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HomeMy Public PortalAboutORD07866 BILL NO. `j.� 42 ORDINANCE NO. '226,(.4- Adilk AN ORDINANCE AUTHORIZING AND DIRECTING TIM ISSUANCE OF THREE MILLION DOLLARS (,$,3)000,000) INDUSTRIAL REVENUE BONDS OF THE CITY OF JEFFERSON, COLE COUNTY, MISSOURI, TO PROVIDE FUNDS FOR AN INDUSTRIAL DEVELOPMENT PRaTECT UNDER THE PROVISIONS OF SECTION 27 OF ARTICLE VI OF THE CONSTITUTION OF THE STATE OF MISSOURI AND SECTION 71.790 ET SEQ., VERNON'S ANNOTATED MISSOURI STATUTES; PRESCRIB- ING THE FORM AND INCIDENTS OF SAID BONDS; MAKING PRO- VISION FOR THE PAYMENT OF SAID BONDS, BOTH PRINCIPAL AND INTEREST; DIRECTING THE ACQUISITION Or, CERTAIN REAL ESTATE IN ORDER TO CARRY OUT SUCH AN INDUSTRIAL DEVELOPMENT PRO- JECT; AND AUTHORIZING THE MAYOR OF SAID CITY TO ENTER INTO A LEASE INVOLVING SUCH REAL ESTATE. WHEREAS, the City of Jefferson is a duly incorporated and existing City of the Third Class situated in the County of Cole, State of Missouri; and WHEREAS, at a meeting of the City Council of the City of Jefferson held on the 21st day of November, 1966, the said Council did find that it would be to the best interests of and advantageous to said City to adopt and pro- mote a project for industrial development under the provisions of Section 27 of Article VI of the Constitution of the State of Missouri and Section 71.790 et seq., Vernon's Annotated Missouri Statutes; and WHEREAS, by a majority vote of the City Council, the City of Jefferson did approve, on said 21st day of November, 1966, a plan for a project for the in- dustrial development of said City, which plan was thereafter duly submitted by said City to the Division of Commerce and Industrial Development of the Department of Business and Administration of the State of Missouri; and ,. WHEREAS, the plan so submitted did include all of the information required by the aforesaid constitutional and statutory provisions; and WHEREAS, on the 2nd day of December, 1966, the aforesaid Division of Commerce and Industrial Development did approve the aforesaid plan and project as submitted and on the 2nd day of December 1966, did notify the said City of Jef- ferson of such approval; and WHEREAS, pursuant to the provisions of Ordinance No. 78_ 57 of the City of Jefferson, passed by the City Council and approved by the Mayor of said City on the 19th day of December, 1966, a special election was held in said City on the 10th ,z 4. i . r 2 r 1 6 t which w submitted to the qualified electors of said day of January, 9 7, a hi h there as m q City the following proposition: PROPOSITION "To issue revenue bonds of the City of Jefferson, Cole County, Missouri, in the amount of Three Million Dol- lars ($3,000,000) to be payable solely from the rev- enues derived from a project for industrial develop- ment, and not to be a general obligation of said City of Jefferson, for the purpose of providing funds for such industrial development project under the pro- visions of Section 27 of Article VI of the Constitution of the State of Missouri and Section 71.790 et seq., Vernon's Annotated Missouri Statutes." and WHEREAS, due and regular notice of said election was given as directed by said Ordinance No. 7857 , by publication in the Post Tribune, a newspaper of general circulation published in said City of Jefferson, which had been pub- lished continuously for a period of three (3) years next preceding the date of the first publication of said notice; such publication having been made in said newspaper on the 20th and 27th days of December, 1966, and on the 3rd day of January, 1967; and WHEREAS., the ballots provided for and used at said election were in the form as set forth in the aforesaid Ordinance No. 7857 ; and WHEREAS, judges and clerks of election were duly appointed, as provided by law; and WHEIREAS., the said election was duly and regularly held on the 10th day of January, 1967, in all respects as required by the Statutes of the State of Missouri; and WHEREAS, the judges and clerks of said election, immediately upon the closing of the polls on said 10th day of January, 1967, did make out, certify, and transmit to the City the returns of said election; and WHEREAS, the City Clerk did thereupon transmit said returns to this City Council; and WHEREAS, this City Council, on the 16th day of January, 1967, did can- vacs the returns of said election and did then adopt a resolution declaring the - 3 - result of said special election, wherein it was found that there was a total of two thousand eight hundred thirty-one ( 2831 ) votes cast on the aforesaid proposition, of which two thousand seven hundred fifty-six ( 2756 ) votes were cast "YES", and seventy-five ( 75 ) votes were cast "NO"; and WHEREAS, by the aforesaid resolution, it was found and declared, and it is now again found and declared, that at the aforesaid special election the afore- said proposition was assented to by more than four-sevenths (4/7) of the qualified electors of said City voting thereon; and WHEREAS, under the provisions of the aforesaid Section 27 of Article VI of the Constitution of the State of Missouri and Section 71.790 et seq. , Vernon's