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Home My Public Portal About060-1993 - SPECIAL ORDINANCE AUTHORIZING THE CITY OF RICHMOND TORDINANCE NO. 60-1993 A SPECIAL ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS "CITY OF RICHMOND, INDIANA ECONOMIC DEVELOPMENT REVENUE REFUNDING BONDS (FRIENDS FELLOWSHIP COMMUNITY, INC. PROJECT), SERIES 1993" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS the Richmond Economic Development Commission adopted a resolution on July 28, 1993, which Resolution has been transmitted hereto, finding that the refunding of bonds previously issued to finance economic development facilities of Friends Fellowship Community, Inc., complies with the purposes and provisions of I.C. 36-7-11.9 and 12 and T.C. 5-1-5 and that such financing will be of benefit to the health and welfare of the City of Richmond and its citizens, and WHEREAS the Richmond Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the forms of and has transmitted for approval by the Common Council the Loan Agreement, Project Note, Trust Indenture (including the form of Bond and the Escrow Agreement), Irrevocable Direct Pay Letter of Credit, Placement Agreement and Preliminary Private Placement Memorandum, NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond, Indiana, that: Section 1. It is hereby found that the refunding of the City of Richmond Economic Development Revenue Bonds (Friends Fellowship, Inc. Project), Series 1988-A and Series 1988-B, dated as of December 15, 1988, previously issued by the City of Richmond in the aggregate principal amount of $3,200,000 (the "1988 Bonds"), and the City of Richmond Economic Development First Mortgage Revenue Bonds (Friends Fellowship Community, Inc. Project), Series 1981, dated as of June 1, 1981, previously issued by the City of Richmond in the aggregate principal amount of $1,500,000 (the "1981 Bonds")(the 1988 Bonds and the 1981 Bonds are collectively referred to as the "Refunded Bonds") which were issued to finance economic development facilities, all as referred to in the Loan Agreement approved by the Richmond Economic Development Commission and presented to this Common Council, the issuance and sale of the City of Richmond, Indiana Economic Development Revenue Refunding Bonds (Friends Fellowship Community, Inc. Project), Series 1993 (the "Bonds"), the loan of the proceeds thereof to Friends Fellowship Community, Inc. (the 'Borrower") for the refunding of the Refunded Bonds, the payment of the Bonds by the note payments of the Borrower under the Loan Agreement and Project Note, the issuance of a letter of credit to secure the payment of interest on or principal of the Bonds and the securing of said Bonds under the Trust Indenture, complies with the purposes and provisions of I.C. 36-7-11.9 and 12 and T.C. 5-1-5 and that such financing will be of benefit to the health and welfare of the City of Richmond and its citizens. Section 2. The financing consists of the refunding of the 1981 Bonds, which were issued to finance the construction of a three-story addition providing fifty-six new living units located immediately southwest of the then existing Friends Fellowship Community, Inc. structure located at 2030 Chester Boulevard, Richmond, Indiana and for the refunding of the 1988 Bonds which were issued to finance the construction of a new 28,685 square foot nursing center and the remodeling of the then existing main building. Section 3. The substantially final forms of the Loan Agreement, Project Note, Trust Indenture (including the form of Bond and the Escrow Agreement), Irrevocable Direct Pay Letter of Credit, Placement Agreement and Preliminary Private Placement Memorandum approved by the Richmond Economic Development Commission are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in I.C. 36-7-11.9 and 12) and the Financing Agreement shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the CIerk. In accordance with the provisions of I.C. 36-1-5-4, two copies of the Financing Agreement are on file in the office of the Clerk for public inspection. Section 4. The City of Richmond shall issue its Bonds in an amount not to exceed $4,000,000 and maturing no later than August 1, 2009. Said Bonds are to be issued for the purpose of procuring funds to pay the costs of refunding the Refunded Bonds, as more particularly set out in the Trust Indenture and Loan Agreement incorporated herein by reference, which Bonds will be payable as to principal, premium, if any, and interest from the loan payments made by the Borrower under the Loan Agreement and Project Note or as otherwise provided in the above described Trust Indenture. The Bonds shall be issued in fully registered denominations of $100,000 or integral multiples thereof and, subsequent to the "Conversion Date" as defined in the Trust Indenture, in denominations of $5,000 or integral multiples thereof, and shall be redeemable as provided in Article II of the Trust Indenture and the Bond Form. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of the Trustee (as defined in the Trust Indenture) or its successor in trust or by check mailed or delivered to the registered owners as provided in the Trust Indenture. The Bonds shall never constitute a general obligation of, or a charge against the general credit of the City of Richmond nor are the Bonds payable in any manner from revenues raised by taxation. Section 5. The Mayor and Clerk are authorized and directed to sell the Bonds to the original purchasers thereof at the price of 100% of the principal amount thereof. The Bonds shall bear interest at the Adjustable Rate, which shall not exceed the Maximum Rate, or at the Fixed Rate, all as established pursuant to the Trust Indenture and as such terms are defined in the Trust Indenture. The Placement Agent, NBD Bank, N.A., shall be entitled to a placement commission not to exceed 2% of the face amount of the Bonds. Section 6. The Mayor and Clerk are authorized and directed to execute, attest, affix or imprint by any means the City seal to the documents constituting the Financing Agreement approved herein on behalf of the City and any other document which may be necessary or desirable prior to, on or after the date hereof to consummate or facilitate the transaction, including a remarketing agreement and the Bonds authorized herein. The Mayor and Clerk are hereby expressly authorized to deem the Preliminary Private Placement Memorandum relating to issuance of the Bonds as nearly final and the distribution of the nearly final Preliminary Private Placement Memorandum is hereby approved. The Mayor and Clerk are hereby expressly authorized to approve any modifications or additions to the documents constituting the Financing Agreement which take place after the date of this Ordinance with the review and advice of counsel to the City; it being the express understanding of this Common Council that said Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attestation thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, method of setting the interest rate on or term of the Bonds as approved by the Common Council by this Ordinance without further consideration by the Common Council. The signatures of the Mayor and Clerk on the Bonds may be either manual or facsimile signatures. The Clerk is authorized to arrange for delivery of such Bonds to the Trustee named in the Trust Indenture, and payment for the Bonds will be made to the Trustee named in the Trust Indenture and after such payment, the. Bonds will be delivered by the Trustee to the purchasers thereof. The Mayor and Clerk shall execute and the Clerk shall deliver the Bonds to the Trustee within ninety days of the adoption of this Ordinance. The Bonds shall be originally dated the date of issuance and delivery thereof. Section 7. The provisions of this Ordinance and the Trust Indenture securing the Bonds shall constitute a contract binding between the City of Richmond, Indiana, and the holders of the Bonds, and after the issuance of said Bonds, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as any said Bonds or the interest thereon remains unpaid. Section 8. This Ordinance shall be in full force and effect from and after its passage. Passed and adopted this 16th day of August, 1993, by the Common Council of the City of Richmond, Indiana. C,ZT President (Etta L undy) ATTEST. K ,City Clerk (Norma Carnes) PRESENTED to the Mayor of the City of Richmond, Indiana, this 17th day of August, 1993, at 9:00 a.m. ,City Clerk (Norma Carnes) APPROVED by me, Roger Cornett, Mayor of the ' R' h ond, Indiana, this 17th day of August, 1993, at 9:05 a.m. ,Mayor ( oger Cornett) ATTES ,City Clerk Norma Carnes) BACKGROUND INFORMATION ORDINANCE NUMBER: 60-1993 TYPE OF ORDINANCE: Special Ordinance PURPOSE: 1. This Ordinance authorizes refunding bonds previously issued in 1981 and 1988 on behalf of Friends Fellowship Community. 2. This is a refinancing Ordinance. There are no new facilities involved. 3. Robert Bever, Attorney, will represent Friends Fellowship Community at the hearing. 4. A public hearing can be held on this Ordinance on August 2, 1993, however, it is not necessary to engross it. It can be held for engrossment and 3rd reading on August 16, 1993. DATED: August 2, 1993 DISPOSITION OF ORDINANCE NO. 1-0 -199 5 RESOLUTION NO. -199_ by Common Council Ordinance No.L Resolution No. _ Elstro Lundy Brookbank Donat McBride Parker Dickman Alien Hutton Date Susp. rules Ist read Title onlyt, ✓ -- ---------------- ------------- -- ------ Proof of Publicaton Seconded Move to 2nd read Seconded r/ Engrossment ✓ ---------- ------ ---- ............................................... Seconded Susp rules 3rd read ......................... Seconded ✓ Passage ✓ ✓ ✓ ri ------- --OR, -------------- ................. ............. ----........... Rejection Date Passe COMMITTEE Committee Date Commitee Hearing Date Reassigned to Council Agenda PUBLICATION DATES: AMENDMENTS: COMMENTS: