HomeMy Public PortalAbout090-1980 - Revenue Bonds - EIIOCO RealtyORDINANCE NO. 90 - 1980
AN ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE ISSUANCE AND SALE
OF REVENUE BONDS AND LOANING THE PROCEEDS THEREOF TO EIIPCO REALTY, AN
INDIANA PARTNERSHIP, FOR THE FINANCING OF ECONOMIC DEVELOPMENT FACILITIES,
AND OTHER MATTERS RELATING THERETO
WHEREAS, the Richmond Economic Development Commission adopted a reso-
lution November 17, 1980, approving the financing of certain economic
development facilities for EIIPCO Realty, and approving a proposed form of
ordinance, Loan Agreement, Mortgage and Security Agreement (hereinafter
referred to as "Loan Agreement"), and Indenture of Trust (hereinafter
referred to as "Indenture"), Guaranty Agreement, Indenture of Lease of Real
Estate, and Machinery and Equipmnent Lease, and related documents, and
finding that the proposed financing complies with the purposes and provi-
sions of I.C., 18-6-4.5-1 through 18-6-4.5-29, inclusive; and further find-
ing that there are no similar facilities already constructed or operating
in the municipality competitive to the use proposed thereunder; and,
WHEREAS, said resolution was presented to the Clerk for presentation
to Common Council of the City of Richmond and was so presented; now there-
fore, BE IT ORDAINED by the Common Council of the City of Richmond,
Indiana.
SECTION 1. It is hereby found that the financing of the economic
development facilities referred to in the Loan Agreement, previously
approved by the Richmond Economic Development Commission and presented to
the Common Council, the loaning of proceeds thereof to EIIPCO Realty for
the acquisition, construction, installation and equipping of such facili-
ties and the lease thereof to Staco, Inc., a Delaware corporation, complies
with the purposes and provisions of I.C., 18-6-4.5-1 through 18-6-4.5-29,
inclusive, and will be of benefit to the health or welfare of the City of
Richmond.
SECTION 2. The forms of Loan Agreement and Indenture approved by the
Richmond Economic Development Commission are hereby approved and all such
documents collectively shall be considered the "Financing Agreement"
referred to in I.C., 18-6-4.5-1 through 18-6-4.5-29, inclusive. Such
documents shall be incorporated herein by reference and shall be inserted
in the minutes of the Common Council and kept on file by the Clerk.
SECTION 3. The City of Richmond will issue its Economic Development
Revenue Bonds, Series A and B (Original Bonds) (EIIPCO Realty Project) in
the total principal amount of Eight Hundred Twenty -Five Thousand Dollars
($825,000.0) and shall loan the proceeds thereof to EIIPCO Realty, which
loan shall be evidenced by promissory notes issued by EIIPCO Realty, as
provided in the Loan Agreement, for the purpose of defraying a portion of
the costs to acquire, construct and equip the facilities as more particu-
larly set out in the Loan Agreement and Indenture, incorporated herein by
reference, which bonds will be payable as to principal, premium, if any,
and interest solely from the revenues and other amounts derived from the
Note and Loan Agreement and otherwise as provided in the Loan Agreement and
the Indenture.
SECTION 4. The Mayor and Clerk are authorized and directed to execute
the documents approved herein on behalf of the City of Richmond and any
other documents which may be necessary or desirable to complete the trans-
action, including the bonds authorized herein. The Clerk of the City of
Richmond is authorized to arrange for the delivery of such bonds to the
purchasers thereof, payment for which shall be made to the trustee named in
the Indenture.
SECTION 5. The provisions of this ordinance and the Indenture secur-
ing the bonds shall constitute a contract binding between the City of
Richmond and the holders of the Economic Development Revenue Bonds, Series
A and B, (Original Bonds) (EIIPCO Realty Project), 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
any of said bonds or the interest thereon remain unpaid.
SECTION 6. This ordinance shall be in full force and effect from and
after its passage and signing by the Mayor.
ADOPTED by the Common Council of the City of Richmond, Indiana, this
/1J Zjh day of n f 1980.
Prey ent of Cofimon Council
ATTEST:
City Clerk
PRESENTED to the Mayor of the City of Richmond, Indiana, this
day of 1980.
City rk
APPROVED by me, Clifford Dickman, Mayor of the City of Richmond,
Indiana, this day of 1980.
ATTEST