Annotated Missouri Statutes, the City of Jefferson is now authorized and empowered to issue its revenue bonds to provide funds for a project for industrial develop- ment; and WHEREAS, in order to carry out the aforesaid plan for the industrial development of the City of Jefferson, this City Council does hereby find and determine that it is necessary and in the best interests of said City to acquire by gift the following real estate: Part of Fractional Section 2, Township 44, Range 12, Cole County, Missouri, more particularly described as follows: From the Southwest corner of said Section 2, thence North 86 degrees 28 minutes East, along the Section Line, 2626.41 feet to the Southwesterly corner of a tract of land conveyed to J. M. Wilson and Opal B. Wilson, his wife, by deed of record in Book 108, Page 535, Cole County Recorder's Office, and the point of beginning for this description; thence North 4 degrees 20 minutes West, along the westerly line of said Wilson tract, 1352.85 feet; thence South 57 degrees 52 minutes East, 712.75 feet; thence South 68 degrees 53 minutes East, 992.31 feet to a point on the west line of a tract of land decreed. by the Circuit Court to be in the name of Louis Brunner by instrument of record in Book 113, Page 293, Cole County Recorder's Office; thence South 2 degrees 58 minutes East, along the west line of said Brunner Tract, 523.22 feet to the Section Line; thence South 86 degrees 28 minutes West, along the Section Line, 1456.83 feet to the point of beginning, containing in all 29.17 acres more or less. Bearings are magnetic. and to construct thereon a building equipped with certain fixtures and machinery at and for the cost of Three Million Dollars ($32000,000) and to lease the same at an annual rental sufficient to retire the indebtedness created to pay the cost of the building and equipment on the real estate hereinabove described; and i zw, t - 4 - WHEREAS, it is necessary and advisable, in carrying out the aforesaid plan for industrial development and providing for annual rentals sufficient to retire the indebtedness to be created in carrying out the aforesaid plan, that this City Council authorize the Mayor of the City of Jefferson to execute and the City Clerk of said City-to attest a lease between said City and the Von Hoffman Press, Inc. , a corporation organized and existing under the laws of the State of Missouri: NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF JEFFERSON, COLE COUNTY, MISSOURI, AS FOLLOWS: SECTION 1. That there are hereby authorized and ordered to be prepared, executed, and issued Industrial Revenue Bonds of the City of Jefferson, in the County of Cole, State of Missouri, in the amount of Three Million Dollars ($3)000,000) for the purpose of providing funds for an industrial development project under the pro- visions of Section 27 of Article VI of the Constitution of the State of Missouri and Section 71.790 et seq., Vernon's Annotated Missouri Statutes, as authorized at a special election held in said City of Jefferson on the 10th day of January, 1967. The said bonds shall be of the denomination of Five Thousand Dollars ($5,000) each; shall be numbered from One (1) to Six Hundred (600), inclusive; shall bear date of January 15, 1967; shall bear interest from the date thereof at the rate of six per centum (6%) per annum, payable July 15, 1967, and'semi-annually thereafter on Jan- uary 15 and July 15 in each year until the principal of said bonds, respectively, shall have been paid. Interest accruing on said bonds on and prior to the respec- tive maturity dates thereof shall be evidenced by appropriate interest coupons to be attached to each of said bonds. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at MerChantG Prndue . Rank , in the City of Kansas City, , State of Missouri The said bonds shall be executed by the facsimile sig- nature of the Mayor of said City and attested by the City Clerk of the City of Jefferson, under the seal of said City, and the interest coupons to be attached thereto shall be executed by the facsimile signature of said City Clerk. The said' bonds shall mature in the amounts and at the times following, to-wit: r, Y. - 5 - �S BOND NUMBERS AMOUNT MATURITY (January 15) 1 to 13, incl. $ 65,000 1970 14 to 27, " 70,000 1971 28 to 41, 70,000 1972 42 to 56, 75,000 1973 57 to 72, " 80,000 1974 73 to 89, 85,000 1975 90 to 107, �► 90,000 1976 108 to 126, " 95,000 1977 127 to 146, i' 100,000 1978 147 to 167, !' 105,000 1979 168 to 19o.1 ►► 115,000 1980 191 to 214, �► 120,000 1981 215 to 240, " 130,000 1982 241 to 267, " 135,000 1983 268 to 2962 145,000 1984 297 to 327, 155,000 1985 328 to 360, 165,000 1986 361 to 395, '.' 175,000 1987 396 to 432, ►► 185,000 1988 433 to 471, 195,000 1989 472 to 512, " 205,000 1990 513 to 555, 215,000 1991 556 to 600, '.' 