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Home My Public Portal About050-1985-AUTHORIZING THE CITY TO ISSUE ITS ECONOMIC DEVELOPMENT REVENUE BONDSORDINANCE NO. 50_ 1985 ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, 1985 SERIES A (RICHMOND HOTEL LIMITED PROJECT)" AND ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, 1985 SERIES B (RICHMOND HOTEL LIMITED PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Richmond Economic Development Commission has rendered its Project Report for the Richmond Hotel Limited Project regarding the financ- ing of proposed economic development facilities for Richmond Hotel Limited and the Richmond Plan Commission has commented favorably thereon; and WHEREAS, the Richmond Economic Development Commission conducted a public hearing on .tune 3, 1985, and also adopted a resolution on June 3, 1985, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Richmond Hotel Limited complies with the purposes and provisions of I.C. 36-7-12 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 and Security Agreement, Note and Trust Indenture; 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 and Security Agreement approved by the Richmond Economic Development Commission 1 and presented to this Common Council, the issuance and sale of revenue bonds, the loan of the proceeds of the revenue bonds to Richmond Hotel Limited for the acquisition and construction of such facilities and the equipping thereof, the payment of the revenue bonds by the note payments of Richmond Hotel Limited under the Loan Agreement, Mortgage and Security Agreement and Note, and the securing of said bonds by the mortgaging of such facilities to the Trustee under the Trust Indenture complies with the purposes and provisions of I.C. 36-7-12 and will be of benefit to the health and welfare of the City of Richmond and its citizens. Section 2. The facilities will consist of the acquisition of certain real estate, including improvements thereon and certain fixtures, furni- ture, chatels and improvements located therein and to make necessary modi- fications and improvements to the property known as the Leland Hotel and/or the Leland Motor Inn located at 900 South "A" Street in Richmond, Indiana. Section 3. At the public hearing held by the Richmond Economic Development Commission on June 20, 1983, the Commission considered whether the economic development facilities would have an adverse competitive effect on any similar facilities located in the City of Richmond, and found, based on special findings of fact set forth in the Resolution adopted on June 20, 1983, and transmitted to the Common Council that the facilities would not have an adverse competitive effect. This Common 2 Council hereby confirms the findings set forth in the Commission's Resolu- tion, dated ,Tune 20, 1983, and concludes that the economic development facilities will not have an adverse competitive effect on any other similar facilities in 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 and Security Agreement, Note and Trust Indenture approved by the Richmond Economic Development Commission are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in I.C. 36-7-12) and the Financing Agreement shall be incorporated herein by refer- ence and shall be inserted in the minutes of the Common Council and kept on file by the Clerk. In accordance with the provisions of T.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 Economic Development Revenue Bonds, 1985 Series A (Richmond Hotel Limited Project), in the total principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000) and its Economic Development Revenue Bonds, 1985 Series B (Richmond Hotel Limited Project), in the total principal amount of One Million Dollars ($1,000,000) (collectively the "Bonds") maturing not later than December 1, 1999. The 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 and Security Agreement incorporated herein by reference, which Bonds will be payable as to principal, premium, if any, and interest from the note payments made by Richmond Hotel Limited under K, the Loan Agreement, Mortgage and Security Agreement and dote or as other- wise 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 owner 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 such Bonds to the purchasers thereof at a price of not less than 100% of the principal amount thereof. Section 7. The Mayor and Clerk are authorized and directed to exe- cute, 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 and Clerk are hereby expressly authorized to approve any modifications or addi- tions 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 understandng 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; 4 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 considera- tion by the Common Council. The signatures of the Mayor and Clerk on the Bonds may be either manual or facsimile signatures. The Clerk is author- ized to arrange for delivery of the 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 June 1, 1985. 