The URL can be used to link to this page

Home My Public Portal About081-1997 - Economic Development Revenue Bonds - Friends FellowshipORDINANCE NO. ORDINANCE ALMHORIZING THE CITY OF RICHMOND TO ISSUE ITS "VARIAHLE RATE DEMAND ECONOMIC DEVELOP-MWr REVENUE BONDS, SERIFS 1997 (IWENDS FELLOWSHIP COMMT-TNITY, INC. PROJECT)" AND APPROVING OTHER ACTIONS IN MPECT THERETO WHEREAS, the Richmond Economic Development Commission has rendered its Project Report for Friends Fellowship Community, Inc. Project regarding the financing and refinancing of proposed economic development facilities for Friends Fellowship Community, Inc. and the Richmond Plan Commission has commented favorably thereon; and WHEREAS, the Richmond Economic Development Commission conducted a public hearing on July 7, 1997 before the Commission, and adopted a Resolution on July 7, 1997, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Friends Fellowship Community, Inc. complies with the purposes and provisions of I.C. 36-7-11.9 and 13 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 (the "Loan Agreement"); the Note; the Bond Placement Agreement; the Trust Indenture; and the Preliminary Offering Memorandum; now, therefore 19"53.1 JUL-02-1997 16:38 2362352 P.C19 AL 1T ORDAINED BY THE COMMON COUNCIL OF THE CITY OF RICHMOND, INAIANA 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 Tconomic Development Comudmivn and presented to this Common Council, the issuance and sale of the City of Richmond, Indiana Variable hate Demand Feonomic Development Revenue Bonds, Series 1997 (Friends Fellowship Community, Inc. Project) (the 'Bonds"), the loan of the proceeds of the Bonds to Friends Fellowship Community, Inc. (the "Barmwer") for the acquisition, construction and equipping of such facilities, the payment of the Bonds by the note payments of the Borrower under the Loan Agreement and Note, the issuance of a letter 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 will be of benefit to the health and welfare of the City of Richmond and its citizens. Section 2. The proceeds of the Bonds will be used for the financing of the new economic development facilities, which will consist of the expansion of the existing licensed health care facilities of the Appli=t, which will include the addition of 48 licensed health facility beds, the expansion of support areas, including kitchen facilities, and the addition of a service corridor, to include a break room, ambulance garage and receiving area. The facilities are located at 2010 Chester Boulevard, in the City of Richmond, Indiana (the "Project"). Section 3. At the public hearing held before the Richmond Economic Development Ccunmission, the Commission considered whether the project would have an adverse competitive effect on any similar facilities located in or near Richmond, and subsequently found, bared on ,964S3.i JUL-021-199 1 b : g 2362 ti52 P . 10 special findings of fact set forth in the Resolution transmitted hereto, that the Project 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 Project will not have an adverse competitive effect on any other sWdlar facilities in or near the City of Richmond, and the facilities will bo 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} the Note; the Bond Placement Agreement; the Preliminary Offering Memorandum; and the Trust indenture approved by the Richmond Economic Development Commission are hereby approved (herein collectively rcfarcd to as the "Financing Agreement" m%tred 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 Coni next Council and kept on file by the Clerk -Treasurer, 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 - Treasurer for public inspection. Section S. The City of Richmond shall issue its Bonds in the total principal amount not to exceed $8,350,000, and maturing no later than thirty (30) years from the date of the first principal payment thereon. Said Bonds are to be issued for the purpose of procuring funds to pay the costs of aoquisition, constriction and equipping of the Project, as more particularly set out in the Trust Indenture and Loan Agreement, incorporated herein by reference, which Bonds will he payable as to principal, premium, if any, and interest from the note payments made by the Borrower under the Loan Agreement and Note or as otherwise provided in the above described Tnist Indenture. The Bonds shall be issued in fully registerod form in denominations of $100,Mo or $5,000 integral multiples in excess thereof or as otherwise provided in the TYtnst Indenture, and 196433.► JUL-012 1997 16:39 2362352 P.11 shall be redeemable as provided in Article IV of the Trust Indenture. Payments of principal and interest are payable in lawful money of the United States of America by check or draft mailed or delivered to the registered owners as provided in the Trust Indenture. The Bonds shall never constitute a gmecal 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 S. The Mayor and Clerk -Treasurer are authorized and directed to sell the Bonds to the original purchasers thereof at the prig of 100% of the principal amount thereof. The Bonds shall bear interest at the rates per annum established pursuant to Section 2.03 of the Trust Indenture, provided that the interest rate on the Bonds shall not exceed the Maximum Interest Rate, as such texm is defined in the Trust Indenture. The Placement Agent, Bank One, NA, shall be entitled to a placement fee not to exceed l % of the face amount of the Bonds. Section 7. The Mayor and Cleric Treasurer 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, an or after the date hereof to consummate or facilitate the transaction, including the Bonds authorized herein. The Mayor and Clerk -Treasurer are hereby expressly authorized to deem the Preliminary Offering Memorandum relating to issuance of the Bonds as nearly final and the ift bution of the nearly final Final Offering Memorandum is hereby approved. Tile Mayor and Clerk -Treasurer 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 rots Common Council that said Financing Agreement is in substantially final form as of the date J9601I JUL-L12-1-1957 16:35 2362352 P.12 JUL-33-97 09:00 From:ICE MILLER 2362352 T-978 P.02/02 Job-855 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 -Treasurer on the Bonds may be either manual or facsimile signatures. The Clerk -Treasurer 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 Bonds shall be originally dated the date of issuance and delivery thereof. Section 8. The provisions of this Ordinance and the Trust Indenture securing the Bonds sMU constitute a contract binding between the City of Richmond 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 said Bonds or the interest thereon remains unpaid. Section 9. This Ordinance shall be in full force and effect from and after its passage. 196453.1 Passed and adopted this r day of July, 1997. RICHMOND COMMON COUNCIL Presiding Dffl= (SEAL) Attest: CL Cie - Presented by me to the Mayor of the City of Jiiohniond, on the � day of July, 1997_ Approved and signed by the Mayor of the City _Ja "rnond, on the 7"'/4iy #f July, 1997. Mayor J 96453.1 JUL-042-1997 16 : 4Ei