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HomeMy Public PortalAbout2280-1967 - Sale of Bonds for New City HallORDINANCE NO. 2280-1967 AN ORDINANCE OF THE CITY OF RICHMOND, INDIANA, &U RIZING THE ISSUANCE_AND--SALE OF BONDS: OF SAID CITY FOR THE PURPOSE OF ACQUISITION OF LAND AS A SITE AND THE_ CANTiC1CTTON' �ICD _iJjPMEN? OF A NEW CITY rHA,.; '1`iE A[f�BiiBN OF LRMD A5 SI1"BS 26 THE CONSTRUCTION AND EQUIPMENT OF THREE NEW FIRE STATIONS TO SERVE THE DOWNTGWN, WEST SIDE AND EAST SIDE AREAS OF THE CITY, AND THE ACQUISITION OF AJiEW FIRE ENGINE AND APPURTENANT EQUIPMENT, AND THE IMPROVENOT OF MaM7% RADIO, FIRE AU `W SLf1i EQi1IPT 1OGETHER WITH THE ACQUISITION AND INSTALLATION OF ADDITIONAL RADIO, FIRE ALARM AND SIGNAL EQUIPMENT h0 INTERCONNECT ALL AREA FIRE PROTECTION FACILITIES AND SERVICES; ANDS kaq-'ELLANBDUS EQUIPMENT AND APPURTENANCES, TOGETHER WITH INCIDENTAL EXPENSES iff CONNECTION WITH ALL_CF THE MMING. WHEREAS, the Board of Public Works and Safety of the City of Richmond has found that ft-`would be for the best interests of said City and its citizens to provide for acquisition of land as a site and the construction and equipment of a new city hall; the acquisition of land as sites and the construction and equipment of. three new fre;stations to serve the downtown, west side and east side areas of the City, the acquisition of a new fire engine and appurtenance equipment, and the improvement of existing radio, fire alarm and signal equipment together with the acquisition and installation of,additional radio, fire alarm and signal equipment to interconnect all`area fire protection facilities and services; and other miscellaneous equipment ad appurtenances; and WHEREAS, the Board of Public Works and Safety has filed a request for an.appropriatic-, for"said purpose, which request.has been approved by the City Controller with the recommendation ttat the funds necessary to cover such appropriation over and above funds available Irflm the Cumulative Building Fund and Capital Improvement Fund, k4 obtained by the issuance and sale of general obligation bonds of the City; and WHEREAS, a petition has been filed under the provisions of Sec. 64-1910 Bunrs Indiana Statutes, 1961 Replacement Volume, by more than fifty (50) owners of taxable revs estate in the City of Richmond, requesting the Common Council to issue bonds i1i*w amount not exceeding One Million Five Hundred Thousand Dollars ($11,500,000) for the purpose. of%procuring funds to be applied on the cost of the project herein - before -`described; and WHEREAS, the Council now finds that said project is necessary and will be of general bneft to the City and its citizens; now therefore, BE IT ORDAINED BY THE CORN COUNCIL OF THE CITY OF RICMND, INDIANA: SECTION 1. That the City of Richmond (hereinafter sometimes referred to as the "City"), by and through its Board of Public Yorks and.Safety, proceed with the acquisition of land as a site and the construction and.equipment of a new city hall; the' acquisition of land as sites and the construction and equipment of three new fire.'stations to serve the downtown, west side and east side areas of the City, the"acquisition of a new fire engine and appurtenant equipment, and the improvement of``existing radio, fire alarm and signal equipment together with the acquisition and installation of additional radio, fire alarm and signal equipment to interconnect all area fire protection facilities and services; and other miscellaneous equipment and`eppurtenances as recommended by said Board. SECTION 2. For the purpose of providing funds to be applied on the cost of said project and the incidental expenses necessary to be incurred in connection therewith. the City shall, make a loan in the amount of One Million Five Hundred Thousand Dollar— ($1,°iO0�00�. In order to procure said loan, the City Controller is hereby authorizer.' and directed to have prepared and to issue and sell the negotiable general obligating. boruis`of the City, to be designated as "City Hall Fire Station Bonds of 1967". in theaggregate.principal amount of One Million Five Hundred Thousand Dollars (51,500f,11'1'10t. which bonds shall be issued in the denomination of Five Thousand Dollars ($5,000), shall be numbered consecutively fxom 1 upwards, shall be dated as of the first day of the month in which said bonds are sold, and shall bear interest at a rate or rates not exceeding four and one-half per cent (4-1/2%) per annum (the exact rate or rates to be determined by bidding), which interest shall be payable on July 1, 1968, and semi-annually thereafter on JanuP?�"Y 1 and July l of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable at in lawful money of the United States of America. The bonds mature serially on January 1 in the years and amounts as follows$ Ord: No. 2280-1967 coat. Page 2. i55400.00 on January 19 1970 609000.00 on January 11, 1971 659000.00 on January 19 1973 709000.00 on Jaaua;y .i, 1975 73,000.00 on January 1, 1977 809000.00 on January 19 1978 85,000.00 on January i, 1980 901,000.00 on January i, 1981 959000.00 on January 1, 1982 1009000.00 on January 1, 1983 1059000.00 on January 11, 1984 1109000.00 on January i, 1985 1159000.00 on January 19 1986 120,000.00 on January 11 1987 and January 1, 1972 and January 1, 1974 and January 19 1976 and January 1, 1979 Said bonds shall be signed in the name of the City of Richmond by the Mayor, counter- signad by the City.Controller, and attested by the City Clerk, who shall affix the see.1 of the City to each of said bonds. The interest coupons attached to said bonds shall be executed with the foesimtile signatures of the Mayor and City Controller, and said officials, by the signing of said bonds, shall adopt as and for their own proper signatures their facsimile signatures appearing on said coupons. Said bonds shslIq in the hands of bona fide holders, have all of the qualities of negotiable Instruments. S.XTION 3. The form and tenor of said bonds and the interest coupons to be attached thppeto shall be substantially as.follows (all blaniato be properly completed prior to th*:printing of the bonds)s UNITED STATES OF AMERICA State of Indiana County of Wayn* No• E5.000 CITY OF RICH10ND CITY HALL - FIRE STATION BOND of 1967 The City of Richmond, in Mayne County, Indiana, for value received, hereby acknowledges itself indebted and promises to pay to the bearer thereof the principal amount of FIVE THOUSAND DOLLARS on the first day of January l9,_, and to pay interest thereon from the dote hereof until the principal is paid, at the rate of ____.por coft %) per annum, payable _ in each year, upon presentation and surrender of the annexed coupons as they severally become due. Both principal and interest of this bond are payable in lawful money of the United States of America at This bond is one of an authorized issue of three hundred (300) bonds of the City of Richmond of lilt* date, denomination, terror and effect, except as to interest rates and dates of maturity, aggregating One Million Five Hundred Thousand Dollars (3195009000), numbered consecutively from 1 upwards, issued pursuant to an ordinance adopted by the Common Council of said City on'the _,,,_,day of �, 19---., entitled "An Ordinance of the City of. Richmond, Indiana, authorizing the issuance and sale of bonds of said City for the purpose of procuring funds to be applied on the cost of acquisition of land as a site and the construction and equipment of a new city hall; the acquisition of land as sites and the con- struction and equipment of three new fire stations to serve the downtown, west side and *set side areas of the City, the acquisition of a new fire engine and appurtenant equipment, and the improvement of existing radio, fire alarm and signal equipment together with the acquisition and Ins stallation of additional radio, fire alarm and signal equipment to inter- connect all area fire protection facilities and services; and other miscellan- ous equipment and appurtenances together with incidental expenses in connection with all of the foregoing", and an act of the General Assembly of the State of Indiana entitled An Act concerning municipal corporations," approved March 6, 1905, and all acts amendatory thereof and supplemental thereto, including Chapter 119 of the Acts of 1937. Dr& 'No. 22W-1967 Cont. Page 3. It is'hereby certified and recited that all acts, conditions and things required to be done precedent to and in the execution, issuance and delivery of this bond have been done and perfomed in regular and due fors as pro- vided by law; that this bond and said total issue of bonds is within every limit of indebtedness prescribed by the constitution and laws of the State of Indiana, and that the full faith and credit of the City of Richmond, together with all of its taxable property, both real and personal, are hereby irrevocably pledged to the punctual payment of the principal and interest of this bond according to its terms. IN WITNESS WHEREOF, the City of Richmond, in Mayne County, Indiana, by ordinance of its Common Council, has caused this bond to be signed in its corporate name by its Mayor, countersigned by its City Controller, its corporate seal to be here -unto affixed and attested by its City Clerk, and the interest coupons hereto attached to be executid by placing thereon the facsimile signatures of said Mayor and City Controller, as of the first day of ,1967. CITY OF RICHMOND Ma r Countersigned: Ci ller (Interest Coupon) Coupon ft. S On 919+, the City of Richmond, Indiana, will pay to bearer at .� in the City of ,Indiana, Do)lars in lawful money of the United States of America, being the interest then due on its City Hall - Fire Station Bond of 19671, dated , 1967, No. CITY OF RICHMOND 4,4LJ,".X Facsimile) City t6kr6ller B � a (Facsimile) Ada r SECTION 4. As soon as can be done after the passage o: this ordinance, the City Clerk shall give notice of the filing of the petition for and determination to issue bonds. Said notice shall be published once each week for two weeks In The Richmond Palladium - Item, the only newspaper of general circulation published in the City of Richmond, and said notice shall also be posted in three public places in the City, as provided by Section 64-1910 and Section 64-1915 Burns 1961 Replacement. SPid bonds shall not be advertised for sale prior to the expiration of the period' during which taxpayers may file remonstrances or objecting petitions to the issuance of said bonds In the event a remonstrance shall be filed by the owners of taxable real estate under the provisions of Section 64-1910 Burns 1961 Replacement„ then no further steps tmards the issuance of said bonds shall be taken unless and until the Common Council shall have determined that such remonstrance is insufficient. In the event an objecting petition or petitions are filed by taxpayers under. the provisions of Section 64-1915 Buriu 1961 Replacement, then no further steps -tomards the issuance of said bonds shall be taken unless and until the State Board of Tax Commissioners shall issue its order approving the issuance of said bonds. In the event it shall be determined by the State Board of Tax Comissioners, or otherwise, that the whale amount of the bonds herein authorized shall not be issued, then the City Controller shall be authorized to advertise and sell a lesser amount of bonds, and the bonds not issued and sold shall be the bonds of the longest maturity or maturities Ord. No. 2280-1967 Cont. Page 4. SECTION 5. Prior to the sale of said bonds, the City Controller shall cause to be published a notice of such sale once each week for two weeks in the Richmond Palladium - Ito, and one time in The Indianapolis Commercial. In the discretion of the Controller, said notice or a summary thereof may be published in the Bond Buyer. The date fixed for the sale shall not be earlier than seven (7) days after the last of said publications. Said bond sale notice shall state the time and place of sale, the purpose for which the bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and conditions on which bids will be received and the sale made, and such other information as the City Controller shall deem necessary. All bids for said bonds shall be sealed and shall be presented to the City Controller at his office, and said Controller shall continue to receive all bids offered until the hour named on the day fixed in the bond sale notice, at which time and place he shall open and consider said bids. Bidders for said bonds shall be required to nape the rate or rates of interest which the bonds are to bear, not exceeding four and one-half per cent (4-1/2%) jmr annmi, and such interest rate or rates shall be in multiples of one -eighth (1 8) of one percent -(1%), and not more then three different interest rates shall be named by each bidder. The Controller shall award the bonds to the highest responsible and qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the City, computing the total interest on all of the bonds to their maturities and deducting therefrom the premium bidp If any. No bid for less than the per value of said bonds, including accrued interest at the rate or rates named to the date of delivery, shall be considered. The Controller shall have full right to reject any and all bids. In the wont no acceptable bid is received at the time fixed in said notice for the sale of said bonds, the Controller shall be authorized to continue to receive bids from .day U'- day thereafter for a period of not to exceed thirty (30) days, without re-adverti:ling, but during such continuation no bid shall be accepted which is lower than the highest bid received at the time fixed for such sale in the bond sale notice. Prior to the delivery of said bonds the City Controller shall be authorised to obtain a legal opinion as to the validity of said bonds from Ise biller Donadio 8 Ryan, bond counsel of Indianapolis, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be considered,, part of the cost of said project, and shall be paid out of the proceeds of said bonds. SECTION 6. The City Controller is hereby authorized and directed to have said bonds and coupons prepared, and the Mayor, City Controller and City Clerk are hereby authorized and directed to execute said bonds and the interest coupons to be attached thereto in the form and manner herein provided. After acrid bonds shall have been properly executed, the City Controller shall deliver the ssme to the City Treasurer, and shall take his receipt therefor, and upon the conraum motion of the sale of said bonds the City Controller shall then certify to the City Treasurer the amount which the purchaser is to pay for the same; thereupon, the City Treasurer shall be authorized to receive from the purchaser the amount so certified by the Controller and to deliver the bonds to such purchaser. SECTION 7. 'Mis ordinance shall be in full force and effect immediately upon Its ped"ge and signing by the Mayor. PASSED ND DOPTED by the Common Council of the of 19,42„_. Attest:1 29 ity C rk PRESENTED by me to the Mayor of the City of Ric at the hour of �'a� 4 , M. This ordinance approv and sru. by me at the hour of , _ : & .-�Y' Attest: City lark City of Richmond on the I day ?12egg Presiding WHer on the do of� U ' �� ' V