HomeMy Public PortalAbout1348-1948 - The issuance and sale of bonds for the Airportk 1.
ORDINANCE No. 1-349- 1948.
AN ORDINANCE OF THE CITY OF RICHMOND, INDIANA, PROVID-
ING FOR THE ISSUANCE AND SALE OF BONDS FOR THE PURPOSE
OF IMPROVING THE MUNICIPAL AIRPORT OF THE CITY OF
RICHMOND, INDIANA, AND EXPENSES INCIDENTAL THERETO, AND
REPEALING ALL ORDINANCES' AND ,PARTS _@F ORDINANCES IN CON-
FLICT HEIMiITH.
WHEREAS, the City of Richmond, Indiana, is the
owner of a, Municipal airport, located approximately five
(5) miles south of the said City of Richmond, and
WHEREAS, said City has been, and is now, desirous
of constructing, erecting. andequipping and makftng avail-
able and usable what is commonly known as an Administration
building, at said -Municipal Airport, and
VMHEAS, the estimated cost..of said Administra—
tion Building is approximately One. Hundred'Thousand
Dollars ( 100, 000. 00) , .and
WHEREAS,"the United States uovernment can and
will, .and has so specified, match dollar for dollar such
funds .as may, be .produced and 'presented by said Uity of
Richmond, and
WHEREAS, more than one hundred (100) taxpayers,
owning taxable real estate within. the City limits -of the.
City of Richmond, Indiana, have filed petitions requesting
the Uouncil to authorize the issuance of bonds in an amount
not exceeding . the sum of Fifty .Thousand Dollars ($50, 000. 00) ,
for the purpose of procuring funds to be applied on the
cost of the constructing, erecting and equipping, at the
Richmond Municipal airport, an Administration .Building,
taxi ways, runways, aprons, out -buildings and such other
essentials incident and.necessary thereto, including
all incidental expenses necessary to be incurred in
6
connection therewith, and
.. ZJHEREA.9', the'.,Council 'now f inds that the , imme-.
diate required outlay for 'said project is.not available
from the existing funds,- or :provided for. in the existing
budget and tax levy which maybe applied on said project,
and that it is necessary to -authorize -the issuance of bonds
of.said City, in order to procure the necessary funds, and
WHEREAS, the Council further finds that said
.petition is sufficient to comply with the provisions of
Chapter #119 of the Acts of 1937, NOdv, THEREFORE,
BE IT ORDA11TED, By the Common Council -of the
City of xichmond, Indiana:
Section 1. That. the City of xichmond, acting
by and through its Board of Aviation Commissioners, proceed
with the necessary business of securing a grant from the
Federal Government, under the Federal airport .Act, on a
dollar to match dollar basis, for the purpose of erecting,
constructing and equipping, at the Richmond Municipal Air-
port, an ;Administration Building and all taxi -ways, runways,
aprons-, out -buildings and such other essentials incident
and necessary thereto.
Section 2.
That for the purpose of providing funds
to accomplish the above, and including all incidental expenses
necessary to be incurred in connection therewith; and the
issuance ofbonds on account thereof, the City shall make a
loan -in the amount of -Fifty Thousand Dollars ($50,Q00.00).
In order to procure said loan the City Comptroller
of the -City of xichmond, Indiana, is hereby authorized and
directed to have prepared, and to issue and ' sell, the
the City;';Comptroll er, and .said official;. ,by -the-counter-
sigting.-of'
.-sai d bonds; -shall .adopt. a-s and .f;or. his' -own. proper
signature, . his- facsimile signature appearing on - said
coupons..
" ? Section ' 3., The `°form -and "tenon of said bonds,
and the : interest ,_coupons -,'to,: be`:-attache,d thereto; -shall
:-.be substantially: as f,ollows_;:-__ to -wit -a
UNI TED,. STATES OF,:.MERIC1�.
State '-of Indiana :Gount,y "of:
No. i _ 2000.00.
