HomeMy Public PortalAbout081-1989-ORDINANCE AUTHORIZING THE CITY TO ISSUE ITS ECONOMIC DEVELOPMENT REVENUE BONDSORDINANCE NO. 81-19 8 9
ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO
ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS,
SERIES 1989 (J. E. Parker & Company PROJECT)"
AND APPROVING OTHER ACTIONS IN RESPECT THERETO
WHEREAS, the Richmond Economic Development Commission has rendered its
Project Report for the J. E. Parker & Company Project regarding the financing of proposed
economic development facilities for J. E. Parker & Company 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 December 4, 1989, and adopted a resolution on December 4, 1989,
which Resolution has been transmitted hereto, finding that the financing of certain economic
development facilities of J. E. Parker & Company 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, Mortgage, Security
Agreement and Financing Statement, Note, Trust Indenture and Letter of Credit; 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, Mortgage, Security Agreement and Financing Statement
approved by the Richmond Economic Development Commission and presented to this
Common Council, the issuance and sale of the Economic Development Revenue Bonds, Series
1989 (J. E. Parker & Company Project) (the "Bonds"), the loan of the proceeds of the Bond to
J. E. Parker & Company for the acquisition, construction and equipping of such facilities, the
payment of the Bonds by the note payments of J. E. Parker & Company under the Loan
Agreement, Mortgage, Security Agreement and Financing Statement 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 of a
facility containing cold storage space and processing space to be used in deboning and dicing
poultry meat, to be located in the Industries, Inc. industrial park, 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, Mortgage, Security
Agreement and Financing Statement, Note, Trust Indenture and Letter of Credit 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
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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 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 One Million Three Hundred Fifty Thousand Dollars ($1,350,000) and maturing on
December 1, 1999. 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, Mortgage, Security
Agreement and Financing Statement incorporated herein by reference, which Bonds will be
payable as to principal, premium, if any, and interest from the note payments made by J. E.
Parker & Company under the Loan Agreement, Mortgage, Security Agreement and Financing
Statement 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 whole 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 of 100% of the principal amount thereof. The Bonds
shall bear interest at a rate not to exceed 7.75% 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
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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 December 1, 1989.
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. The City hereby elects to issue the Bonds pursuant to the $10,000,000 small
issue exemption set out in Section 144(a)(4) of the Internal Revenue Code of 1986.
Section 10. This Ordinance shall be in full force and effect from and after its passage
and signing by the Presiding Officer.
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Passed and adopted this 4th day of December, 1989.
RICHMOND COMMON COUNCIL
A —
President
Attest:
Presented by me to the Mayor of the City of Richmond on December � `, 1989, at the
hour of —.m•
Accepted by me this 6 06day of December, 1989.
ayor, City o ichmond
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DISPOSITION OF ORDINANCE NO. F / -198
RESOLUTION NO. -198
by Common Council
Drdinance No.k1
Resolution No. _
E!stro
Lundy
Broakban
Hankinson
McBrics
Parke
Hutton
Paust
Morris
Date a
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Seconded
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Proof of Publicaton
Seconded
Move to 2nd read
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Seconded
Engrossment
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Passage
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Rejection D
Date Passed Aa - V' k- %
COMMITTEE ASSIGNMENTS:
Committee Date
Commttee Hearing Date
Reassigned to Council Agenda
PUBLICATION DATES:
AMENDMENTS:
CCMMENNTS:
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