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HomeMy Public PortalAbout1399-1950 - Isuance and sale of bonds for the North "D" Street grade separation projectORDINANCE NO. 1 7 7- / 9 So An Ordinance of the City of Richmond, Indiana, au- thorizing the issuance and sale of bonds of the City for the purpose of providing funds to be applied on the City's share of the cost of the North D Street grade separation project, and certain street improve- ments Wes, proceedings for a grade separation project on NorthD Street at the point where said street is intersected by The Chesapeake & Ohio Railway Company's tracks have been had and said project has been ap- proved by the Common Council and the Board of Public Works and Safety has determined that the City's share of the cost of said project will be in the approximate amount of One Hundred Seventy Thousand Dollars ($170,000.00); and. WHMFAS, the Board of Public Works and Safety has caused to be pre- pared plans, specifications and estimates for the straightening and improve ment of the intersection of North D Street with Fort Wayne Avenue, the im- provement of Richmond Avenue to conform the same to the,new bridge to be erected by Wayne County over Whitewater River, and to provide for the con- nection of Richmond Avenue with Sheridan Street, and the estimated cost of said improvement is in the amount of Two Hundred Ninety-five Thousand Dol- lars ($295,000.00); and WHEREAS, the Board of Public Works and. Safety has filed a request for an appropriation in the amount of Four Hundred Sixty-five Thousand Dollars ($4 65,000.00) on account of said projects, which request has been approved by the City Controller, with the recommendation that the funds necessary to cover such appropriation be obtained by the issuance and sale of general ob- ligation bonds of the.City; and WHEREAS, a petition has been filed under.the provisions of Chapter 119 of the Acts of 1937 by more than fifty (50) owners of taxable real estate in the City'.of Richmond requesting the Common Council to issue bonds of the t it f a J , City -in an amount not exceeding the sum of Four Hundred Sixty-five Thousand Dollars ($465,000.00) for the purpose of procuring funds'to be applied on said projects, which petition the Council finds to be.in due form of law and sufficient under the provisions.of said act; and WHEREAS, the Council now finds that said grade separation and street improvement project will improve and relieve existing traffic conditions be- tween the east and west sections of the City, and will be of general benefit to the City and its citizens; now therefore, BE IT ORDAIM BY THE COMMON COUNCIL OF THE CITY OF RICHMOND, IMIANA: Section 1. That the City of Richmond (hereinafter sometimes referred to as the "City"), by and through its Board of Public Works and Safety, proceed with the construction of the North D Street grade separation and street improve - went projects hereinbefore referred to, in accordance with the plans and speci- fications which have been or may hereafter be approved'by the Board of Public Works and Safety. Sec. 2. For the purpose of providing funds for the construction of said projects, including the incidental expenses necessary to be incurred in connection therewith and the issuance of bonds on account thereof, the City shall make a Loan in the amount of Four Hundred Sixty-five Thousand Dollars- ($465,000.00). in order to procure said loan, the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable direct obligation bonds of the City to be designated as "Municipal Bonds of 1950,11 in the aggregate principal amount of Four Hundred Sixty-five Thousand Dollars ($465,000.00), which bonds shall be issued in -the denomination of One Thousand Dollars ($1,000.00), shall be numbered consecutively from 1 to 465 inclusive, shall be dated as of April 15, 1950, and shall bear interest at a rate not exceeding three per cent (3%) per annum .(the exact rate to be determined by bidding), which interest shall be payable on July 1, 1951, and - 2 - f Q semi-annually thereafter on January 1 and July 1 of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest cou- pons shall be payable at The Second National Bank of Richmond, in the City of Richmond, Indiana, in lawful money of the United States of America. The bonds shall mature serially in the amounts and on the dates as follows: $3,000.00 on July 1, 1951, and $3,000.00 each six months thereafter to and including January 1, 1956; $15,000.00 on July 1, 1956, and $15,000.00 each six months thereafter to and including. July 1, 1957; $30,000.00 on January 1, 1958, and $30,000.00 each six months thereafter to and including January 1,1964. Said bonds shall be signed in the name of the City of Richmond by the Mayor, countersigned by the City Controller, and attested by the City Clerk who shall affix the seal of the City to each of said -bonds. The interest cou- pons attached to said bonds shall be executed by placing thereon the facsimile signature of the City Controller, and said official, by the countersigning of said bonds, shall adopt as and for his own proper signature his facsimile ap- pearing on said coupons. Said bonds shall, in the hands of bona fide holders, have all of the qualities of negotiable instruments under the law merchant. Sec. 3. The form and tenor and of said bonds and the interest coupons to be attached thereto shall be substantially as follows, to wit: UNITED STATES OF .AMERICA State of Indiana County of 14AYIRE No. $1,000.00 CM OF PICEM 14D MUNICIPAL BOND OF 1950 The City of Richmond, in Wayne County, Indiana, for value received, hereby acknowledges itself indebted and promises to pay to the bearer hereof the principal amount of ONE THOUSAND DOLLARS on the first day of , 19 , and to pay in- terest thereon from the date hereof until the principal is paid, at the rate of per cent ( %) per annum, payable on the first day of July, 1951, and semi-annually thereafter on the first days of January and July in each --3 - _.J � - - :� -- J ' ,� _ - a J - - _. _ _ _ __ _ � _ j .