The URL can be used to link to this page

Home My Public Portal About2002-16 - REVENUE BONDSORDINANCE NO. ORDINANCE AUTHORIZING THE CITY OF GREENCASTLE, INDIANA TO ISSUE ITS "ADJUSTABLE RATE ECONOMIC DEVELOPMENT REFUNDING REVENUE BONDS, SERIES 2003A (ROUND BARN MANOR APARTMENTS PROJECT) AND ITS TAXABLE ADJUSTABLE RATE ECONOMIC DEVELOPMENT REFUNDING REVENUE BONDS, SERIES 2003B (ROUND BARN MANOR APARTMENTS PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Greencastle Economic Development Commission adopted a Resolution on November 12, 2002, which Resolution has been transmitted hereto, finding that the refinancing of certain economic development facilities of Pedcor Investments - 1989 -VII, L.P., complies with the purposes and provisions of I.C. 36 -7 -11.9 and 12 and I.C. 5 -1 -5, and that such refinancing will be of benefit to the health and welfare of the City of Greencastle and its citizens; "IT4I WHEREAS, the Greencastle Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council, and has approved the forms of and has transmitted for approval by the Common Council the Loan Agreement, the Trust Indenture, the Amended and Restated Land Use Restriction Agreement, the Preliminary Official Statement and the Bond Purchase Agreement; now, therefore BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA THAT: Section 1. It is hereby found that the refinancing of the economic development facilities referred to in the Loan Agreement approved by the Greencastle Economic Development Commission and presented to this Common Council, the issuance and sale of the City of Greencastle, Indiana Adjustable Rate Economic Development Refunding Revenue Bonds, Series 0 . 2003A (Round Bam Manor Apartments Project) (the "Series 2003A Bonds "), and the City of Greencastle, Indiana Taxable Adjustable Rate Economic Development Refunding Revenue Bonds, Series 2003B (Round Barn Manor Apartments Project) (the "Series 2003B Bonds" and, together with the Series 2003A Bonds, the "Bonds "), the loan of the proceeds of the Bonds to Pedcor Investments - 1989 -VII, L.P. (the "Borrower "), for the refunding of the Prior Bonds (as hereinafter defined), the payment of the Bonds by the loan payments of the Borrower under the Loan Agreement and the securing of said Bonds by the issuance of a letter of credit by the Federal Home Loan Bank of Indianapolis, complies with the purposes and provisions of I.C. 36- 7 -11.9 and 12 and I.C. 5 -1 -5, and will be of benefit to the health and welfare of the City of Greencastle and its citizens. Section 2. The financing consists of the refunding of the City of Greencastle, Indiana Multifamily Housing Revenue Bonds, Series 1991 (Pedcor Investments — 1989 -VII, L.P. ® Project), in the original principal amount of $3,550,000, issued on September 12, 1991 (the "Prior Bonds "), which were issued to refund other bonds issued by the City of Greencastle in 1989 to finance the acquisition, construction and equipping of a 112 -unit apartment development and functionally related and subordinate facilities, including, but not limited to, parking facilities and recreational facilities on approximately 8.5 acres of land on the west side of Round Bam Road, approximately 500 feet north of State Road 240, in the City of Greencastle, Indiana. Section 3. The substantially final forms of the Loan Agreement (including the Notes attached as exhibits thereto), the Trust Indenture, the Amended and Restated Land Use Restriction Agreement, the Preliminary Official Statement and the Bond Purchase Agreement approved by the Greencastle Economic Development Commission are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in T.C. 36 -7 -11.9 and 12), and ® the Financing Agreement shall be incorporated herein by reference and shall be inserted in the -2- ® minutes of the Common Council and kept on file by the Clerk- Treasurer. In accordance with the provisions of I.C. 36- 1 -5 -4, two (2) copies of the Financing Agreement are on file in the office of the Clerk - Treasurer for public inspection. Section 4. The City of Greencastle shall issue the Series 2003A Bonds in the total principal amount not to exceed $3,185,000 and maturing no later than November 1, 2028. The City of Greencastle shall issue the Series 2003B Bonds in the total principal amount not to exceed $415,000 and maturing no later than November 1, 2028. Said Bonds are to be issued for the purpose of procuring funds to pay the costs of refunding the Prior Bonds, all as more particularly set out in the Trust Indenture and the Loan Agreement, incorporated herein by reference, which Bonds will be payable as to principal, premium, if any, and interest from the loan payments made by the Borrower under the Loan Agreement or as otherwise provided in the ® above - described Trust Indenture. The Bonds shall be issued in fully registered form in the denominations of $100,000 and increments of $1,000 in excess thereof while the Bonds bear interest at a variable rate and $5,000 denominations while the Bonds bear interest at a fixed rate and shall be subject to optional and mandatory tender and are redeemable as provided in Articles II and 1V, respectively, of the Trust Indenture. Payments of principal and interest are payable in lawful money of the United States of America by check or draft mailed or delivered to the registered owners as provided in the Trust Indenture. The Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of Greencastle, nor are the Bonds payable in any manner from revenues raised by taxation. Section 5. The Mayor and the Clerk- Treasurer are authorized and directed to sell the Bonds to the original purchaser thereof, at the price of not less than 100% of the principal �a S11 amount thereof, plus accrued interest. The Bonds shall bear interest at the rates per annum established pursuant to Sections 2.03 and 2.04 of the Trust Indenture. Section 6. The Mayor and the Clerk- Treasurer are authorized and directed to execute, attest, affix or imprint by any means the City seal to the documents constituting the Financing Agreement approved herein on behalf of the City and any other document which may be necessary or desirable to consummate the transaction, including the Bonds authorized herein. The Mayor and the Clerk- Treasurer are hereby expressly authorized to deem the Preliminary Official Statement relating to the issuance of the Bonds as nearly final and the distribution of the nearly final Official Statement is hereby approved. The Mayor and the Clerk- Treasurer are hereby expressly authorized to approve any modifications or additions to the documents constituting the Financing Agreement which take place after the date of this Ordinance with the review and advice of the City Attorney, including the change of the dated date of the documents to a later date; it being the express understanding of this Common Council that said Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attestation thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term of the Bonds as approved by the Common Council by this Ordinance without further consideration by the Common Council. The signatures of the Mayor and the Clerk- Treasurer on the Bonds may be either manual or facsimile signatures. The Clerk- Treasurer is authorized to arrange for delivery of such Bonds to the Trustee named in the Trust Indenture. Payment for the Bonds will be made to the Trustee named in the Trust Indenture, and 1 -4- after such payment, the Bonds will be delivered by the Trustee to the original purchaser thereof. The Bonds shall be originally dated the date of issuance and delivery thereof. Section 7. The provisions of this Ordinance and the Trust Indenture securing the Bonds shall constitute a binding contract between the City of Greencastle and the holders of the Bonds, and after the issuance of said Bonds, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as said Bonds or the interest thereon remains unpaid. Section 8. This Ordinance shall be in full force and effect from and after its passage and signing by the Common Council. -5- ® Passed and adopted this 12th day of November, 2002. Attest: c Clerk - Treasurer ® Presented by me to the Mayor of the City of Greencastle on theagay of November, 2002, Pam Jones, Clerk- Treasu er, � of Greencastle Approved and signed by me this(Aay of November, 2002. Nancy Mich e , Mayor, City of Greencastle CHICAGO 20584v2 -6- MINUTES OF A SPECIAL MEETING OF THE CITY OF GREENCASTLE ECONOMIC DEVELOPMENT COMMISSION HELD ON NOVEMBER 12, 2002 The Greencastle Economic Development Commission (the "Commission') held a special meeting at 6:30 p.m. on November 12, 2002, at City Hall, in Greencastle, Indiana. The Commission members were present or absent as follows: Present: Absent: Michael Rokicki John Lanie Darrel Thomas Gary Graham Michael Tzounakis The Secretary presented proof of publication of notice of a public hearing for this date before the Commission published on October 24, 2002, regarding the economic development refinancing for Pedcor Investments -1989 -VII, L.P. (the "Borrower ") and the public was invited to comment thereon as to the public purpose of said financing. No one from the public commented. The Secretary then presented the substantially final forms of the Loan Agreement, the Trust Indenture, the Amended and Restated Land Use Restriction Agreement, the Preliminary Official Statement, the Bond Purchase Agreement and the proposed form of Ordinance (all such documents collectively to be considered the Financing Agreement referred to in the Indiana Code, Title 36, Article 7, Chapters 11.9 and 12) in connection with the refinancing of economic development facilities for the Borrower. After a discussion and upon motion duly made by Commissioner Michael Tzounakis, seconded by Commissioner Darrel Thomas, and, on call of the roll, carried unanimously, the resolution attached hereto was adopted. There being no further business to coW before the meeting, the meeting was thereupon adjourned. Secretary Approved: I MMW - / 9/1- 1 -or WE I 1�1 -2- 0 November 22, 2002 Laurie, Attached please find the signed excerpts from the meetings regarding the Ecomonic Development Bonds and an original Ordinance 2002 -16. The only problem I have with the minutes is that we only presented the Ordinance and I don't have the Loan Agreement, Bond Purchase Agreement, the Preliminary Official Statement or the Amended and Restated Land Use Restriction Agreement. I assume I will be receiving copies of these or are these signed at the time of Bond issue ? ? ? ?? Pamm n U 11