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 holder of the Economic Development Revenue Bonds, 1985 Series A (Richmond Hotel Limited Project) and the Economic Development Revenue Bonds, 1985 Series B (Richmond Hotel Limited Project) and after the issuance of the 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 of the Bonds or the interest thereon remains unpaid. Section 9. This Ordinance replaces all previous ordinances passed in respect to this project. Section 10. This Ordinance shall be in full force and effect from and after is passage and signing by the Mayor. 5 Passed and adopted this 3rd day of June, 1985. RICHMOND COMMON COUNCIL i Pr siding Officer Attest: Presented by me to the Mayor of the City of Richmond, Indiana, on this --'/6''day of June, 1985, at the hour of //: ?/ppm. Approved and signed by me on this _Y!�dday of June, 1985. r: RESOLUTION RICHMOND ECONOMIC DEVELOPMENT COMMISSION RICHMOND, INDIANA BE IT RESOLVED BY THE RICHMOND ECONOMIC DEVELOPMENT COMMISSION THAT: Section l: The proposed economic development facilities will be a downtown hotel and convention facility and the project will consist of the acquisition of certain real estate, including improvements thereon and certain fixtures, furniture, chattels and equipment located therein, and to i. make necessary modifications and improvements to the property known as the Leland Hotel and/or the Leland Motor Inn located at 900 South "A" Street, Richmond, Wayne County, Indiana. Section 2. It finds that the proposed 'financing of economic development facilities referred to in the Financing Agreement (as defined iw lA F ;e %lll li L-�SI rZS -. A -i¢ k xo iAj:-:i ia +4"wtn liefCR}^iaAx ("Company") lA complies with the purposes and provisions of I.C. 36-7-12 and will be of benefit to the health and welfare of the City of Richmond and its citizens. Section 3. The terms and substantially final forms of Loan Agreement, Mortgage and Security Agreement, Note, Trust Indenture and a proposed form of Ordinance for the Common Council presented to this meeting are hereby approved. Section 4. It has previously considered whether the proposed economic development facilities will have an adverse competitive impact on any similar facilities, and based on probative evidence it found that the proposed economic development facilities will not have an adverse competitive effect on any similar facilities already under construction or in operation in the City of Richmond, Indiana. Section 5. The Secretary shall initial and then insert a copy of the forms of documents approved by this Resolution in the Minute Book of this Commission. Section 6. A copy of this Resolution and the other form of documents approved by this Resolution and the proposed form of Ordinance shall be presented in their substantially final form by the Secretary of the Economic Development Commission to the Clerk for presentation to the Common Council. Adopted this and day of June, i9-0'. 7 / Secretary, Arthur M. Vivian RICHMOND ECONOMIC DEVELOPMENT COMMISSION By � I/- Prksident, Rich rd B. Kleinknecht 2 RESOLUTION AND ORDINANCE REVIEW FORM This form must be completed and initialed by appropriate persons for resolution or ordinance prior to introduction at the Common Council. original or an accurate copy must be attached to this review form. ORDINANCE NO.5G0-198,5- RESOLUTION NO. -198 Brief summary of contents: Resolution or Ordinance requested by_6&at4e4,- aC4-4� Date requested�� Target Agenda date 6 /13/.P,s" Initial Language Drafted by Date drafted ,, Reviewed by Mayor's Office nitial O Vto Final Version Reviewed by City Attorney's Office -�� S- 31 As - (City Attorney's review is not necessary for Initials ate routine transfer or appropriation ordinances) OR Reviewed by City Controller's Office (City controller's review is necessary Initials Date on all appropriation and transfer ordinances, and only resolutions or ordinances involving natters concerning the City controller's office] Review by Dept. (Review must be done by the head of any department Initials Date or agency affected by at involved in the proposed ordinance or resolution) Ordinance or Resolution received BY City Clerk's Office Initials Date Ordinance or Resolution placed G 3 s— on Council agenda on: Date Council Sponsor_ Name NOTE: The purpose of Departmental Review is to acquaint the respective departments with the contents of the proposed ordinance or resolution and to allow adequate time for responses,comments,or suggestions. Review by a department or agency does not necessarily imply approval,support,or recommendation of the ordinance or resolution by that department, person, or agency_