resources/resources/guides/browne-jacobsons-guide-to-public-sector-commercialisation
Item # 5 - Federal Coronavirus Relief Fundsahcitycouncil
An interlocal grant agreement between Bexar County and the City of Alamo Heights would provide the city with federal funds from the CARES Act to reimburse eligible COVID-19 expenses. Bexar County received $79.6 million in federal relief funds and is offering cities within the county up to $55 per capita based on 2018 census data, which would provide Alamo Heights with a maximum of $472,615. The agreement requires the city to submit documentation of expenses to the Bexar County Auditor for approval and reimbursement.
The document provides notice of a special joint meeting of the City Council and Development Corporation of San Angelo, Texas to be held on January 22, 2012 at 9:00 AM at the McNease Convention Center. The agenda includes consideration and possible action regarding the Development Corporation's administrative procedures, including purchasing procedures, project approval levels, and establishing a more efficient means of obtaining Council approval for multiple project phases. The notice provides location details and accessibility information for the meeting, as well as instructions for requesting assistance or commenting.
Significant Judgments on Insolvency and Bankruptcy CodeSumedha Fiscal
The document discusses 6 significant judgments related to the Insolvency and Bankruptcy Code in India from January 2022.
1. The Supreme Court held that Section 29A, which disqualifies certain persons from submitting resolution plans, would apply even if the resolution applicant was initially eligible. The date of plan submission is irrelevant.
2. The NCLAT held that banks cannot unilaterally withhold possession of fixed deposits after corporate insolvency resolution process initiation, as this would violate the moratorium.
3. The NCLAT affirmed that while courts can recall orders obtained by fraud, the adjudicating authority cannot recall admission or liquidation orders in the absence of fraud, as issues
Real Estate Sector despite being considered a risky sector as an investment has always been an attractive place for stakeholders. Speculating the effect of the stalled project over pending work of development, RERA has come up with a solution allowing the stakeholders themselves to continue with the pending construction of the project.
Thought Paper - Dispensation of Shareholder's meetingShruti Jadhav
The document discusses the issue of whether the National Company Law Tribunal (NCLT) has the power to dispense with the meeting of company members in schemes of arrangement. Under the previous Companies Act of 1956, High Courts were empowered to sanction schemes and had the discretion to dispense with member meetings based on the Duomatic Principle, where consent from all shareholders substitutes a resolution. Several cases applied this principle. The document analyzes recent conflicting NCLT rulings on this issue and whether the controversy has been resolved.
Union Cabinet on 17th July 2019 approved the proposal to carry out eight amendments to the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code Amendment Bill, 2019 requires the approval of both the houses of Parliament. It aims to fill in the crucial gaps in the framework of CIRP to provide clarity in its implementation.
Important considerations regarding the amendments of IBC (Insolvency and Bankruptcy Code Amendment Bill, 2019)
The document discusses the impacts of recent mortgage lending reforms on loan officers and borrowers. It summarizes that since 2009, three phases of reform - including changes to appraisal practices, disclosure requirements, and the Good Faith Estimate - have added 9 new forms to the loan process. This has increased compliance complexity, costs, and processing times. Borrowers are confused by the excessive information and often uninterested in details like fees paid by sellers. The reforms have unintentionally grown an industry around compliance at the expense of transparency and efficiency in lending.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
The document discusses key aspects and opportunities provided by the Insolvency and Bankruptcy Code, 2016 (IBC) in India:
- IBC provides a timely resolution process for lenders to preserve the value of borrowers' businesses while controlling the process. It avoids value destruction caused by delays.
- Resolution is a business decision made by lenders, with an adjudicator only overseeing the process. IBC distinguishes between business failure and malfeasance.
- Creditors are in control and must manage the business during resolution. Insolvency professionals drive the process and need support from accounting, legal and business professionals to maximize value.
- IBC aims to create an '
DBR July 2012 Erisa Service Provider Disclosuresfredreish
The document discusses the steps that plan sponsors must take to comply with ERISA Service Provider Disclosure requirements. Plan sponsors must identify all covered service providers, determine what information should have been disclosed, and evaluate any disclosures received to ensure they are complete and the arrangements are reasonable. If disclosures are incomplete, plan sponsors must request missing information and potentially terminate arrangements if information is not provided. The evaluation of arrangements and compensation must consider all sources of compensation and whether conflicts of interest could harm participants.
The new paycheck protection program loan.docxAfshin Hakim
If you have any queries about eligibility to secure a new PPP loan. Contact an Experienced Business Lawyer in Los Angeles at Hakim Law Group to know more.
Insolvency and bankruptcy code analysis of a selected few ordersShruti Jadhav
The document provides an introduction and overview of key provisions of the Insolvency and Bankruptcy Code of India relating to corporate insolvency resolution processes. It discusses who can initiate insolvency proceedings under the Code, including financial creditors owed financial debt, operational creditors owed operational debt, and corporate debtors themselves. It also summarizes relevant definitions from the Code, such as what constitutes a debt and default. The document aims to analyze select orders from National Company Law Tribunals and the National Company Law Appellate Tribunal to understand how provisions of the Code have been interpreted in practice.
The City of Shakopee, Minnesota is considering issuing $31,845,000 in general obligation tax abatement bonds to fund renovations to the community center. Proceeds would finance a new two-sheet ice arena and renovations to the existing community center, including converting the current ice arena into an indoor aquatics center. Key events in the bond issuance process are outlined, including obtaining a credit rating, receiving construction bids, bond sale and receipt of proceeds. Post-issuance compliance responsibilities and federal arbitrage requirements are also discussed.
The document provides guidelines for banks on Know Your Customer (KYC) norms, branch licensing for Regional Rural Banks, cash reserve and statutory liquidity requirements for cooperative banks, and reporting fraud and maintaining deposit accounts. It outlines the objectives of KYC procedures, criteria for accepting customers, monitoring transactions, and establishing risk management policies. It also provides thresholds for reporting fraud cases to the police or CBI and relaxing conditions for RRBs to open branches in certain tiers or centers.
This document provides ratings and details of bonds being issued by the Memphis and Shelby County Sports Authority in Tennessee to fund construction of an arena for the Memphis Grizzlies NBA franchise. The senior lien bonds are rated AA- based on the credit strength of Memphis and Shelby County, both rated AA, and their pledge to replenish the debt service reserve fund if needed. Pledged revenues for the bonds include sales tax rebates, seat rental fees, hotel/motel taxes, and other sources, with debt service coverage expected to average 1.12x. The arena project involves agreements between the authority, city, county, and Grizzlies ownership regarding construction, operations, and revenue flows.
2022 Annual Report Mitchell-Lama Housing Companies in New York State.pdfssuser2104fb
The 2022 Annual Report to the Legislature provides information on Mitchell-Lama developments in New York State based on 2021 certified financial statements. It includes data on 213 developments with over 102,000 apartments supervised by DHCR or HPD. The report summarizes rents, subsidies, occupancy rates, and other financial information for each development.
