HomeMy Public PortalAbout004-2006 - RP&L & COR Promissory Note _1_.dBOARD OF PUBLIC WORKS AND SAFETY
CITY OF RICHMOND, INDIANA
RESOLUTION NO. 4 — 2006
WHEREAS, the City of Richmond (hereinafter "City ") and Richmond Power and Light
(hereinafter RP &L) entered into a Promissory Note on or about November
12, 1996, for City to borrow from RP &L the sum of Two Million Five
Hundred Thousand Dollars ($2,500,000); and
WHEREAS, the purpose of said November 12, 1996 Promissory Note was for the
continued operation of the now former Carpenter site at 1100 Industries
Road, Richmond, Indiana and the City and RP &L entered into said
agreement based upon the need to borrow said monies; and
WHEREAS, the former Carpenter site at 1100 Industries Road has subsequently been
sold and RP &L has received substantial payment from the City on the
November 12, 1996 promissory note, leaving a balance due, as of April 1,
2006, in the amount of One Million One Thousand Ninety -Nine Dollars
and Fifty Cents ($1,001,099.50); and
WHEREAS, there is a need to execute a new Promissory Note to pay off the remaining
balance of $1,001,099.50 due RP &L by December 31, 2010; and
WHEREAS, a copy of the proposed Promissory Note is attached hereto and
incorporated herein by reference as Exhibit "A "; and
WHEREAS, said Promissory Note was approved by Resolution of Common Council of
the City of Richmond on April 3, 2006, Resolution 8 -2006, to pave the
way for action to be taken by the Board of Public Works and Safety of the
City of Richmond; and
WHEREAS, said money due on said Promissory Note from City to RP &L shall be paid
through the Economic Development Income Tax (EDIT) funds from the
City of Richmond.
NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works and Safety of
the City of Richmond, Indiana, that the Board of Public Works and Safety approves the
Promissory Note to be entered into between the City of Richmond, Indiana, by and
through its Board of Public Works and Safety, and Richmond Power and Light, pursuant
to the terms and conditions of the Promissory Note set forth in Exhibit "A ", in the
amount of $1,001,099.50.
IT IS FURTHER RESOLVED that the Board of Public Works and Safety of the City of
Richmond, Indiana, authorizes John P. Kenny, Chairman, to execute said Promissory
Note on behalf of the Board of Public Works and Safety of the City of Richmond,
Indiana.
THIS RESOLUTION IS ADOPTED THIS 6th day of April, 2006.
Board of Public Works and Safety
of Richmond, Indiana
S/S John P. Kenny
John P. Kenny, Chairman
S/S Dian Lawson
Dian Lawson
S/S Mary Jo Flood
Mary Jo Flood