HomeMy Public PortalAbout069-2011 - Amendatory ordinance amending recycORDINANCE NO. 69-2011
ORDINANCE AMENDING ORDINANCE NO. 47-2010
WHEREAS, the Common Council of the City of Richmond, Indiana (the "City")
previously authorized the financing of an economic development facility (the "Project") for
Perpetual Recycling Solutions, LLC (the "Company"); and
WHEREAS, the City has adopted Bond Ordinance No. 47-2010 (the "Original
Ordinance"), as amended by Ordinance No. 34-2011 ("Amending Ordinance" and together with
the Original Ordinance, the "Ordinance") approving the issuance of bonds, in one or more series,
in an aggregate principal amount not to exceed $34,000,000 at an interest rate not to exceed
fourteen percent (14%) (the 'Bonds"), in order to procure funds to be loaned to the Company to
be applied on the costs of the Project and associated costs of issuing the Bonds; and
WHEREAS, the City has been advised by the Company that per the requirements of the
proposed purchaser of the Bonds, the Ordinance needs to be amended to allow Bonds with an
interest rate that is not set to maturity (Variable Rate Bonds).
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, THAT:
Section 1. Sections 5 and 6 of the Ordinance shall be amended and restated as follows:
"Section 5. The City shall issue one or more series of its
taxable or tax exempt Bonds, as current interest or capital
appreciation bonds, in the total principal amount, upon issuance,
not to exceed $34,000,000, and maturing in no more than thirty
(30) years. Said Bonds are to be issued for the purpose of
procuring funds to pay the costs of the Project, as more particularly
set out in the Financing Agreement, incorporated herein by
reference, which Bonds will be payable as to principal, premium, if
any, and interest from the payments made by the Borrower under
the Financing Agreement. The Bonds shall be issued in fully
registered form and shall be redeemable as provided in the final
Financing Agreement, but in all events the Bonds shall be subject
to redemption at par in no more than twelve (12) years. 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 Financing Agreement. The
Bonds shall never constitute a general obligation of, an
indebtedness of, or a charge against the general credit of the City
nor are the Bonds payable in any manner from revenues raised by
taxation.
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Section 6. The Mayor and Clerk are authorized and
directed to approve the sale of the Bonds to the original purchasers
(the "Purchasers") at premium or discount of up to three percent
(3%) of the principal amount thereof. The Bonds shall bear
interest at fixed or variable rates, with the potential for the interest
rate to change one or more times after the fifth anniversary of the
issue date, pursuant to the terms of the Financing Agreement,
provided that the interest rate on the Bonds shall not exceed 14%
per annum."
Section 2. 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 21 st
day of November, 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 _22" d day of
November, 2011, at _9:00_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
22" d day of November, 2011, at _9:05 a.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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