Item # 4 - Public Improvement District (PID) Policyahcitycouncil
The document is a city council agenda memorandum regarding the adoption of a policy for public improvement districts (PIDs) in Alamo Heights, Texas. It provides background on a proposed PID along Broadway to fund streetscape enhancements like landscaping and lighting through special assessments on benefiting properties. It outlines the proposed PID policy requirements, including the petition and approval process, eligible project types that prioritize beautification, and ensuring PIDs are self-funded. It recommends the city council adopt the PID policy resolution.
This document provides an overview of the training and orientation for treasurers and signers of Neighborhood Council checking accounts. It discusses the purpose of the NC system, setting up bank accounts, forms and reports, allowable and prohibited expenditures, inventory tracking, and contact information for further questions. Key responsibilities include preparing forms and reports, issuing payments to vendors, and ensuring proper use of public funds according to policies.
Covid-19 impact on South Africa's financial sectorJessica Robey
The document discusses the potential impacts of Covid-19 on South Africa's financial sector. It notes that prior to the lockdown, about 46% of credit active consumers already had impaired credit records or accounts in arrears. Many consumers will likely default on payments during the lockdown period. While lenders have offered payment holidays, these mainly target consumers who were in good standing previously and exclude many already in distress. The insurance and payments sectors may also see changes in consumer behavior and demand as a result of the pandemic.
The document summarizes products and services offered by The Bank of Khyber. It outlines their deposit schemes including Current Benefit Account, Be Baha Mahana Amdani scheme, Maala Maal Munafa scheme, and Regular Amdani scheme. It also describes their advances schemes for car finance, commercial finance, consumer finance, home finance, and microfinance. The document provides details on eligibility requirements, interest rates, and features of each scheme. It concludes by mentioning the bank provides online banking and Islamic banking services.
Item # 1b - July 26, 2021 City Council Meeting Minutesahcitycouncil
The City Council of Alamo Heights held its regular meeting on July 26, 2021. The Council approved the minutes from prior meetings, heard comments from a resident regarding the upcoming drainage project, approved resolutions amending rules of procedure and awarding a 5-year contract for bank depository services to Frost Bank. The Director of Finance then presented the 3rd quarter financial report showing revenues exceeding expenses and positive financial positions for the general and utility funds.
Item # 5 - Federal Coronavirus Relief Fundsahcitycouncil
An interlocal grant agreement between Bexar County and the City of Alamo Heights would provide the city with federal funds from the CARES Act to reimburse eligible COVID-19 expenses. Bexar County received $79.6 million in federal relief funds and is offering cities within the county up to $55 per capita based on 2018 census data, which would provide Alamo Heights with a maximum of $472,615. The agreement requires the city to submit documentation of expenses to the Bexar County Auditor for approval and reimbursement.
The document provides notice of a special joint meeting of the City Council and Development Corporation of San Angelo, Texas to be held on January 22, 2012 at 9:00 AM at the McNease Convention Center. The agenda includes consideration and possible action regarding the Development Corporation's administrative procedures, including purchasing procedures, project approval levels, and establishing a more efficient means of obtaining Council approval for multiple project phases. The notice provides location details and accessibility information for the meeting, as well as instructions for requesting assistance or commenting.
Significant Judgments on Insolvency and Bankruptcy CodeSumedha Fiscal
The document discusses 6 significant judgments related to the Insolvency and Bankruptcy Code in India from January 2022.
1. The Supreme Court held that Section 29A, which disqualifies certain persons from submitting resolution plans, would apply even if the resolution applicant was initially eligible. The date of plan submission is irrelevant.
2. The NCLAT held that banks cannot unilaterally withhold possession of fixed deposits after corporate insolvency resolution process initiation, as this would violate the moratorium.
3. The NCLAT affirmed that while courts can recall orders obtained by fraud, the adjudicating authority cannot recall admission or liquidation orders in the absence of fraud, as issues
Real Estate Sector despite being considered a risky sector as an investment has always been an attractive place for stakeholders. Speculating the effect of the stalled project over pending work of development, RERA has come up with a solution allowing the stakeholders themselves to continue with the pending construction of the project.
Thought Paper - Dispensation of Shareholder's meetingShruti Jadhav
The document discusses the issue of whether the National Company Law Tribunal (NCLT) has the power to dispense with the meeting of company members in schemes of arrangement. Under the previous Companies Act of 1956, High Courts were empowered to sanction schemes and had the discretion to dispense with member meetings based on the Duomatic Principle, where consent from all shareholders substitutes a resolution. Several cases applied this principle. The document analyzes recent conflicting NCLT rulings on this issue and whether the controversy has been resolved.
Union Cabinet on 17th July 2019 approved the proposal to carry out eight amendments to the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code Amendment Bill, 2019 requires the approval of both the houses of Parliament. It aims to fill in the crucial gaps in the framework of CIRP to provide clarity in its implementation.
Important considerations regarding the amendments of IBC (Insolvency and Bankruptcy Code Amendment Bill, 2019)
The document discusses the impacts of recent mortgage lending reforms on loan officers and borrowers. It summarizes that since 2009, three phases of reform - including changes to appraisal practices, disclosure requirements, and the Good Faith Estimate - have added 9 new forms to the loan process. This has increased compliance complexity, costs, and processing times. Borrowers are confused by the excessive information and often uninterested in details like fees paid by sellers. The reforms have unintentionally grown an industry around compliance at the expense of transparency and efficiency in lending.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
The document discusses key aspects and opportunities provided by the Insolvency and Bankruptcy Code, 2016 (IBC) in India:
- IBC provides a timely resolution process for lenders to preserve the value of borrowers' businesses while controlling the process. It avoids value destruction caused by delays.
- Resolution is a business decision made by lenders, with an adjudicator only overseeing the process. IBC distinguishes between business failure and malfeasance.
- Creditors are in control and must manage the business during resolution. Insolvency professionals drive the process and need support from accounting, legal and business professionals to maximize value.
- IBC aims to create an '
DBR July 2012 Erisa Service Provider Disclosuresfredreish
The document discusses the steps that plan sponsors must take to comply with ERISA Service Provider Disclosure requirements. Plan sponsors must identify all covered service providers, determine what information should have been disclosed, and evaluate any disclosures received to ensure they are complete and the arrangements are reasonable. If disclosures are incomplete, plan sponsors must request missing information and potentially terminate arrangements if information is not provided. The evaluation of arrangements and compensation must consider all sources of compensation and whether conflicts of interest could harm participants.
The new paycheck protection program loan.docxAfshin Hakim
If you have any queries about eligibility to secure a new PPP loan. Contact an Experienced Business Lawyer in Los Angeles at Hakim Law Group to know more.