225,000 1992 Said bonds numbered One Hundred Twenty-seven (127) to Six Hundred (600), inclusive, shall be subject to call for redemption prior to maturity upon the terms as set forth in the bond form appearing in Section 2 of this Ordinance. SECTION 2. That the said bonds and the interest coupons evidencing the interest to accrue thereon shall be in substantially the following forms, to-wit: . UNITED STATES OF AMERICA ANk STATE OF MISSOURI COUNTY OF COLE CITY OF JEFFERSON 6% INDUSTRIAL REVENUE BOND - OF 1967 No. $5.,000 The City of Jefferson, in the County of Cole, State of Missouri, acknowl- edges itself indebted and, for value received., hereby promises to pay to bearer, solely from the special fund hereinafter referred to, the sum of FIVE THOUSAND DOLLARS _ 6 _ (0,000) on the fifteenth day of January, 19 , with interest thereon from the date hereof at the rate of six per centum (6%) per annum, payable July 15, "A.967, and semi-annually thereafter on January 15 and July 15 in each year until the principal hereof shall have been paid. Interest accruing on this bond on and prior to the maturity date hereof shall be payable upon presentation and surrender of the annexed interest coupons as they severally become due. The right is reserved unto the City of Jefferson to call in, pay, and redeem bonds numbered One Hundred Twenty-seven (127) to Six Hundred (600) , both in- elusive., of the issue of which this bond is one, on January 15, 1977, or on any July 15 or January 15 thereafter, in the inverse order of their numbers, at par and ac- crued interest plus a premium of One Hundred Twenty-five Dollars ($125) per bond. in addition, all of the bonds of the issue of which this bond is one, or so many thereof as at any time may be then outstanding and unpaid, may be called in, paid, and redeemed, at par and accrued interest plus a premium of One Hundred Twenty-five Dollars ($125) per bond, on any interest payment date prior to maturity in either of the following events: 1) that the industrial development project to finance which said bonds have been issued shall be so damaged or destroyed by fire or other cas- ualty as to be unquestionably untenantable or as to materially impair the efficient utilization of the project by the lessee thereof; or 2) that said industrial develop- ment project shall be wholly or partially condemned by any authority exercising the right of eminent domain, and such condemnation shall interfere substantially with the proper conduct of the business then being conducted in or on said project by the lessee 'of said project. Notice of the exercise of an option to redeem bonds prior to maturity shall be given, in writing, to the paying agent designated for this bond not less than thirty (30) days prior to the date set for the redemption thereof. Interest shall cease on any bond so called for redemption from and after the date so fixed for the payment and redemption thereof, provided that funds shall be available for such payment on such date. Both principal of and interest on this bond are payable in lawful money of the United States of America at the Merchants-Produce Bank in the City of Kansas City , State of Missouri , and for the prompt payment r 7 r of this bond and the interest hereon the full faith of the City of Jefferson, in the State of Missouri, and the special fund hereinafter referred to are hereby irrev- ocably pledged. This bond is one of a series of six hundred (600) bonds of like date, tenor, and effect, except as to number, date of maturity, and provision for re- demption prior to maturity, numbered from One (1) to Six Hundred (600), inclusive, aggregating the principal sum of Three Million Dollars ($3,000)000), authorized to be issued to provide funds for an industrial development project, and is issued pursuant to the provisions of Section 27 of Article VI of the Constitution of the fate of Missouri and -Section 71.790 et seq., Vernon's Annotated Missouri Statutes, pursuant to an Ordinance of the City of Jefferson, and with the approval of four- sevenths (4/7) of the qualified electors of said City voting at a special election held on the 10th day of January, 1967. This bond, including the interest hereon, is payable solely from the revenue pledged to the payment hereof and does not constitute an indebtedness of the City of Jefferson within the meaning of any constitutional, or statutory limita- tion. The taxing power of said City is not pledged to the payment hereof, either as to principal or interest, and this bond and the issue of which it is one shall never constitute or give rise to a pecuniary liability of said City, or a charge against its general credit or taxing powers, except such as may arise from the applica- tion of the revenue derived from the leasing of the industrial development project to finance which this bond is issued. The City of Jefferson covenants and agrees that it will apply the proceeds of the issue of which this bond is one to the purpose above set forth and that, as long as this bond or any bond of the issue of which it is one, or any of the interest coupons thereto attached, are outstanding, it will fix, maintain, and collect rents for the use of the aforesaid industrial development project sufficient to provide for the payment of the principal of and the interest on all of the bonds of the issue of which this bond is one, all of which revenue shall be paid into a special fluid J ' - g _ designated "City of Jefferson, Missouri, Principal and Interest Account for Industrial Revenue Bonds, Series of 1967, dated January 15, 1967" and shall be and is hereby pledged to be used for no other purpose than for the payment of said bonds and interest thereon. It is hereby certified, recited, and represented that all acts, conditions, and things required to be done, precedent to and in the issuance of the series of bonds of which this bond is one, in order to make the same legal and binding obli- gations of the said City according. to their terms, have been done, have happened, and have been performed in regular and due time, form, and manner, as required by law. IN TESTIMONY WEREOF, the City of Jefferson, in the State of Missouri, has executed this bond by causing it to be executed by the facsimile signature of the Mayor•of said City, attested by the City. Clerk, under the seal of the City, and has caused the annexed interest coupons to.be executed by the facsimile signature of the said• City Clerk, this fifteenth day of January, 1967. CITY OF JEFFERSON, MISSOURI BY Mayor Attest: City Clerk (FORM OF INTEREST COUPONS TO BE ATTACHED TO SAID BONDS) No. $150.00 January, On the fifteenth day of July, 19 , unless the hereinafter mentioned bond shall be then callable for redemption prior to maturity, shall have been called theretofore for such redemption, and provision for such redemption shall have been duly made, the City of Jefferson, Cole County, Missouri, will pay to bearer in lawful money of the United States of America, solely from the special fund referred to in the bond with which this coupon is identified, the amount shown on this coupon at ,Y( i - 9 w in the City of , State of , being interest due that date on its Industrial Revenue Bond, Series of 19679 dated January 15, 1967, and numbered • CITY OF JEFFERSON, MISSOURI By City Clerk SECTION 3. That, for the purpose of providing for the payment of the principal of and the interest on said bonds as the same shall respectively mature and become due, there shall be and there is hereby established a special fund here- by designated "CITY OF JEFFERSON, MISSOURI, PRINCIPAL AND INTEREST ACCOUNT FOR IN- DUSTRIAL REVENUE BONDS, SERIES OF 1967, DATED JANUARY 15, 1967". All of the reve- nue derived by said City of Jefferson from the leasing of the industrial develop- ment project to finance which the bonds herein described are directed to be is- sued shall be paid into said Account immediately upon receipt thereof, and, at least five (5) days prior to January 15 and July 15 in each year, the City Treasurer shall remit to the paying agent designated in the bonds herein directed to be issued the sums then due as principal or interest or both principal and in- terest on said bonds. Each such remittance shall include the sum then due as the customary charge of the paying agent for its services and responsibility under the terms of this ordinance. All such revenue shall be and the same is hereby Antk dedicated and irrevocably pledged to the payment of the bonds hereby directed to be issued, and none of the said revenue shall be used for any purpose other than the payment of the said bonds and the interest thereon, according to the terms thereof, and the payment of the aforesaid charges of the paying agent. SECTION 4. That the City of Jefferson covenants and agrees with the hol- der or holders of the bonds herein authorized to be issued that it will endeavor to keep the aforesaid industrial development project under lease at a rental suffi- cient to provide hinds with which to pay promptly the interest on the bonds herein directed to be issued as it accrues and the principal thereof as it matures; tbw; the terms of any lease involving the aforesaid industrial development project shay further provide that the lessee shall keep the same in good physical repair and 10 condition at all times and shall keep the said project insured for its full insur- able value against all risks, all at the expense of the lessee; that it will comply fully with all of the terms, provisions, and conditions of any such lease which re- quire performance by or impose duties upon the City; that it will collect and pursue the collection of all rental payments or other charges and will require the doing of any acts required of the lessee of said industrial development project; and that it will do no act or omit the doing of any act which would, under the terms of any lease involving said project, constitute a default on the part of the City thereunder. SECTION 5. That the said City further covenants that, on or before the fifteenth day of January in each year while any of the bonds issued hereunder remain AM outstanding, it will supply or cause to be supplied by certified mail to original underwriters of the bonds herein directed to be issued a statement certified by the City Clerk showing the amount of funds received during the preceding twelve (12) months as revenue derived from the leasing of the aforesaid project and the amount paid out for interest on and principal of bonds herein directed to be issued. The said statement shall also show the amount and character of insurance carried on the project, as required by Section 4 