CITY OF - RI CB11OND = ..
" MUNICIPAL AIRPORT ..-.'BOND OF 1948
The City .of Riehnond,_- in Bayne, 00unty; Indiana, 'for. ;value
received;..hereby =acknowledges 'itself -'indebted- and --promises
,to' pay_ t o` the .bearer hereof . the princi pal, amount of
ONE THOUS AND D OIfhAS
on the first. da.y,of ~:. '19':' , and to pay, inter..;'
est thereon. from .the date hereof --until the -'principal is
paid, af.'the rate of per -:cent' ( �)
per .annum, payable �on- the, -f it st day of July; _, ' 194 9, "and--
_ semi -annually. -thereafter on .,the: first days of January and
July: -in_ each_ year, --upon presentation and ."surrender of the
annexed coupons, as : they, severally become due. .
- .` Both principal �arid interest of .,this bond,,:are
: payable in -lawful money, of the :,United - States.- of Anier: i.ca
at: The.- Second National Bank of Richmond, Richmond,. IridZana.'
This -bond~ is -'.one of an authorized issue of'..fi-f _
(50) bonds .of the. City, of Richmond,. of.: like date; denomina-
tion :arid :tenor and ' effect, - except. as to dates of ..maturity;
aggregating -Fifty 'Thousand Dollars", ($50, 00,0. 00 ), '.'-numbe-red ;
-consecutively from, -`one {.1) to . f-ifty (50 ): inclus_ i�;e; issued, .
pursuant to. an Ordinance adopted .by, the „Common Councilof
said-' City on the day of -March " 1.948, ` entitled "An
Ordinance .providing -for `the issuance -:and sale of bonds.
for- the. purpose of :improving the',,Municipal Airport of :the -
-City of, Ri chmond:, Indiana,, _.and. expenses incidental these-
to, 'and` repealing all:'Ordinances,' and -parts of Ordinances.
- -in confli-ct: herewith', .-and. in .st"rict a:ccordarice with the ;
provisions, of an, Act, of-,, the general assemblyof._ the.. Late
of - Indiana entitled -''xn-'iict' Concerning, Muni cipal Corpora-
--tions", approved.. March -6', 1906, "anal all` Acts .amendatory
thereof and .supplemental thereto,. -including particularly
uhapter' 119 of the adts of. 1937 and . chapt'e,r 190. of 'the- acts
of `1945,`1 and the' .&cts- arimendatory.thereof and sup-pleraental.
.th:ereto; :':fo.r- the purpose. -of providing, funds ,to -pay the cost
of improvements to the Municipal .Airport of. the City .of
Richmond, and expenses incidental thereto.
It is hereby certified -and recited that all acts,
conditions and things -required to b e done -precedent -to
to
and in the execution, issuance and . delivery of this bond
have been done and performed in regular and due form as
provided by law; that this bond and said. total issue of
bonds is within every limit of indebtedne.ss prescribed
by the constitution and laws of the State of Indiana,
and that the full faith and credit of .the City. of Rich-
mond.is hereby irrevocably pledged.to'the punctual pay-
ment -of -the principal _and interest of this • bond- accord-
ing to its terms:.
IN ViITNESS ITEREOF the City of Richmond, in.
Wayne County, Indiana, . by Ordinance of its Common Uouncil . .
has caused this bond to be signed in its.corporate name
by its Mayor, countersigned by its Uity Oomptroller, its
corporate seal to be hereunto 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 Comptroller, as of the. 15th .day of May, 1948.
,ATTEST:
Cit y Ulerk
CITY . OF RICBMOND
By
Mayor
COUNTERSIGNED.,
'City Uomptrol er
(Interest (;oupdin)
Coupon No.