Insolvency and bankruptcy code analysis of a selected few ordersShruti Jadhav
The document provides an introduction and overview of key provisions of the Insolvency and Bankruptcy Code of India relating to corporate insolvency resolution processes. It discusses who can initiate insolvency proceedings under the Code, including financial creditors owed financial debt, operational creditors owed operational debt, and corporate debtors themselves. It also summarizes relevant definitions from the Code, such as what constitutes a debt and default. The document aims to analyze select orders from National Company Law Tribunals and the National Company Law Appellate Tribunal to understand how provisions of the Code have been interpreted in practice.
The City of Shakopee, Minnesota is considering issuing $31,845,000 in general obligation tax abatement bonds to fund renovations to the community center. Proceeds would finance a new two-sheet ice arena and renovations to the existing community center, including converting the current ice arena into an indoor aquatics center. Key events in the bond issuance process are outlined, including obtaining a credit rating, receiving construction bids, bond sale and receipt of proceeds. Post-issuance compliance responsibilities and federal arbitrage requirements are also discussed.
The document provides guidelines for banks on Know Your Customer (KYC) norms, branch licensing for Regional Rural Banks, cash reserve and statutory liquidity requirements for cooperative banks, and reporting fraud and maintaining deposit accounts. It outlines the objectives of KYC procedures, criteria for accepting customers, monitoring transactions, and establishing risk management policies. It also provides thresholds for reporting fraud cases to the police or CBI and relaxing conditions for RRBs to open branches in certain tiers or centers.
This document provides ratings and details of bonds being issued by the Memphis and Shelby County Sports Authority in Tennessee to fund construction of an arena for the Memphis Grizzlies NBA franchise. The senior lien bonds are rated AA- based on the credit strength of Memphis and Shelby County, both rated AA, and their pledge to replenish the debt service reserve fund if needed. Pledged revenues for the bonds include sales tax rebates, seat rental fees, hotel/motel taxes, and other sources, with debt service coverage expected to average 1.12x. The arena project involves agreements between the authority, city, county, and Grizzlies ownership regarding construction, operations, and revenue flows.
2022 Annual Report Mitchell-Lama Housing Companies in New York State.pdfssuser2104fb
The 2022 Annual Report to the Legislature provides information on Mitchell-Lama developments in New York State based on 2021 certified financial statements. It includes data on 213 developments with over 102,000 apartments supervised by DHCR or HPD. The report summarizes rents, subsidies, occupancy rates, and other financial information for each development.
Item # 4 - Public Improvement District (PID) Policyahcitycouncil
The document is a city council agenda memorandum regarding the adoption of a policy for public improvement districts (PIDs) in Alamo Heights, Texas. It provides background on a proposed PID along Broadway to fund streetscape enhancements like landscaping and lighting through special assessments on benefiting properties. It outlines the proposed PID policy requirements, including the petition and approval process, eligible project types that prioritize beautification, and ensuring PIDs are self-funded. It recommends the city council adopt the PID policy resolution.
This document provides an overview of the training and orientation for treasurers and signers of Neighborhood Council checking accounts. It discusses the purpose of the NC system, setting up bank accounts, forms and reports, allowable and prohibited expenditures, inventory tracking, and contact information for further questions. Key responsibilities include preparing forms and reports, issuing payments to vendors, and ensuring proper use of public funds according to policies.
Covid-19 impact on South Africa's financial sectorJessica Robey
The document discusses the potential impacts of Covid-19 on South Africa's financial sector. It notes that prior to the lockdown, about 46% of credit active consumers already had impaired credit records or accounts in arrears. Many consumers will likely default on payments during the lockdown period. While lenders have offered payment holidays, these mainly target consumers who were in good standing previously and exclude many already in distress. The insurance and payments sectors may also see changes in consumer behavior and demand as a result of the pandemic.
The document summarizes products and services offered by The Bank of Khyber. It outlines their deposit schemes including Current Benefit Account, Be Baha Mahana Amdani scheme, Maala Maal Munafa scheme, and Regular Amdani scheme. It also describes their advances schemes for car finance, commercial finance, consumer finance, home finance, and microfinance. The document provides details on eligibility requirements, interest rates, and features of each scheme. It concludes by mentioning the bank provides online banking and Islamic banking services.
Item # 1b - July 26, 2021 City Council Meeting Minutesahcitycouncil
The City Council of Alamo Heights held its regular meeting on July 26, 2021. The Council approved the minutes from prior meetings, heard comments from a resident regarding the upcoming drainage project, approved resolutions amending rules of procedure and awarding a 5-year contract for bank depository services to Frost Bank. The Director of Finance then presented the 3rd quarter financial report showing revenues exceeding expenses and positive financial positions for the general and utility funds.
The City of Alamo Heights is considering awarding a five-year contract for bank depository services to Frost Bank. Frost Bank submitted a proposal that met all requirements and scored the highest in the evaluation. Frost Bank has over 150 years of experience, is financially strong, offers all needed banking services, and provides competitive costs and interest rates. The Finance Director recommends selecting Frost Bank based on its proposal, banking capabilities, customer service reputation, and experience working with municipalities.
The document provides several directives and advisories from MFIN (Microfinance Institutions Network) for NBFC-MFIs (Non-Banking Financial Company – Microfinance Institutions). Key directives include mandatory reference checks for new hires, submission of customer data to credit information companies, limits on total indebtedness per customer, and guidelines for dealing with customer disputes on credit reports. The directives aim to promote responsible lending practices and protect customers from over-indebtedness and fraud.
This document outlines eligibility requirements for contractors participating in the National Housing Program for Filipinos (4PH). To qualify, proponents must have a legal personality and capacity to acquire property, not be blacklisted, and comply with relevant laws. Financial and technical evaluations are conducted based on parameters like financial performance, completed projects, experience, and licensing. Joint ventures require separate evaluations of each entity. All proponents must designate a liaison officer to assist with applications and construction matters.
Regulatory framework for lending: State v. Federal perspectivesSamuel Olaegbe
The document outlines the regulatory framework for lending in Nigeria from both the state and federal level. At the state level, money lending is regulated by various Money Lender Laws and Cooperative Society Laws. At the federal level, lending is regulated by the BOFIA, CBN Act, and guidelines for banks, finance companies, microfinance banks, and development finance institutions. The regulatory framework covers licensing requirements, permissible and prohibited activities, capital requirements, and penalties for non-compliance. The document also discusses trends in fintech lending and partnerships between traditional and non-traditional lenders.
The Reserve Bank of India had recently directed to Public Sector Banks as well as Private Sector Banks to downgrade the asset classification of more than 150 borrower accounts, based upon Asset Quality review, to Non- Performing Assets (NPAs). The exposure of banking sector to such borrower accounts was in the range of ` 1,50,000 Crores to ` 2,00,000 Crores.
Pre-Summit Workshop - New Markets Tax Credit Presentationkingdom1realty
What are New Markets Tax Credits?
