HomeMy Public PortalAbout034-2011 - Ordinance Amending Ordinance NoORDINANCE NO. 34-2011
ORDINANCE AMENDING ORDINANCE NO. 47-2010
WHEREAS, the Common Council of the City of Richmond, Indiana (the "City") has
determined to finance an economic development facility (the "Project") for Perpetual Recycling
Solutions, LLC; and
WHEREAS, the City has adopted Bond Ordinance No. 47-2010 (the "Ordinance")
approving the issuance of bonds, in one or more series, in an aggregate principal amount not to
exceed $26,000,000 at an interest rate not to exceed twelve percent (12%) (the 'Bonds"), in order
to procure funds to be applied on the costs of the Project and costs associated with the issuance
of the Bonds; and
WHEREAS, the City has been advised that additional funds may be needed by Perpetual
Recycling Solutions, LLC, for the Project and that the Ordinance needs to be amended to allow
for the a higher dollar amount of Bonds to be issued and, because of changes in structure with
the purchaser, that a higher interest rate is permitted.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, THAT:
Section 1. The Ordinance shall be amended to increase the maximum aggregate principal
amount of the Bonds to be issued to an amount not to exceed $34,000,000 at a maximum interest
rate of fourteen percent (14%) and to permit the Bonds to be sold with a premium or discount of
up to three percent (3%).
Section 2. The Ordinance shall be further amended to change the name of the Bonds
from "City of Richmond, Indiana Economic Development Revenue Bonds, Series 2010
(Perpetual Recycling Project)" to "City of Richmond, Indiana Economic Development Revenue
Bonds, Series 2011 (Perpetual Recycling Project)" (to be completed with the proper series
designation or taxable status).
Section 3. All other provisions of the Ordinance shall remain in full force and affect.
This ordinance shall be in full force and effect from and after its passage.
Passed and adopted by the Common Council of the City of Richmond, Indiana this 15th
day of August, 2011.
RICHMOND COMMON COUNCIL
S/S Diana Pappin
Diana Pappin, President
ATTEST: S/S Karen Chasteen
Karen Chasteen, City Clerk
Richmond, Indiana
PRESENTED to the Mayor of the City of Richmond, Indiana, this _16th _ day of August,
2011, at a.m.
S/S Karen Chasteen , City Clerk
Karen Chasteen, City Clerk
Richmond, Indiana
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this
16th day of August, 2011, at _.m.
S/S Sarah L. Hutton
Sarah L. Hutton, Mayor
Richmond, Indiana
ATTEST: S/S Karen Chasteen
Karen Chasteen, City Clerk
Richmond, Indiana
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