of this Ordinance, the names of the insurers, and the expiration dates of such policies. ' Also, it shall be the duty of the said City Clerk promptly to notify the said original underwriters by certified mail of any failure by the lessee to make Aft the rental payments required under the contract of lease, the execution of which is hereinafter authorized, and of any failure by the lessee to provide the amount and character of insurance required as aforesaid. SECTION 6. That the said City of Jefferson does hereby further covenant and agree that, as long as any of the bonds issued hereunder, or interest coupons attached thereto, shall remain outstanding and unpaid, the said City will issue no further revenue bonds payable from or chargeable to the revenue derived from the leasing of the industrial development project for the financing of which the bonds herein described are authorized to be issued, except and unless such additional bonds are issued to provide funds for the improvement, extension, or enlargement of said project and except and unless adequate additional revenues are provided for the redemption of such additional revenue bonds as they mature and the payment of interest thereon as it accrues. SECTION 7. That the project herein referred to, to be financed by the issuance of the bonds herein authorized, shall consist of the real estate described in the preamble hereto and the equipped building to be constructed thereon. SECTION $. That the Mayor and the City Clerk are hereby authorized and directed to cause the bonds herein described to be prepared, to execute the same as herein directed, and to deliver the same to the purchaser thereof in accord- 1966, ante with the contract for the sale of said bonds dated December 19, , 966 Vwhich contract is hereby ratified, approved, and confirmed. SECTION 9. That the Mayor and the City Clerk are hereby authorized and directed, promptly after the receipt of the proceeds of the bonds herein authorized to be issued, to receive as a gift from the owner thereof that certain tract of real estate described in the preamble hereto. SECTION 10. That, after the aforesaid real estate shall have been acquired from the owner thereof, the Mayor is hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest, a certain Lease with the Von Hoffman Press, Inc., a corporation organized and existing under the laws of the State of Missouri, which Lease shall be in the form attached hereto as Exhibit "All Anik and incorporated by reference herein as dilly as if the same had been set forth in detail in this Ordinance. SECTION l.l. That the principal proceeds derived from the sale of the bonds herein authorized to be issued shall be deposited in a separate account hereby created and designated the "Von Koffman Press, Inc., Construction Fund" and shall be applied solely and only to the payment of the cost of constructing the plant which constitutes a part of the project herein contemplated. The said proceeds shall be disbursed and any surplus remaining in the aforesaid Construction Fund after the completion of the construction of the project herein contemplated shall be transferred as provided in the Lease hereinbefore in Section 10 of this Ordinance directed to be executed. SECTION 12. That all sums in the City of Jefferson, ifi.ssouri, Principal and Interest Account for Industrial Revenue Bonds, Series of 1967, dated January 15, 1967, and the Von Hoffman Press, Inc. Construction Fund shall be kept on deposit in a bank which is a member or in banks which are members of the Federal Deposit Insurance Corporation and at all times shall be secured as provided by the Laws of the State of Missouri for• other funds of said City; ,or, at the discretion of the City Council, may be invested in bonds or other obligations of the United States of America maturing or being redeemable at par at or prior to the time when such sums may be required for use. SECTION 13. That the holder of any bond authorized hereby or any coupon representing interest accrued thereon may, by a civil action either at law or in .equity., by mandamus, injunction, or otherwise, compel the City of Jefferson and the officials thereof or their successors to perform all duties imposed upon said City by the provisions of this Ordinance or other-wise imposed by law, including the leas- ing of the industrial development project herein contemplated, the collecting of sufficient rentals therefrom, the segregation, allocation, and disposition of the revenues derived from such leasing, the payment of any bonds chargeable to the revenues of such leasing or the interest thereon, and the performance of any covenant set forth in this Ordinance. SECTION 14. That all ordinances or parts of ordinances in conflict with the provisions of this Ordinance shall be and the same are hereby repealed insofar as they may so conflict. SECTION 15. That this Ordinance shall be in force and take effect from and after its passage and approval. Raad three times and passed this 16thday of January, 1967. )Cator and Ex-Officio Presiden Attest: o the City Council City Clerk Approved this day of Jan , 1967 Attest: Mayor ,22 City Clerk