On , 19` the City of Hich-
mond, Indiana, will -pay to bearer at. The Second National
Bank of Richmond,.-.Hichmon.d, Indiana,
Dollars in lawful money of- the United States -of -America,
being the interest then due on its Municipal :Airport Bond
of 1948, Noe ®:
CITY. OF RICI�lIOND
By (Facsimile)
City Comptroller
Section 4. As soon as may be done after the
adoption of - this Ordinance, the 'City Clerk shall give
notice of the filing of the petition for and determination
to issue bonds, as required by Section 7 of'Chapter 119
of the Acts of 1937) and Seetion 64-1332 Burns+ Revised
-Statutes,1933. Said notice shall be published once each
week for two weeks in the Richmond Palladium -Item, the
only newspaper published in the City of Richmond, and said
notice shall also be posted.in three public places in said
City..
Saction 5. Prior to the sale of said bonds the
City Comptroller shall cause to be published a notice of
such sale once each week for two weeks in the Richmond
Palladium -Item, the. only newspaper published in said City
of Richmond. Said notice shall also be published one
time in one paper published in the City of Indianapolis, -
Indiana. The -date fixed for the sale shall not be
earlier than seven 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 con-
ditions on which bids will be received and the sale made;
and such'other information as the City Comptroller shall
deem necessary.. The notice of said sale shall not, how-
ever, be published prior to the expiration of the period
during which taxpayers may file remonstrances or object-
ing 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 Chapter 119 of the Acts of
1937; then the bond sale notice shall not be published
unless and. until the Common Council shall have determined
that such remonstrance. -is in"sufficient. In the event an
objecting petition or petitions are filed by taxpayers
1
under the. provisions of Section 64-1332 Burnst Revised
Statutes 1933, then the -bond sale notice shall not be
published 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,.then the City Comptroller shall be -authorized
to advertise and sell a lesser amount of.bonds, and the
bonds not issued or sold shall be the bonds .of the latest
maturity or. maturities.
Section 6. All bids for said bonds shall be
sealed and shall be presented to the City Comptroller at
his .office in the City Building, Richmond, Indiana. -
Bicdd:ers for said bonds shall be required to name the rate
of interest which the bonds are to bear, not exceeding
three per cent (30) per'annum, and such interest rate
shall be in multiples of one' -fourth (1/4) of one per cent
(1 %-), and not more than one interest rate ' shall be named
by, each bidder. 11'he Comptroller shall award the bonds to,
the highest 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 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 Comptroller shall have
the full right to reject any and all bids. In the event
the Comptroller shall, receive .no satisfactory bid for said
bonds at the time `fixed in said notice, he shall be author-
ized to .continue -to .receive bida thereafter from day to day
until a satisfactory bid has been received.
Prior to the sale of said bonds the- City Comp-
troller shall be authorized•to obtain a legal opinion as
to the -,validity of said bonds from competent bond counsel
whose opinions are acceptable to bond purchasers generally,
and to furnish such .opinion to the purchaser of said bonds.
The cost of said opinion shsll' be.'.cor_sidered as part of the
cost of -said project, and shall be paid out., of the. proceeds
of said. bonds.
Section 7. The City Comptroller is hereby author-
ized and'directed•'to.Have'said bonds and coupons prepared,
and the Mayor, City Comptroller and City Clerk are hereby
authorized and directed to execute said bonds and the inter-
est coupons to be attached thereto in the form and manner
herein provided. After said bonds shall have been proper-
ly executed the City Comptroller 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.
Comptroller shall then certify to the Treasurer the amount
which the purchaser is to pay for the same;. thereupon
said Treasurer shall be authorized to receive from the pur-
chaser the amount so certified by the Comptroller and to
deliver the bonds to said purchaser.
Section 8. All Ordinances and parts of Ordinances
in conflict herewith are hereby repealed.
Section 9. This Ordinance shall be in full force
and effect immediately upon its passage and signing by the
Mayor.
PASSED AND -ADOPTED by the Common Council of the
City of Richmond, Wayne County, Indiana, on the 16- day
of March, 1948. ,��
Attest:��� Press ng Officer
City/Qler