HomeMy Public PortalAbout060-1990- ORDINANCE AUTHORIZING THE CITY TO AMEND THE LEASE AGR(WD-TNAiltCE NO.00-1990
ORDINANCE AUTHORIZING THE CITY OF
RICHMOND TO AMEND THE LEASE AGREEMENT
AND THE MORTGAGE AND INDENTURE OF TRUST
FOR THE ELDER/WILBERT CORP. PROJECT
AND APPROVING OTHER ACTIONS IN RESPECT THERETO
WHEREAS, the City of Richmond (the "Issuer") issued on August 6, 1974, its
Economic Development First Mortgage Revenue Bonds, Series 1974 (Elder/Wilbert Corp.)
(the "Bonds") pursuant to a Mortgage and Indenture of Trust dated August 6, 1974 (the
"Indenture") from the Issuer to Star Bank, NA, Eastern Indiana (f/k/a The Second
National Bank of Richmond), as Trustee (the "Trustee"), and the Issuer used the proceeds
of said Bonds pursuant to the provisions of the Lease Agreement dated August 6, 1974,
between the Issuer and Elder/Wilbert Corp. (the "Lease Agreement") to finance certain
economic development facilities, which facilities were leased by the Issuer to
Elder/Wilbert Corp. for operation, and
WHEREAS, the Lease Agreement and the Indenture were amended on August 19,
1977 by an Amendment to Lease Agreement and Mortgage and Indenture of Trust, and
Elder/Wilbert Corp. subsequently assigned its interest in the Lease Agreement, as
amended, to Dayton Walther Corporation ("Dayton") pursuant to an Assignment of Lease,
dated January 20, 1981, and Dayton then assigned its interest in the -Lease Agreement, as
amended, to Stagood Company (the "Lessee") pursuant to an Assignment and Assumption
of Lease dated January 20, 1989, and Northland Corporation ("Northland") indemnified
the obligations of the Lessee thereunder, and
WHEREAS, the Issuer, the Trustee, Dayton, the Lessee, Northland and the
Bondholders now desire to amend the Indenture and the Lease Agreement, as amended,
for the purpose of changing the lessee under the Lease Agreement, now therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF RICHMOND,
INDIANA THAT:
Section 1. The substantially final forms of the Second Amendment To Lease
Agreement and To Mortgage and indenture of Trust and the Guaranty Agreements are
hereby approved, and the Second Amendment To Lease Agreement and To Mortgage and
Indenture of Trust and Guaranty Agreements 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, two (2) copies of the Second
Amendment To Lease Agreement and To Mortgage and Indenture of Trust and Guaranty
Agreements are on file in the office of the Clerk -Treasurer for public inspection.
Section 2. Pursuant to the Second Amendment To Lease Agreement and To
Mortgage and Indenture of Trust, the Lessee of the economic development facilities is
recognized to be Stagood Company and Dayton is recognized to be released in all
respects as the lessee thereof. Further, it is recognized that Gordon L. Stauffer and
Jack Goodale shall guaranty the obligations of Stagood Company under the Second
Amendment To Lease Agreement and To Mortgage and Indenture of Trust.
Section 3. The Mayor and Clerk are authorized and directed to execute, attest,
affix or imprint by any means the Issuer seal to the documents constituting the Second
Amendment To Lease Agreement and To Mortgage and Indenture of Trust approved
herein on behalf of the Issuer and any other document which may be necessary or
desirable to consummate the transaction and to approve and accept the Guaranty
Agreements. The Mayor and Clerk are hereby expressly authorized to approve any
modifications or additions to the Second Amendment To Lease Agreement and To
Mortgage and Indenture of Trust and the Guaranty Agreements which take place after
the date of this Ordinance with the review and advice of the Issuer Attorney, it being the
express understanding of this Common Council that said Second Amendment To Lease
Agreement and To Mortgage and Indenture of Trust and the Guaranty Agreements are in
substantially final form as of the date of this Ordinance. The approval of said
9WM
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.
Section 4. This Ordinance shall be in full force and effect from and after its
passage and signing by the Mayor.
Passed and adopted this 020 aday of 1994.
RICHMOND COMMON COUNCIL
Attest:
Presented by me to the Mayor of the City of Richmond, Indiana, on this day
of , 1990, at the hour of: p _ `://� .m.
Approved and signed by me on this day of �c� _ _ ., 1990.
'Y'�Ze qz,
Mayor, City Ri mond
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