First tax credit program to stimulate commercial investment in “low-income communities”
The program is administered by the US Treasury Department through a division call the CDFI Fund, in a unique public/private partnership with Community Development Entities (CDEs)
RBI GUIDELINES: GUIDELINES FOR COMPROMISE SETTLEMENT OF DUES OF BANKS AND FIN...GK Dutta
As you are aware, the Indian Banks’ Association (IBA) has been issuing guidelines to member institutions for taking up of cases for settlement through Lok Adalats. The position
was reviewed and it was observed that banks have not taken adequate advantage of the Lok Adalats for compromise settlement of their NPAs. There are certain advantages in using the forum of Lok Adalats by banks and financial institutions in compromise settlement of their NPAs. There are no court fees involved when fresh disputes are referred to it. It can take cognizance of any existing suit in the court as well as look into and adjudicate upon fresh disputes. If no settlement is arrived at, the parties can continue with court proceedings. Its decrees have legal status and are binding. It has, therefore, been decided that with a view to making increasing use of the forum of Lok
Adalats to settle banking disputes involving smaller amounts, banks and financial institutions should follow the following guidelines for implementation.
Wha is the Low-Income Housing Tax Credit Program in ArizonaCharles Lotzar
The Low-Income Housing Tax credit program is a federal tax credit program that was created by the Tax Reform Act of 1986. Details about the Low-Income Housing Tax Credit Program (LIHTC) can be found in the Internal Revenue Code (IRC), Section 42.Learn more about low-income housing tax credit program in this presentation.
California’s New Affordable Housing Laws – Part OneMeyers Nave
Governor Brown signed 15 bills into law on September 29, 2017 that are designed to help address California's affordable housing crisis. The new laws have broad implications and obligations for local municipalities, housing related public agencies, and the private developer community. To help explain the new affordable housing regulatory landscape, Meyers Nave is offering a complimentary, three-part webinar series addressing the most critical issues under the new laws.
This presentation covers the following topics:
- New "permanent source" of funds in SB 2
- SB 3 bond on November 2018 ballot
- New inclusionary housing authority in AB 1505
- Tax Increment funding by Affordable Housing Authorities through AB 1598
- Approaches being taken by local governments, including bond measures in Bay Area counties and a linkage fee in the City of Los Angeles
This document provides information on the requirements and procedures for incorporating non-banking financial companies (NBFCs) and banks in India. It discusses what an NBFC is, the registration requirements for NBFCs, and the differences between NBFCs and banks. It also outlines the steps to incorporate a new bank through a Non-Operative Financial Holding Company (NOFHC), including RBI guidelines, capital requirements, and corporate governance norms for NOFHCs. Finally, it describes the application procedure for obtaining a banking license from the RBI.
Similar to New Criminal Justice Center May Need a Tax Increase (20)
Here is Gabe Whitley's response to my defamation lawsuit for him calling me a rapist and perjurer in court documents.
You have to read it to believe it, but after you read it, you won't believe it. And I included eight examples of defamatory statements/
Another Day, Another Default Judgment Against Gabe WhitleyAbdul-Hakim Shabazz
Another default judgment has been entered against 7th Congressional District candidate Gabe Whitley. I lose count of how many default judgments have been entered against him.
Court Denies Rust Request for an Injunction to stay on the ballotAbdul-Hakim Shabazz
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3.
BOND BANK RFP‐CJC‐2018‐001 | 3
SECTION 1 ‐ BACKGROUND
1.1 REQUEST FOR PROPOSALS.
This Request for Proposal solicits Statements of Proposals for short‐term new
money financing services related to the City of Indianapolis‐Marion County
Community Justice Campus. A submittal of a Statement of Proposal does not
guarantee that the firm will be contracted to perform any services but only
serves as notice to the Indianapolis Local Public Improvement Bond Bank
(“ILPIBB” or “Bond Bank”) that the firm desires to be considered.
1.2 CRIMINAL JUSTICE REFORM.
In his inaugural State of the City address in 2016, Indianapolis Mayor Joe
Hogsett created the Indianapolis Criminal Justice Reform Task Force “to
assess, research, examine, and ultimately report recommendations for the
systemic reform and optimization of the current county criminal justice
system.” In a report released on December 12, 2016, the Criminal Justice
Reform Task Force recommended a series of changes to the criminal justice
system, including initiatives to address mental health illness and drug
addiction, improve health and safety, prevent crime, and redirect offenders
back to a successful life in the community. Task Force recommendations for
new and reconfigured facilities included a community justice campus with a
2,700‐bed jail with a 300‐bed acute health care and mental health unit, an
assessment and intervention center and a consolidated criminal and civil
courts complex.
The City of Indianapolis and the Bond Bank have been working with the
Marion County Sheriff’s Office, the Superior and Circuit Courts, and other
criminal justice agencies, as well as engineering, design, planning, finance, and
legal professionals, to develop the community justice campus concept. The
City‐County Council of the City of Indianapolis and of Marion County, Indiana
(the “Council”) passed Proposal No. 175, 2017 in July of 2017, approving up to
$20 million in short‐term notes secured by LOIT (Local Option Income Tax)
revenues (the “2017A LOIT Notes”) for the purpose of financing a portion of
the planning and design costs for Community Justice Center. The 2017A LOIT
Notes were authorized by the Bond Bank as a two‐year Draw Direct Purchase
structure; they closed on November 15, 2017, and mature on November 15,
2019. More information on the Notes is available at www.indycjc.com.
4.
BOND BANK RFP‐CJC‐2018‐001 | 4
On January 29, 2018, the Council adopted Proposal No. 411, 2017 unanimously
on a 23‐0 vote, which authorizes up to $55 million in short‐term financing for
site preparation, construction mobilization and related expenses, planning
and design consulting services, and land acquisition and lease expenses.
Proposal No. 411, 2017 provides in part:
“SECTION 2. The Council hereby authorizes and requests the City's Mayor
(“Mayor”) and the City Controller (“City Controller”) to prepare and issue the
Notes pursuant to Indiana Code 5‐1.4‐8‐6 in the name of the City for the purpose
of procuring funds to pay for the Site Preparation and Construction
Mobilization Costs. The Notes may be issued in an aggregate principal amount
not to exceed Fifty‐Five Million Dollars ($55,000,000.00) to be designated “Local
Option Income Tax Notes, Series 2018” (with such further or different
designations as the City Controller may determine to be desirable). The Notes
are payable from local option income tax revenues and by this Resolution, the
Council hereby pledges said local option income tax to repayment of the Notes.”
Proposal No. 411, 2017 authorizes the Bond Bank to pursue short‐term
financing using either a direct purchase or commercial paper structure:
“SECTION 3. The Notes shall be sold by negotiated sale to The Indianapolis Local
Public Improvement Bond Bank (the “Bond Bank”) and shall bear interest at a
rate not to exceed 5% per annum payable on interest payment dates selected by
the City Controller and mature no later than two years from the date of delivery.
The Bond Bank shall purchase the Notes with proceeds of bonds, notes or other
instruments or obligations it issues for such purpose either through a direct
purchase arrangement or a commercial paper facility. The Mayor and the City
Controller are authorized and directed to execute and deliver the Notes to the
Bond Bank in accordance with this Resolution.”
Proceeds from both the $20 million Series 2017A LOIT Notes and the $55
million Series 2018 LOIT Notes are being utilized for their respective purposes
of design, development, planning and site preparation, construction
mobilization and land acquisition and lease costs necessary for the larger
Community Justice Campus. The City’s objective is to have the site ready for
construction, having addressed identifiable environmental or site risks on the
front end. Overall project costs for the Community Justice Campus are
currently estimated at $571,589,859, but these estimates are preliminary.
Although the Council has adopted a resolution in support of the Project and
the financing thereof, the statutory procedures required for the long‐term
financing (including the approval of the lease), have not yet occurred. Current
plans envision the Bond Bank taking out both the $20 million Series 2017A
LOIT Notes and the $55 million Series 2018 LOIT Notes with one or more bond
issues with project funds totaling approximately $571,589,859. The City
5.
BOND BANK RFP‐CJC‐2018‐001 | 5
released two separate RFQs for the Jail and the Courts facilities on December
19, 2017. The RFQ will identify up to three qualified teams for each of the
Design‐Build contracts and then issue an RFP to select the final two teams to
complete the procurement process.
In terms of debt structure for the long‐term bond financing, the City is
contemplating a lease abatement structure potentially secured by LOIT
revenues, with the lease payments being sufficient to cover debt service,
operations, and maintenance costs on the facility and some portion of longer‐
term lifecycle costs.
The Local Option Income Tax statute may be amended by the Indiana General
Assembly. As currently written, IC 6‐3.6‐6‐3 and IC 6‐3.6‐6‐5 prohibit taxing
units from reducing the proportional allocation of LOIT for a particular year
below what is necessary for the payment of debt service in that year on bonds,
leases or other obligations for which LOIT has been pledged. A history of LOIT
is included in Attachment A. Currently, the only debt secured by LOIT is the
Series 2017A LOIT Notes. The pledge of LOIT revenues to the Series 2018 LOIT
Notes will rank on parity with the pledge of LOIT revenues to the Series 2017A
LOIT Notes.
Pursuant to IC 36‐9‐13‐30, the Indianapolis‐Marion County Building Authority
(“IMCBA”) is authorized to issue lease rental bonds and could serve as the
Qualified Entity and the Bond Bank would sell the bonds in a public, negotiated
offering. IC 36‐9‐13‐34 provides that the qualified entity (IMCBA) shall levy
sufficient taxes to pay lease rentals and that lease rentals shall be paid to the
building authority. Under a lease structure, the City may not make lease
payments until the facility is ready for use and occupancy. The lease is not
subject to annual appropriation, but debt service must be included annually in
the budget. The City has discussed 35‐year term debt, although the IMCBA
statute allows for debt up to 40 years.
The $55 million short‐term financing is authorized for up to two years from
the date of delivery. The Bond Bank would want the option of calling the Series
2018 LOIT Notes any time after six months. A copy of Proposal No. 411, 2017
is available in Attachment B.
7.
BOND BANK RFP‐CJC‐2018‐001 | 7
structures. The City and the Bond Bank would like your firm’s thoughts as
to potential structure and timing considerations for the larger financing:
a. From ratings and interest cost perspectives, please discuss the most
important credit issues that the City and the Bond Bank must
address (and recommendations on how to best address them) to
receive the highest possible ratings on the long‐term financing. This
should include recommendations on:
1. debt service coverage;
2. covenant and indenture provisions;
3. recommended lease rental payment and deposit
provisions, including the timing of the Flow of Funds;
4. recommended insurance protections;
5. the importance of debt service and/or other reserve
funds;
6. suggested length of the capitalized interest period; and
7. any other provisions (not involving new or increased
taxes) that could strengthen the credit.
b. Discuss how you anticipate the different rating agencies may
approach notching this credit versus the City’s GO rating. Discuss
whether an additional backup pledge of property tax revenues
would have a meaningful impact on credit or pricing. Under Indiana
law, property taxes may be pledged as a backup source of revenue
as long as the Issuer reasonably expects at the outset they will not
be required to make lease payments.
c. Please provide suggested scales for your proposed credit structure.
d. Please provide examples of similar financings your team has been
involved in the last five years.
e. Given the fact that the larger financing must fall outside the City’s
constitutional debt limit, and therefore, the City cannot pledge its
revenues directly to debt but only to the lease payments, does your
firm have alternative suggestions on how to structure this
transaction that would be more beneficial to the City, the Bond
Bank, and the CJC Project? If so, please discuss.
f. Please provide your firm’s recommendations on the timing of the
takeout of the short‐term financing and financing of the larger
8.
BOND BANK RFP‐CJC‐2018‐001 | 8
project bond issue or issues to reflect the project cash flows and to
reduce the overall amount of capitalized interest required. The
City’s objective is to maximize the amount of proceeds available for
the project since the Task Force has identified additional facility
needs beyond those contemplated by the current project that could
be accommodated if funds were identified (see The Criminal Justice
Reform Task Force Report, Facilities Recommendations Number 4
and 5) Available at my.indy.gov/activity/criminal‐justice‐reform‐
task‐force.
Projected cash flows for the Project are attached as Attachment D.
SECTION 3 – PROCUREMENT PROCESS
3.1 PROCUREMENT AUTHORITY.
This RFP is being issued under the Bond Bank’s general power to make
contracts under Indiana Code Chapter 5‐1.4‐3.
3.2 SELECTION PROCESS.
Consideration will be given to the following factors:
Responsiveness to the RFP, including ideas for structuring options.
Understanding of the Bond Bank’s goals.
Proposed deal pricing and fee proposals.
Familiarity with the Project and municipal finance and budgeting in the
City of Indianapolis and Marion County.
Experience with similar transactions and institutions; and
Offeror’s involvement with similar transactions.
3.3 QUESTIONS.
Questions regarding this RFP, if any, or additional questions related to the
Bond Bank or the Community Justice Campus must be submitted in writing
before February 8, 2018, by noon EST, to André Zhang Sonera, Bond Bank
Project & Public Affairs Manager, at andre.zhangsonera@indy.gov with
reference to Indianapolis Bond Bank RFP‐CJC‐2018‐001. Official answers
to questions, if any, will be issued via addenda to this RFP by 5:00 PM EST on
February 12, 2018.
3.4 LETTER OF INTENT.
Offerors should communicate their intent to submit a response to this RFP to
André Zhang Sonera on or before February 8, 2018, by noon EST. This letter
does not bind offerors to submit such a response.
9.
BOND BANK RFP‐CJC‐2018‐001 | 9
3.5 SCHEDULE.
The Bond Bank reserves the right to adjust this schedule.
Date Event
February 1, 2018 RFP Issued
February 8, 2018
Email Letter of Intent by noon EST. Additionally,
any related questions to the RFQ must also be
submitted by noon EST
February 12, 2018 Answers released via addenda by 5 PM EST
February 19, 2018 RESPONSES DUE VIA EMAIL BY 5 PM EST
February 28 –
March 2, 2018
Oral Presentations/Interviews will be conducted if
needed
Week of March 5th
Final selection of credit providers and/or
underwriters announced by the Bond Bank
Weeks of March
12th and March 19th
Transaction Structuring and Document
Development
March 19, 2018 Bond Bank Board of Directors Meeting
Week of March 19th Expected Transaction Pricing (if necessary)
March 30, 2018 Closing/Funds Received
Currently, the Bond Bank intends to select one or more banks and/or
underwriters based solely on responses to the RFP, but reserves the right to
interview or to follow‐up through phone discussion or email, if needed, to
further explore and/or clarify any aspects of a response. The Bond Bank
reserves the right to negotiate with two or more respondents. If necessary, the
Bond Bank anticipates meeting with qualified offerors between February 28th
and March 2nd at the Bond Bank’s offices. If you are not available during this
time, or certain times are more convenient, please indicate that in your written
proposal.
10. BOND BANK RFP‐CJC‐2018‐001 | 10
SECTION 4 – RESPONSES
4.1 RFP RESPONSES.
Responses must be sent in PDF form via electronic mail to André Zhang
Sonera at andre.zhangsonera@indy.gov with reference to Indianapolis
Bond Bank RFP‐CJC‐2018‐001 in the subject line of the electronic mail.
The response shall include the following:
Cover Letter – not to exceed one page. The response should include a
cover letter expressing the respondent’s interest in the Project and
serve as an executive summary of the proposal.
Statement of Proposals – proposals should be limited to fifteen (15) pages
(excluding cover letter, bios, and appendices). Proposals must utilize a
12‐point font size.
All proposals must include the following:
o Response to all Questions in the Scope of Services ‐ Unless
your firm only wishes to provide quotes on a short‐term facility.
o Key Persons – The response should indicate the name, address,
and telephone number for the primary contact person assigned
to work with the Bond Bank. The response should also identify
additional key members of the offeror who would be assigned
to work with the Bond Bank and the anticipated role of each
member. Brief biographies of each directly involved individual
should be included in the appendix.
o Offerors’ Experience – The responses should describe the
offeror’s experience with interim and long‐term construction
financing transactions as well as major capital programs similar
to the Community Justice Center since January 1, 2013. Offerors
should also discuss their experience with financings using a
similar source of security to LOIT pledge.
o Statement of Conflict of Interest – The response should identify
any potential conflicts of interest and how the offeror would
resolve them.
o Statement of Disclosure – The response should discuss any
violation of, or investigation relating to any alleged violation of
Securities and Exchange Commission’s Rules and/or Municipal
11. BOND BANK RFP‐CJC‐2018‐001 | 11
Securities Rulemaking Board Rules, or other regulatory actions
since January 1, 2013. If none, the response should provide a
statement to that effect.
o References – The response should provide names and
telephone numbers of three (3) clients (and respective contact
person for those clients) for whom the offeror has provided
similar to those described in this RFP, with a brief description of
the work performed. These individuals may be contacted by the
Bond Bank in its evaluation of the proposal.
o Statement of Affirmation – The response should include a
written affirmation that the individual(s) submitting the
proposals is/are authorized to do so on behalf of the offeror and
certification that, to the best of its/their knowledge, the
information submitted in the proposal is accurate, complete,
and correct as the date of the proposal.
o Duration of Pricing Terms Quote – The response should
indicate how long the pricing terms quoted on the response will
be available (e.g. 90 days).
o Short and Long‐Term Rating – If the proposal provides a bank
solution, the response should indicate short and long‐term
rating information of the offeror.
Offerors submitting responses for CP Options should answer the
following:
o CP Proposal – The response should describe the offeror’s
proposal, including fees.
o Letter of Credit Terms ‐ The response should provide a
summary of the offeror’s credit term, including renewal, costs,
and fees.
o Transaction Fees – The response should provide proposed
transaction fees, including estimated legal expenses,
underwriting fees, and management fee, if any.
12. BOND BANK RFP‐CJC‐2018‐001 | 12
Offerors submitting responses for Draw DP should answer the
following:
o Current Credit Ratings – The response should provide the
offeror’s current credit ratings.
o Fixed/Variable Rate ‐ If applicable, the response should
provide a summary of the offeror’s fixed and variable rates.
o Early Prepayment – One‐year and Two‐year rates should
assume the ability to prepay at 6 months or after with no
penalty.
o Term Sheet – The response should provide an indicative term
sheet, which includes at least the following information:
Commitment fee,
Use fee,
Non‐use fee,
Closing costs,
Draw Fees
Syndication or lead bank fee,
Expected legal fees,
Short‐Term
Rating
Long‐Term
Rating
Outlook
MOODY’S
INVESTORS
SERVICE
STANDARD
& POORS
FITCH
RATINGS
Fixed Rate Variable Rate
TERM
1‐YEAR
2‐YEAR
13. BOND BANK RFP‐CJC‐2018‐001 | 13
Amendment fees,
Renewal fees and provisions,
Term out provisions,
Covenants regarding regulatory and tax risks,
Covenants regarding maximum interest rate
requirements and any ‘make whole’ provisions,
Ratings or downgrade ‘triggers’,
Security and financial covenants, and/or
Any business‐related covenants
o Length for Credit Approval – The response should indicate the
length of time the offeror would need to obtain final credit
approval.
4.2 DEADLINE FOR SUBMITTAL OF RESPONSES.
Monday, February 19, 2018, by 5:00 PM EST – Pursuant to Section 4.1,
offerors should provide a PDF copy via electronic mail.
4.3 ADDITIONAL INFORMATION.
Indianapolis Bond Bank Community Justice Campus Project Page
City of Indianapolis – Criminal Justice Task Force Page
Indy CJC – Community Justice Campus Project Page
4.4 CONTACT PERSON AND COMMUNICATIONS.
All inquiries regarding this RFP should be provided in the form of written
questions pursuant to section 3.3, above. Other matters or inquiries can also
be directed to André Zhang Sonera.
SECTION 5 – ADDITIONAL REQUIREMENTS
5.1 PROCUREMENT AUTHORITY
Pursuant to Section 3.5, the Bond Bank reserves the right to meet with
qualified offerors to discuss the RFP and the offeror’s proposal and ability to
perform the proposed Scope of Work and to request presentations from one
or more offeror.
If necessary, the Bond Bank anticipates meeting with qualified offerors
between February 28th and March 2nd at the Bond Bank’s offices. The meeting
will approximately be an hour long and will include substantive questions.
14. BOND BANK RFP‐CJC‐2018‐001 | 14
SECTION 6– DEFINITIONS
6.1 The Bond Bank is the Indianapolis Local Public Improvement Bond Bank
and was created in 1985, pursuant to Indiana Code Section 5‐1.4‐3‐1. The
Bond Bank operates during normal business hours.
6.2 Request for Proposals or RFP means this solicitation for offerors with
respect to financing the Project.
6.3 Statement of Proposals means a written response to this RFP consistent with
the requirements in Section 4.
6.4 The Executive Order means the May 11, 2016, Executive Order No. 4, 2016 by
Indianapolis Mayor Joe Hogsett establishing the Task Force.
6.5 The Task Force means the Indianapolis Criminal Justice Reform Task Force
and was established by the Executive Order.
6.6 The Report means the Recommendations Report to the Mayor released in
December 2016 by the Task Force.
6.7 The Project means one or more construction or development projects to
design and build a Community Justice Campus for the Consolidated City of
Indianapolis and Marion County and other stakeholders involved in criminal
justice services through Indianapolis and Marion County.
(Note: Capitalized terms not defined in this RFP are defined in the Report)
16. $223
$239
$285
$342
$312 $317
$0
$50
$100
$150
$200
$250
$300
$350
$400
2013 2014 2015 2016 2017
Estimated
2018
Budgeted
$Millions
Income Tax Revenue
Consolidated City/County Units
Public Safety
Tax
Levy Freeze
Tax
Certified
Shares
(COIT)
*2016 includes $52.9M one-time supplemental distribution.
*2018 does not include the Special Purpose distribution to IndyGo
BOND BANK RFP-CJC-2018-001 | 16
18. Administration and Finance Committee
Proposal No. 411, 2017
Your Committee, to which this proposal was referred, has amended the proposal to read as follows and
recommends its adoption as amended.
CITY COUNTY COUNCIL PROPOSAL NO. 411, 2017
CITY OF INDIANAPOLIS-MARION COUNTY, INDIANA
INTRODUCED: 12/18/2017
REFERRED TO: Administration and Finance Committee
SPONSOR: Councillors Simpson, Gray and Lewis
DIGEST: authorizes the issuance of notes in an aggregate principal amount not to exceed $55,000,000
for the purpose of providing funds to be applied to the costs of site preparation, construction mobilization,
and related engineering, planning, design and consulting in connection with a proposed community
justice campus, and appropriating the proceeds thereof, states the Council’s interest in making a
purchase of land, ratifying the appointment of appraisers with respect to the purchase of land, states the
need to lease certain property and waives the application of Revised Code Chapter 186 with respect to
the purchased land and/or leased property
SOURCE:
Initiated by: Office of Finance and Management
Drafted by: Office of Finance and Management
LEGAL REQUIREMENTS FOR ADOPTION: PROPOSED EFFECTIVE DATE:
Published Notice of Public Hearing Adoption and approvals
Subject to approval or veto by Mayor
GENERAL COUNSEL APPROVAL: _________________________________ Date: December 14, 2017
CITY-COUNTY GENERAL RESOLUTION NO. , 2017
A GENERAL RESOLUTION (1) authorizing the issuance of a note for the purpose of providing funds to
be applied to pay site preparation, construction mobilization, and related engineering, planning and
design and consulting services costs in connection with the proposed community justice campus, and
appropriating the proceeds thereof, (2) stating the Council’s interest in making a purchase of land, (3)
ratifying the appointment of appraisers with respect to the land and (4) stating the need to lease certain
property and waiving the application of Revised Code Chapter 186 to the purchased land and/or leased
property.
WHEREAS, the Consolidated City of Indianapolis, Indiana, as such term is defined in Indiana Code
36-3-1-4 (the “City”) is in the process of planning, design and construction of a community justice campus
in the City (the “CJC”); and
WHEREAS, the Mayor’s Criminal Justice Reform Task Force, made up of representatives from the
Health & Hospital Corporation of Marion County, the Marion County Coroner’s Office, the Indianapolis
Metropolitan Police Department, the Marion County Forensic Services Agency, the Indianapolis Office of
Public Health & Safety, the Marion County Prosecutor’s Office, Indy EMS, the Marion County Public
Defender Agency, the Marion County Circuit Court, the Marion County Sheriff’s Department, the Marion
County Clerk’s Office, the Marion County Superior Court, the Marion County Community Corrections and
many other community stakeholders, issued its report on criminal justice reform on December 12, 2016,
which included recommendations for reducing crime and recidivism, streamlining critical criminal justice
processes, reforming bail and bond conditions, promoting offender reentry programs, addressing mental
health and addiction problems that lead to crime and incarceration, and developing best practices for public
safety and the criminal justice system that strive for continuous improvement (“the Reform Plan”); and
BOND BANK RFP-CJC-2018-001 | 18
19. Proposal No. 411, 2017
Page 2
WHEREAS, the City needs funds to pay for (1) construction necessary to prepare the site for
construction of the CJC buildings, (2) construction mobilization costs, (3) certain related engineering,
planning and design and consulting services costs and (4) land acquisition and lease expenses (the “Site
Preparation and Construction Mobilization Costs”); and
WHEREAS, the City-County Council of the City of Indianapolis and of Marion County, Indiana (the
“Council”) now desires to provide for the payment of the Site Preparation and Construction Mobilization
Costs through the issuance of a short term note pursuant to Indiana Code 5-1.4-8-6, (the “Note”); and
WHEREAS, the Note will be payable from local option income taxes; and
WHEREAS, the Council has found that there are insufficient funds available or provided for in the
existing budget and tax levy which may be applied to the Site Preparation and Construction Mobilization
Costs and has determined to issue the Notes to procure such funds; and
WHEREAS, the Council finds that a need exists for the making of the additional appropriation
hereinafter set out; and
WHEREAS, notice of a hearing on said appropriation has been duly given by publication as required
by law, and the hearing on said appropriation has been held, at which all taxpayers and other interested
persons had an opportunity to appear and express their views as to such appropriation; and
WHEREAS, the City has determined that it does not own real estate suitable for construction of the
CJC and certain related potential economic development projects that the City may undertake; and
WHEREAS, the City has identified real estate suitable for the construction of the CJC and certain
related potential economic development projects, more particularly identified in Exhibit A, attached to and
incorporated into to this Resolution, (the “Real Estate”) located near the intersection of Southeastern
Avenue and Pleasant Run Parkway North; and
WHEREAS, the Real Estate is currently owned by Citizens Energy Group, or an affiliate (“Citizens”);
and
WHEREAS, the Purchasing Administrator for the City of Indianapolis (the “Purchasing Administrator”)
has received a petition signed by at least fifty (50) taxpayers of the City requesting that the City enter into
a lease with Citizens for a portion of the Real Estate identified in Exhibit A attached to this Resolution as
the “Community Justice Facilities Properties”; and
WHEREAS, pursuant to IC 36-1-10.5-6 the Purchasing Administrator has appointed Integra Realty
Resources and William Stump (the “Appraisers”) as appraisers for the Real Estate; and
WHEREAS, the Appraisers have produced appraisals for the Purchasing Administrator, who has
submitted the appraisals to the Council; and
WHEREAS, in order to encourage future economic development opportunities that may arise with
respect to the Real Estate, the Council desires that Revised Code Chapter 186 shall not apply to the Real
Estate; now therefore:
BE IT RESOLVED BY THE CITY-COUNTY COUNCIL OF THE
CITY OF INDIANAPOLIS AND OF MARION COUNTY, INDIANA:
SECTION 1. The Council hereby approves the processes of designing, developing, financing and
constructing the CJC as one important means of implementing the recommendations of the Reform Plan
for the benefit of the community at large, for the positive impact on the neighborhoods surrounding the CJC
site, and for future generations of Marion County residents.
SECTION 1 2. The Council hereby authorizes and requests the City's Mayor (“Mayor”) and the City
Controller (“City Controller”) to prepare and issue the Notes pursuant to Indiana Code 5-1.4-8-6 in the name
of the City for the purpose of procuring funds to pay for the Site Preparation and Construction Mobilization
Costs. The Notes may be issued in an aggregate principal amount not to exceed Fifty-Five Million Dollars
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20. Proposal No. 411, 2017
Page 3
($55,000,000.00) to be designated “Local Option Income Tax Notes, Series 2018” (with such further or
different designations as the City Controller may determine to be desirable). The Notes are payable from
local option income tax revenues and by this Resolution, the Council hereby pledges said local option
income tax to repayment of the Notes.
SECTION 2 3. The Notes shall be sold by negotiated sale to The Indianapolis Local Public Improvement
Bond Bank (the “Bond Bank”) and shall bear interest at a rate not to exceed 5% per annum payable on
interest payment dates selected by the City Controller, and mature no later than two years from the date of
delivery. The Bond Bank shall purchase the Notes with proceeds of bonds, notes or other instruments or
obligations it issues for such purpose either through a direct purchase arrangement or a commercial paper
facility. The Mayor and the City Controller are authorized and directed to execute and deliver the Notes to
the Bond Bank in accordance with this Resolution.
SECTION 3 4. The Notes may be prepayable by the City on terms and conditions determined by the City
Controller at the time of sale of the Notes and agreed to by the Bond Bank. The place of redemption will be
as designated by the City Controller. The Notes will be payable at such place as may be designated by the
City Controller. All payments on the Notes will be made in any coin or currency of the United States of
America, which on the date of such payment is legal tender for the payment of public and private debts.
The Notes will not be transferable or exchangeable, except upon compliance with all applicable laws,
including the federal securities laws of the United States of America.
SECTION 4 5. By this Resolution, the City Controller is authorized and directed to deposit the proceeds of
the Notes into a separate account of the City of Indianapolis hereby designated as the Community Justice
Campus Site Preparation and Construction Mobilization Cost Account (the “Site Preparation and
Construction Mobilization Account”) to pay the Site Preparation and Construction Mobilization Costs. The
Site Preparation and Construction Mobilization Account must, in accordance with IC 5-13, be deposited
with the depository or depositories of other public funds of the City, and all interest collected on it belongs
to the Site Preparation and Construction Mobilization Account. Moneys contained in the Site Preparation
and Construction Mobilization Account must be invested to the extent and as provided by law.
SECTION 5 6. The officers of the City are, and each of them is (individually rather than collectively),
authorized and directed to take all such actions and to execute all necessary or desirable notes,
instruments, agreements and certificates (including the Notes and any purchase agreements) as are
desirable to carry out the steps contemplated by this Resolution, in such forms as any officer executing the
same may deem proper, to be conclusively evidenced by their execution.
SECTION 6 7. There is hereby appropriated the sum of not to exceed Fifty-Five Million dollars
($55,000,000.00) out of the proceeds of the Notes, together with all investment earnings thereon, for the
purpose of providing funds to pay a portion of the Site Preparation and Construction Mobilization Costs,
including the costs of issuing the Notes. Such appropriation shall be in addition to all appropriations
provided for in the existing budget and shall continue in effect until the completion of the described
purposes.
SECTION 7 8. Pursuant to IC 36-1-10-7 and after investigation, the Council expresses a need to lease the
portion of the Real Estate identified in Exhibit A attached to this Resolution as the “Community Justice
Facilities Properties” for a one-time Lease Fee of Two Million One Hundred Thousand Dollars
($2,100,000.00) and approves transfer of title to the Community Justice Facilities Properties to the City
upon termination of the lease, or otherwise pursuant to the terms of the lease, for an amount of One Dollar
($1.00).
SECTION 8 9. Pursuant to IC 36-1-10.5-5, the Council hereby ratifies the appointment by the Purchasing
Administrator of the City of Indianapolis of Integra Realty Resources and William Stump as appraisers for
the Real Estate.
SECTION 9 10. Pursuant to IC 36-1-10.5-5, the Council hereby expresses its interest in purchasing the
Real Estate identified in Exhibit A attached to this Resolution as the “Economic Development Properties”,
for a purchase price of Two Million One Hundred Thousand Dollars ($2,100,000.00), a price not greater
than the average of the appraisals returned by the Appraisers.
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21. Proposal No. 411, 2017
Page 4
SECTION 10 11. The Council hereby declares that Revised Code Chapter 186 shall not apply to the Real
Estate.
SECTION 11 12. If any section, paragraph or provision of this Resolution is held to be invalid or
unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision will
not affect any of the remaining provisions of this Resolution.
SECTION 12 13. This Resolution shall be in full force and effect upon adoption and compliance with IC
36-3-4-14, IC 36-3-4-15 and IC 36-3-4-16.
The foregoing was passed by the City-County Council this _____ day of __________, 2018, at _____ p.m.
ATTEST:
_____________________________________
Stephen J. Clay
President, City-County Council
____________________________________
NaTrina DeBow
Clerk, City-County Council
Presented by me to the Mayor this _____ day of ____________, 2018, at 10:00 a.m.
_____________________________________
NaTrina DeBow
Clerk, City-County Council
Approved and signed by me this _____ day of ____________, 2018.
____________________________________
Joseph H. Hogsett, Mayor
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23. Projected Expenditure for $55 Million Facility
Month Monthly Total Cumulative Total Quarterly Total
Sum of Apr-18 -$ -$
Sum of May-18 -$ -$
Sum of Jun-18 3,880,433$ 3,880,433$ 3,880,433$
Sum of Jul-18 3,789,870$ 7,579,741$
Sum of Aug-18 3,789,870$ 11,460,173$
Sum of Sep-18 3,469,179$ 14,929,352$ 11,048,919$
Sum of Oct-18 3,469,179$ 18,398,531$
Sum of Nov-18 8,634,650$ 27,033,180$
Sum of Dec-18 8,634,650$ 35,667,830$ 20,738,478$
Sum of Jan 19 and later 18,361,769$ 54,029,599$ 18,361,769$
54,029,599$
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