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HomeMy Public PortalAbout1173-1938 - Authorizing to take further steps to procured its Construction Fund for the Public Auditoriumv- ORDINANCE -- in re PUBLIC AUDITORIUM. MMIS, following compliance with all former required statutory procedure in matter of determination of the Common Council of City of Richmond, Indiana, to provide and construct a public auditorium in said City for the use of the population thereof, said Common Council did appropriate therefor the sum of Two Hundred Thirty Thousand Nine Hundred Nine Dollars ($230,909), the same being the proceeds of grant-in-aid of the United States of America, through the Federal emergency Administration of public Works of 403,909, the same available when, as and if the City of Richmond, Indiana, should first have provided itself 127,000; and following notice to taxpayers of said City, and hearing there- on, said Common Council did confirm its previous determination to appropriate and expend such additional amount, and did file a certified copy of such determination (in duplicate) with the Auditor of Wayne County, Indiana, the City of Richmond being wholly within said County, and said Auditor did immediately certify a copy of such determination with such other informa- tion as might be necessary to present the questions involved to the State Board of Tax Commissioners of State of Indiana, reference to which is made as though incorporated herein in full; and said State Board of Tax Commissioners after hearing held August 23, 1938, at office of County Auditor of Wayne County, Indiana, at court house in City of Richmond, Indiana, did on August 2C 1938, make and enter its order in affirming the amount of such additional appropriation, and of issuance of bonds of City of Richmond, Indiana, the same bonds in sum of $127,000; and which order is and reads as follows: STATE OF INDIANA 1_�- OFFICE OF THE STATE BOARD OF TAX C OMMISSI ONERS • In the matter of additional ) appropriations for the City of ) No. 375 Richmond, Wayne County, Indiana. ) A petition having been filed by the proper legal officials of the City of Richmond, Wayne County, Indiana, in the matter of,additional appropriations in the sum of $230,909.00;' and; This matter having been set for -hearing on August 25th, at 11:00 A.M., report.'having been made and all.the facts having been carefully considered, this Board does now approve the bond issue and affirm the appropriation thereof in the total sum- of $230, 909.00 . It is provided, however, that the proper officials are direct- ed -to advertise and receive ,bids for the cost of constructing a public auditorium, and to make a.tabulation of the bids so received and report same to this board together with a copy of the BoardIs action showing to whom it is proposed to award the contract prior to letting of contract. It is likewise provided that accompanying -the tabulation of bids there shall 'be an estimate of all incidental expenses, including any pur- chase of land, legal, examination of transcript, engineering and supervision, equipment and advertising costs to be paid in connection with construction costs. STATE BOARD OF TAX COMMISSIONERS OF IND IANA . PHILIP ZOERCHER, Chairman Attest: S E C R E T A R Y N STATE OF INDIANA OFFICE OF THE. STATE BOAID OF TAX COMMISSIONERS I, C . A. Ketchum, . Secretary of the State,.Board of Tax Commissioners, do hereby certify that the above and foregoing is a full, true and complete copy of the order as made by this Hoard in the above entitled matter on this the 25th, day of August, 1938.. Witness my hand anft the seal of .this Board' on this the 25th day of August, 1938. (Seal) C. A. Ketchum SECRETARY AND WHEREAS, the. Common Council of the City of Richmond, Indiana, is now duly authorized to take further, steps to procure its contribution to "Construction -Fund" for said Public Auditorium in co-operation with and by assistance of said Federal Emergency Administration of Public Works of the United States of America, NOW THEREFORE, BE. IT ORDAINED BY THE COIMMON COUNCIL OF THE CITY OF RI aMOND , IND IANA , that (1) This . Commo' n Council now acknowledges receipt of order of the State Board of Tax Commissioners of State of Indiana, in - copy thereof appearing in the .preamble hereof, and orders on part of itself and said City, complete compliance therewith, and final appropriation of the sum of money authorized therein. (2) This' Common Council now further aryl finally ratifies and confirms . all things heretofore done for' and in behalf of the City of Richmond, Indiana, in the matter of determination to provide and: construct a public auditorium in said City -for the use of the population thereof.; and orders by the adoption of this Ordinance the taking of further steps in issuance, sale and.negotiation of bonds of the City of Richmond, Indiana, in principal aggregate of 127,000. to provide such'sum as the amount to be expended by said City and to be deposited to enable the City to receive._grant-in-aid of $103,909. from the United States of America. (3) This Common Council of the City of Richmond , Indiana, said City being a city of the third class as defined by law in classification of cities of State of Indiana, having power by statutory provision, on passage of an ordinance for that pur- pose, as herewith, to make permanent loans of money to an, amount, including all other loans and indebtedness, not exceed- ing two percent of the taxable property of.said City determined by the last assessment for state and county purposes, and having likewise the power to issue bonds for the purpose of refunding such loans, the same loans made -for purpose of pro curing money to -be used in the legitimate powers of such city, as is in.the instant case -of providing for public building, auditorium, etc., now adopts this Ordinance, and enters upon its record this Ordinance to. issue, sell -and negotiate the bonds of the City of Richmond, Indiana, in aggregate principal of One Hundred Twenty-seven Thousand Dollars ($127,000); and the same for purposes aforesaid, and of terms and tenor of bonds as hereinafter'set out, and" of date and maturity and rate of interest as hereinafter set out, and after'time and character of notice and mode of making -sale as hereinafter set out, the same to be, sold as.an entirety issue, and for the proceeds thereof.as to principal for deposit as hereinafter set out, and for the proceeds thereof as to any premium paid therefor for use as hereinafter set out. (4) The City Controller of the City of Richmond, Indiana, shall manage and supervise the preparation, advertisement, negotiation and sale of said bonds, subject -to the terms of this Ordinance; that after the same have been properly exe- cuted he shall deliver same bonds to the City Treasurer of the City of Richmond, Indiana, and take the receipt of such Treas- urer therefor, and upon the consummation of the contract for the sale of such . bonds said Controller shall certify to said Treasurer the amount which the purchaser is to pay therefor, together with the name and address of purchaser, and thereupon said City Treasurer shall receive from the purchaser the amount so certified by said City Controller, arrl deliver to such purchaser the bonds so sold, and take'his receipt there- for; and .thereupon said City Treasurer and said City Con- troller shall make report of their actions in the premises to this Common Council. (5 ) That said bonds of aggregate principal. of $127, 000. be - offered for sale at public meeting after notice as herein- after provided, at-2:00 osclock, P.M. on Monday, September 26, 1938, by the City Controller of the -City, at Council Chamber, City Building, City of Richmond, Indiana, at which hour sealed proposals from prospective purchasers will be received., opened and publicly read. Said bonds to be sold, if sold, at not less than par; all to be.dated as of October 1, 1938, and as of such day sold. The purchaser shall pay in addition to his bid any interest on bonds as may have accrued from October, 1, 1938, to day of delivery of bonds to him. The purchaser shall in his sealed proposal state what premium, if.any, he will further pay. Said bonds shall bear interest at three (3) per centum per annum from date, with interest payable semi-annually on the first days of April and October of each year to respective principal maturities, with first interest payment April 1, 1940, following levy of taxes in year 1939� Said bonds shall mature serially in�twenty-con.secutive semi- annual pri cipal payments of Six Thousand Three Hundred Fifty Dollars (.t,350) each, -with first series maturing October.l, 1944; each series shall be.,of ten (10) bonds, each bond in principal of Six Hundred Thirty-five Dollars ($635);. all bonds issued and sold hereunder shall be negotiable without registration, and the bonds and coupons as maturing shall be payable at Second National Bank, Richmond,'Indiana, without exchange, said interest payments represented by coupons to bonds attached -as delivered. (6) That the form of said bonds, numbered from (1) to (200) inclusive, and series aplhabetically indicated _-commencing with "Aa, be uniform except as to identification designation and.maturity dates, all to be as shown in form, and in keeping with the terms of this Ordinance; which bonds shall bear the name and seal- of the City of , Richmond, ' Indiana, as maker, and each bond to bear the individual signatures of the Mayor and of the City Controller of ' the City of Richmond, Indiana; and the attest in individual -signature of the City Clerk of the City of'Richmond, Indiana; and likewise that the interest coupons to bonds attached shall bear lithographic signature of said City Controller— and which coupons shall be of uni- form recital and of number.to bond according to the maturity of respective bonds; all bonds and coupons as follows: UNITED STATES OF AMERICA STATE OF INDIANA CITY OF RICHKOND No. Series $635.00 CITY OF RICMEOND BOND,- Auditorium ,1938 City of Richmond, . Indiana, ,a..municipal corporation within the County of Wayne, State of Indiana, and being a city .of the third class as defined by the laws of said State, for value received will pay to the bearer hereof on the first day of 19. ,,upon presentation and surrender hereof, SIX ZJNDRED THIRTY-FIVE DOLLARS, and . in the meantime the interest thereon at rate'of three (3) pe r'centum per annum from date; both in lawful money of the United States of America. Said interest will be paid.semi-annually on the first days of April and October of 'each year until maturity of above principal, except that the first interest payment will be made April 1, 1940,`said interest payments according to and as,the annexed coupons become due. Upon maturity of principal or interest payments, all interest liability thereon shall cease, unless unpaid for want of funds and this bond and said coupons be so endorsed upon their face by the then City Controller of the City of Richmond, Indiana, or other officer duly authorized so to do in the premises. This bond and said coupons are payable without registration, and without exchange, at respective maturities and due dates, upon presentation and surrender at Second National Bank, Richmond, Indiana. This bond is one of two hundred bonds of like tenor, terms and priority, except as to maturity, and of serial aggregates as follows: Bonds 1 to 10 inclusive, Series A, maturing October 1, 1944y. 3 Bonds 11? to 20 inclusive, Series B, maturing April 1, 194Y.4/ Bonds 21 to 30 inclusive, Series C, maturing October 1, 194�•,;/ Bonds 31 to 40 inclusive, Series D , maturing April 1, 1946 .�' Bonds 41 to 50 inclusive, Series E, maturing October 1, 190.6 Bonds 51 to 60 inclusive, Series F, maturing April 1, 194?f.6 Bonds 61 to 70 inclusive, Series :G, maturing October 1, 194?.V Bonds_ 71 to 80 inclusive, Series.H, maturing April 1, 1949'.) Bonds 81.to 90 inclusive, Series I. maturing October 1, 194$-7 Bonds 91 to .100 inclusive, Series J, maturing April �, 194?.e Bonds 101 to 110 inclusive, Series-K. maturing October 1, 1949i Bonds 111 to 120 inclusive, Series I,, maturing April.l, 195W..Y Bonds 121 to 130 inclusive, Series M, maturing October 1, 19 0.,-/ Bonds 131 to 140 inclusive; Series N, maturing April 1, 1951.ex Bonds 141 to 150'inclusive, Series 0, maturing October 1, 195Z.0 Bonds 151 to 160 inclusive, Series P, maturing April 1, 1952•1 Bonds 161 to 170 inclusive, Series Q,, maturing October 1, 19.5,T'•j Bonds 171 to 180 inclusive, Series R, maturing April 1, 1955. Bonds 181 to 190 inclusive, Series S, maturing October 1, 195A.1"'o Bonds 191 to 200 inclusive, Series T, maturing April 1, 19544 thus all bonds of all series aggregating ,$127,000., which are issued and,sold for the purpose of providing part of the money for construction of a public auditorium in said City for the benefit of the population thereof; the remainder of necessary funds being provided by the United States of -America in form of grant-in-aid of $103;909., such auditorium and public build- ing having been found and declared by the Common Council of said City to be necessary, and that for the provision of the same a proper emergency existed. This bond and all bonds referred to herein were issued and sold under and pursuant to the provisions of the various and several Acts of the General Assembly of the - State of Indiana, in - empowerment to municipal corporations -of class aforesaid, and after due petition of fifty and more owners of taxable real estate in. said City of Richmond, Indiana; and likewise it is recited that the appropriation of the principal realized from sale, par of all, as made by the Common Council of said City was duly affirmed and approved by the State' Board of Tax Commissioners of the State of Indiana before sale and delivery of this and the concurrent bonds; and that all provisions of law applicable in the premises, antecedent and prerequisite to the sale of the bonds of which this is one, together with all required notices, have been complied with before delivery, and that all ?proceedings. relative to the' issuance and sale of all said bonds have been duly entered of record upon the record books of the Common Council of said City, and that the sale and delivery of bonds of which this bond is one, did not occur except after full compliance with all .provisions of the`"laws of , State of 'Indiana prevailing in the premises. Further it is certified that this bond and the total bonds of issue of which_ this is. one,. together with all other indebt- edness of the City of Richmond, Indiana, does not exceed, and in aggregate is less than two percentum of the value.of the taxable property within such municipal corporation, net, after all lawful deductions and exceptions, as ascertained by the last (1538) assessment for state and county taxes as made previous to the indebtedness arising from the sale of such bonds. Further it is certified that the total issuance principal of said bonds of which this bond is one, by delivery thereof, constitutes a legal and binding obligation of the City of Richmond, Indiana;. and that the full faith and credit of said City, together with all of its taxable property, both real and personal, is and by such issuance, sale and delivery of bonds has become irrevocably pledged to the payment of both principal and . inter.est of this bond; and that the money obtain- ed as a loan to said City by the issuance, sale and delivery of said bonds, of which this bond is one, shall be and can only be disbursed and spent by order of.the Common Council of said City, and same has been duly appropriated to provide payment in part of costs of provision of a public auditorium for said -City and the population thereof, and for the payment of incidental expenses in connection therewith, and for no other purposes T.Vhatsoever, all as provided by the laws of State of Indiana. IN :"JITNESS XMIMOF the said City of ' Richmond, Indiana., by Ordinance of the Common Council thereof, has caused this bond to bear its name as maker, .its seal to be attached hereto, and this bond to bear the personal signatures of the Mayor and City Controller of said City, and the personal attest signature of the City Clerk. of said City, and the lithographic signature of the City Controller of -said City to be affixed to the interest coupons attached hereto, -all for and in behalf of said City, at its.office in said City, and all for all purposes as of date of the first day of October, A. D. 1938. CITY OF RICHMOND , INDIANA . . ( SEAL ) By Mayor,, City of Richmond, Indiana. And City Controller, City of Richmond, ATTEST: Indiana. City Clerk, City of Richmond, Indiana Coupon -1#`1 Bond t� LL series' 428.58 .April 12 19402 City of Richmond, - Indiana, will pay to bearer at Second National Bank, Richmond, Indiana, Twenty-eight and 58/100 Dollars on presentation and surrender of this coupon, without exchange, same amount. being interest then due on above numbered bond, dated 10/1/1938. (Lithographic signature) George W. Coons, City Controller, City of Richmond, Indiana. Coupon #2, Bond # Series , $9.53 October 1, 19402 City of Richmond.- Indiana, will pay to bearer at Second National Bank,,Richmond, Indiana, Nine -and 531100 Dollars on presentation and surrender of this coupon, without exchange, same amount being interest then due on.above numbered bond, dated 10/1/1938. (Lithographic signature)' George W. Coons, City Controller, .City of Richmond, Indiana. Even numbered coupons, commencing with �2, each 0.53 Odd numbered coupons, commencing with-3, each $9.52 Each bond to bear coupons maturing the each six months to maturity of bond to ' which attached. i7.i ANDBE IT FURUIER OMA,INED by this Conaaon Council that said bonds be offered for sale as hereinbefore stated, and following notice of three consecutive weeks,.published in Richmond Palladium and Richmond Item, newspapers of general circulation printed and published inithe City of Richmond, Indiana, and by like publication in The Indianapolis Star, a newspaper of general circulation printed and published in City of Indianapolis, Indiana, the State Capital; and that the form of notice be as follows: s'. State of Indiana, ) Office of City Controller, SS: County of Wayne@ ) City of Richmond, Indiana® NOTICE OF SALE OF BONDS OF CITY OF RICHMOND , INDIA�TA. NOTICE IS HEREBY GIVEN that City of Richmond, Indiana, by the City Controller thereof, at his office, City Building in said City, until 2;00 o'clock, P.M. of Monday, September 26., 1938, receive sealed written proposals from bidders for purchase,of an issue of bonds of said City, and at said hour and place the proposals.will be opened and publicly read. This issue is in sum of,One Hundred Twenty-seven Thousand Dollars ($127,000), represented b two hundred (200) bonds of Six Hundred Thirty-five Dollars (635 )- each• Same of date . October 1, 1938-, bear interest from date at 31. per annum, pay- able "semi-annually April lit and October 111-; with first inter- est payment April 1, 1940.. Said bonds mature 0 ,350. October 1,.194E, and like amount each six months thereafter, in series ten bonds each. Principal, and interest payable without exchange or registration at Second National Bank, Richmond, Indiana. Bonds designated "City of Richmond Bond - Auditor- ium 1938u. Bidders will indicate the number of bonds bid for, the premium if any offered, and agree by submission of bid to pay any accrued interest from October 1, 1938 to day of delivery, if for any reason delivery made after such day. - These bonds as sold and delivered are the direct obligation of the City. of Richmond.. Indiana, a third-class city of Indiana., by .the classification defined by .law. The subcessful bidder Will be provided one copy of transcript of proceedings without cost to it,. No deposit is -required with bid. The right is.reserved to reject any and all bids without giving any reason therefor. The City of Richmond, Indiana, by order and authority of The Common Council thereof. .George W. Coohs, City Controller. Joseph M. Waltermann, Mayor• Harold L. Salter, City Clerk. (8) AND BE IT FURTHER ORDAINED by this Common Council that in case any premium is paid upon purchase of said bonds such premium so received shall be retained and paid into and be- come a part of the "bond Fund" which is hereby created to retire said bonds and to pay the interest thereon; and like- wise any payment of accrued interest paid to date of delivery of bonds shall be retained, paid into, and become a part of said'Fund for purposes of interest payment. And further, that the principal proceeds arising from such sale of bonds, $127,000. together with any money coming to City of Richmond, Indiana, in grant-in-aid from the United States of America, together with any and all other monies as may arise and as may be allocated to building costs and expenses to pay the cost of building and providing the public auditorium, the Project contemplated and intended in the issue and sale of said bonds, shall all be deposited in "Construc- tion Accafit" promptly on receipt thereof, . and which "Con- struction Account" shall be a separate account and.is created hereby. Such special "Construction Account" shall be set up in bank or banks which are members of the Federal Deposit Insurance Corporation, and the monies in such account shall be expended only for such purposes as shall -have been previously specified in signed certificates of purposes filed with and accepted by the.United States of America, and/or such agency thereof as by it empowered and. as directed, and all according to the provisions of laws applicable thereto, and all of which monies are finally and fuly appropriated for the purposes here- in defined. (9) AND BE IT FURTHER OEDAINED by the Common Council that this Ordinance shall be in full force and effect upon and after its passage. Adopted September, 1938• -citF Clerk, City or Richmond, Indiana. 3..