� .., _ .. .. _ j I j- ji _-_ J .___ � � J . ♦ _ _ 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 The Second National Bank of Richmond, in the City of Richmond,,Indiana. This bond is one of an authorized issue of four hundred sixty-five bonds of the City of Richmond of like date, denomi- nation, tenor and effect, except as to dates of maturity, ag- gregating Four Hundred Sixty-five Thousand Dollars ($465,000.00), numbered consecutively from 1 to 465 inclusive, issued for the purpose of providing funds to be applied on the cost of cer- tain grade separation and street improvement projects pursuant to an ordinance adopted by the Common Council ofsaid City on the day of , 1950, entitled "An Ordi- nance of the City of Richmond, Indiana, authorizing the is- suance and sale of bonds of the,City for the purpose of pro- viding funds to be applied on the City's share of the cost of the North D Street grade separation project, and certain_ street improvements," and in accordance with the governing statutes of the State of Indiana, particularly Chapter 129 of the Acts of 1905 and Chapter 221 of the Acts of 1921, and the acts amendatory thereof or supplemental thereto.. It is hereby certified and recited that all acts, con- ditions and things required to be done precedent to and in the execution and delivery of this bond have been done and performed in regular and due form as required 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 prop- erty, both real and personal, are hereby irrevocably pledged to the punctual payment of the principal of and interest on this bond according to its terms. IN WITNESS WHEREOF the City of Richmond, in Wayne County, Indiana, by,ordinance of its Common Council, has caused this bond to be signed in its corporate name by its Mayor, counter- signed 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 executed by placing thereon the facsimile signature of said City Controller, as of the 15th day of April, 1950. Attest: City Clerk CITY OF RICHMOND By. Mayor Countersigned: City Controller - 4 - J - r- - _. - � _ 1_ _ _ _ _ _ r . - _ - � - -- r- (Interest Coupon) Coupon No. 2 On , 19 , the City of Richmond, Indiana, will pay to bearer at The Second National Bank of Richmond, in the City of Richmond, Indiana, - Dollars in lawful money of the United States of America, being the interest then due on its Municipal Bond of 1950, dated April 15, 1950, No. CITY OF RICM40ND By. (Facsimile) City Controller Sec. 4. As soon as may be done after the passage of this ordinance, the City Clerk shall give notice of the filing of the petition for and de- termination to issue bonds. Said notice shall be published once each week for two weeks in the Richmond Palladium -Stem, the same being the only news- paper published in the City, and said notice shall also be posted in three public places in the City, as provided by Sections 64 -313 and 64-1332 Burns Statutes 1933. Said 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 Sec- tion 64 -313 Burns Statutes 1933, then no further steps towards 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 aT1332 Burns Statutes 1933, then no further steps towards 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 Commissioners, or otherwise, that the whole amount of the bonds herein authorized shall not be issued, 0 - 5 - then the City Clerk 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. Sec. 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 -Item, and one time in The Indianapolis Commercial. 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 two o'clock P.M. on the day fixed in the bond sale no- tice, at which time and place he shall open and consider said bids. Bidders for said bonds shall be required to name the rate of interest which the bonds are to bear, not exceeding three per cent (3%) per annum, and such interest rate shall be in multiples of one -eighth (1/8) of one per cent (1%), and not more than one interest rate 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 maturi- ties and deducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, including accrued interest at the rate named to the date Of delivery, shall be considered. The Controller shall have full right'to reject any and all bids. In the event 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 to day thereafter -. -._. rr for a period of not to exceed thirty (30) days, without readvertising, 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 sale of said bonds the City Controller shall be au- thorized to obtain a legal opinion as to the validity of said bonds from competent bond counsel whose opinions are acceptable to bond purchasers gen- erally, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be considered a pert of the cost of said project, and shall be paid out of the proceeds of said bonds. Sec. 6. The City Controller is hereby authorized ark, 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 pro- vided. After said bonds shall have been properly executed, the City Con- troller shall deliver the same to the City Treasurer, and shall take his receipt therefor, and upon the consummation of the sale of said bonds the City Controller shall then certify to the Treasurer the amount which the purchaser is to pay for the same; thereupon, said Treasurer shall be au- thorized to receive from the purchaser the amount so certified by the Con- troller and to deliver the bonds to such purchaser. Sec. 7. This ordinance shall be in full force and effect immediately upon its passage and signing by the Mayor. - 7 - Passed .and adopted by the Common Council of the City of Richmond on the aO day of Presented by me to the Mayor of the City of Richmond on the. day of i 1950, at the hour of 9' .30 0' clock IX—. M. This ordinance approved and, signed by me on the a;L40 day of 1950, at the hour of b O o'clock P . M. W,�e,, O(tU� Mayor