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Home My Public Portal About031-1991 - ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUEORDINANCE NO. 31-19 91 ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1991 (EARLHAM COLLEGE PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Richmond Economic Development Commission has rendered its Project Report for the Earlham College Project regarding the financing of proposed economic development facilities for Earlharn College and said Project Report has been sent to the Richmond Plan Commission for comment; and WHEREAS, the Richmond Economic Development Commission conducted a public hearing on June 17, 1991, and adopted a resolution on June 17, 1991, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Earlham College complies with the purposes and provisions of I.C. 36-7-11.9 and 12 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, has considered the issue of adverse competitive effect and has approved the forms of and has transmitted for approval by the Common Council the Loan Agreement, Note, Trust Indenture, Bond Purchase Agreement and Official Statement; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA THAT: Section 1. It is hereby found that the financing of the economic development facilities 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 Economic Development Revenue Bonds, Series 1991 (Earlham College Project) (the "Bonds"), the loan of the proceeds of the Bond to Earlham College for the acquisition, construction and equipping of such facilities, the payment of the Bonds by the note payments of Earlham College under the Loan Agreement and Note, 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 will be of benefit to the health and welfare of the City of Richmond and its citizens. Section 2. The economic development facilities will consist of the construction, equipping and furnishing of two new dormitory facilities, to be known as Wilson Hall and Warren Hall, of approximately 18,000 square feet each and housing approximately 50 students each, to be located south of Trueblood Fieldhouse and Weber Pool, on the campus of the Borrower, in the City of Richmond, Indiana (the "Project"). Section 3. At the public hearing held by the Richmond Economic Development Commission, the Commission considered whether the economic development facilities would have an adverse competitive effect on any similar facilities located in or near the City of Richmond, and subsequently found, based on special findings of fact set forth in the Resolution transmitted hereto, that the facilities would not have an adverse competitive effect. This Common Council hereby confirms the findings set forth in the Commission's Resolution, and concludes that the economic development facilities will not have an adverse competitive effect on any other similar facilities in or near the City of Richmond, and the facilities will be of benefit to the health and welfare of the citizens of the City of Richmond. Section 4. The substantially final forms of the Loan Agreement, Note, Trust Indenture, Bond Purchase Agreement and Official Statement 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 Clerk. In accordance with the provisions of I.C. 36-1-5-4, —2— two (2) copies of the Financing Agreement are on file in the office of the Clerk for public inspection. Section 5. The City of Richmond shall issue its Bonds in the total principal amount not to exceed Three Million Seven Hundred Thousand Dollars ($3,700,000) and with a final maturity not to extend beyond October 1, 2012. Said Bonds are to be issued for the purpose of procuring funds to pay the costs of acquisition, construction and equipping of the economic development facilities 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 note payments made by Earlham College under the Loan Agreement and Note or as otherwise provided in the above described Trust Indenture. The Bonds shall be issued in fully registered form in the denomination of $5,000 or integral multiples thereof and shall be redeemable as provided in Article V of the Trust Indenture. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of the Trustee or its successor in trust or by check or draft mailed or delivered to the registered owners as provided in the Trust Indenture. The Bonds shall never constitute a general obligation of, an indebtedness 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 6. The Mayor and Clerk are authorized and directed to sell the Bonds to the original purchaser thereof at the price not less than 98.6% of the principal amount thereof. The Bonds shall bear interest at a rate or rates which shall produce a net interest cost not to exceed 8% per annum. Section 7. 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 to consummate the transaction, including the Bonds authorized herein. The Mayor —3— 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 the City Attorney; 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, 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 as of July 1, 1991. Section 8. The provisions of this Ordinance and the Trust Indenture securing the Bonds shall constitute a contract binding between the City of Richmond and the holders of the Bonds, and after the issuance of said Bond, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as any of said Bonds or the interest thereon remains unpaid. Section 9. This Ordinance shall be in full force and effect from and after its passage and signing by the Presiding Officer. —4— Passed and adopted this 24th day of June, 1991. RICHMOND COMMON COUNCIL F President Attest: Presented by me to the Mayor of the City of Richmond on June �/, 1991, at the hour of :430 14.m. Accepted by me this 7 day of June, 1991. -5- DISPOSITION OF ORDINANCE NO. -3l -199 / RESOLUTION NO. -199 by Common Council Ordinance No.-3 % Resolution No. _ Elstro Lundy Brookbank Hankinson McBride Parker Morris Paust Hutton Date Susp. rules Ist read Title only Seconded ------- --- -- ------------- ------ ----- Proof of Publicaton Seconded ------ -------- -------------- ------ ------ Move to 2nd read ------ Seconded -------- ------- ------- ------ ------ Engrossment Seconded -------- ------- ------ ------ ------ ------ Y Susp rules 3rd read f Seconded --------- -------- ------ ------ ------ ----- Passage __--J - -- OR - ------ ---------- --------------------- ------------------------ Rejection Date Passed & COMMITTEE ASSIGNMENTS: Committee Date Commitee Hearing Date Reassigned to Council Agenda PUBLICATION DATES: AMENDMENTS: COMMENTS: