HomeMy Public PortalAbout084-1984 - ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS FIRST MORTGAGE REVENUE BONDS SERIES 1984ORDINANCE NO. -184 - 1984
ORDINANCE AUTHORIZING
THE CITY OF RICHMOND TO ISSUE ITS
"FIRST MORTGAGE REVENUE BONDS
SERIES 1984
(DEVELOPMENT CORPORATION OF RICHMOND PROJECT)"
APPROVING OTHER ACTIONS IN RESPECT THERETO
WHEREAS, the Richmond Economic Development Commission has rendered its
Project Report for the Development Corporation of Richmond Project
regarding the financing of proposed economic development facilities for
Development Corporation of Richmond, an Indiana Corporation ("Company"),
and the Richmond Plan Commission has commented favorably thereon; and
WHEREAS, the Richmond Economic Development Commission conducted a
public hearing on July 11, 1984, and also adopted a resolution on July 11,
1984, which Resolution has been transmitted hereto, finding that the
financing of certain economic development facilities for the Company
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 which Resolution ratifies and confirms their
special findings of fact as to the competitive effect of the proposed
facilities; and
WHEREAS, the Richmond Economic Development Commission has heretofore
approved and recommended the adoption of this form of Ordinance by this
Common Council and has approved the substantially final forms of and has
transmitted for approval by the Common Council the First Amendment to and
Supplement of Mortgage and Indenture of Trust, First Amendment to and
Supplement of Lease Agreement and Guaranty Agreement; now therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA
THAT:
Section 1. The proposed economic development facilities will consist
of the construction and erection of a 12,000 square foot addition attached
to an existing building, located at 305 Industrial Parkway, Richmond,
Indiana, ("Facility"), subleased to Overhead Door Corporation (Johnson
Metal Products Divisions) ("Sublessee") who manufacture Rigi-Dor line of
insulated steel entry door systems.
Section 2. It is hereby found that the financing of the economic
development facilities referred to in the First Amendment to and Supplement
of Mortgage and Indenture of Trust and First Amendment to Supplement of
Lease Agreement approved by the Richmond Economic Development Commission
and presented to this Common Council, the issuance and sale of revenue
bonds in the amount of $275,000, the use of the proceeds of the revenue
bonds for the construction and installation of such addition for lease to
the Company and sublease to the Sublessee 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 substantially final forms of the First Amendment to
and Supplement of Mortgage and Indenture of Trust, First Amendment to and
Supplement of Lease Agreement and Guaranty Agreement approved by the
Richmond Economic Development Commission are hereby approved (herein
collectively referred to as the "Financing Agreement" as defined to in
I.C. 36-7-12), and all such documents 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
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I.C. 35-1-5-4, two (2) copies of all such documents are on file in the
office of the Clerk for public inspection.
Section 4. The City of Richmond shall issue its Economic Development
First Mortgage Revenue Bonds, Series 1984, (Development Corporation of
Richmond Project), in the total principal aggregate amount not exceeding
Two Hundred Seventy -Five Thousand Dollars ($275,000.00) and maturing not
later than July 1, 1998, for the purpose of procuring funds to pay the
costs of construction and installation of the economic development
facilities as more particularly set out in the First Amendment to and
Supplement of Mortgage and Indenture of Trust and First Amendment to and
Supplement of Lease Agreement, incorporated herein by reference, which
bonds will be payable as to principal, premium, if any, and interest from
the rental payments made by Company under the First Amendment to and
Supplement of Lease Agreement or as otherwise provided therein and in the
above described First Amendment to and Supplement of Morgage Agreement and
Indenture of Turst. The bonds shall be issued in registered form, may be
issued in denominations of $5,000.00 or a whole multiple thereof, and shall
be redeemed as provided in the First Amendment to and Supplement of
Mortgage and Indenture of Trust. 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, and 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.
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Section 5. The Mayor and Clerk are authorized and directed to sell
such bonds to the purchasers thereof at a rate of interest per annum equal
to eighty (80%) percent of the bond equivalent yield of United States
Treasury Bills with a maturity of one (1) year, adjusted annually on the
first day of the month following the date of the authentication and
delivery of the bonds ("Tax Exempt Rate"), and after maturity at the Tax
Exempt Rate plus 2%, or four (4%) percent per annum above the bond
equivalent yield of United States Treasury Bills with a maturity of one
year in the event of Determination of Taxability (as defined in Article II
of the First Amendment to and Supplement of Mortgage and Indenture of
Trust), but not in excess of 30%, and at a price not less than 100% of the
principal amount thereafter.
Section 6. The Mayor and Clerk are authorized and directed to
execute, attest, affix or imprint by any means the City seal to the docu-
ments constituting the Financing Agreement approved herein on behalf of the
City of Richmond and any other documents 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 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 are 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 attesta-
tion thereof and the affixing of the seal thereto or the imprinting of the
LA
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, 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 dats of the adoption of this Ordinance. The bonds shall be dated as
of the the date of delivery.
Section 7. The provisions of this Ordinance and the First Amendment
to and Supplement of Mortgage and Indenture of Trust securing the bonds
shall constitute a contract binding between the City of Richmond and the
holders of the Richmond, Indiana First Mortgage Revenue Bonds, Series 1984,
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 any of said bonds or the interest thereon remains
unpaid.
Section 8. This Ordinance shall be in full force and effect from and
after its passage and signing by the Mayor.
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Passed and adopted this 16 d ay of July, 1984.
Attest:
RICHMOND COMMON COUNCIL
Pre*,id 14,19
fi r
Presented by me to the Mayor of the City of Richmond, on this ZIF- ay
of 1984, at the hour of p ,'oa Z.M.
MaryyMerehanthouse, Clerk
Approved and signed by me on this ZS' day of , 1984.
F ank H. Wa termann, Mayor
City of Richmond
L
RESOLUTION
RICHMOND ECONOMIC DEVELOPMENT COMMISSION
RICHMOND, INDIANA
BE IT RESOLVED BY THE RICHMOND ECONOMIC DEVELOPMENT COMMISSION THAT:
Section 1. It finds that the proposed $275,000 financing of economic
development facilities referred to in the Financing Agreement presented to
this meeting for Development Corporation of Richmond, an Indiana Corpora-
tion ("Facility"), 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 economic development facilities will consist of a
12,000 square foot addition to a manufacturing facility subleased to
Overhead Door Corporation (Johnson Metal Products Division) who manufacture
the Rigi-Dar line of insulated steel entry door systems in such Facility
located at 305 Industrial Parkway, Richmond, Indiana ("Project").
Section 3. The substantially final forms of First Amendment to and
Supplement of Mortgage and Indenture of Trust, First Amendment to and
Supplement of Lease Agreement, Guaranty Agreement and a proposed form of
Ordinance for the Common Council presented to this meeting are hereby
approved.
Section 4. It did consider whether the Project will have an adverse
competitive impact on any other facilities of the same kind already opera --
tin-, in the same market area or under construction in the market area
of Richmond and now makes the following special findings of fact based upon
the evidence presented:
(a) After published notice of a public hearing to be held before
this Commission, no members of the public, remonstrators or competi-
tors have made themselves known or have spoken against the proposed
Project on any basis.
(b) The business of Overhead Boor Corporation d/b/a Johnson
Metal Products has increased substantially since the construction of
the Facility in 1978, and the facilities must be expanded in 'order to
meet the growing demands for its products and compete in the market
place.
(c) Since the expansion is to the existing facilities presently
constructed, no other facility is suitable for use by Overhead Door
Corporation. The present facility lends itself to further expansion.
(d) The products of Overhead Door Corporation (Johnson Metal
Products Division) are recognized and sold nationwide through a
network of building products distributors.
(e) The Facility is located within the corporate limits of the
City of Richmond and that there are no other facilities within the
corporate limits of the City of Richmond which manufactures the
products manufactured by Overhead Door Corporation.
(f) In the absence of any evidence of any adverse competitive
impact, the benefits to the public from the new jobs and payroll to be
generated by the Project clearly indicate that the Project should be
supported by the issuance of economic development revenue bonds.
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.
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Section 6. A copy of this Resolution and the other 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 llth day of July, 1984.
rthur M. Vivian, Secretary
RICHMOND ECONOMIC DEVELOPMENT
COMMISSION
By 2 cri?viz.�tt�. c�B. Klei knecht, Presid-
ent
K,
CITY PLAN COMMISSION
RICHMOND, INDIANA
1
July 12, 1984
Mr. Howard J. Elstro, President
Members of Common Council and
Mrs. Mary Merchanthouse, City Clerk
Municipal Building
Richmond, Indiana 47374
Re: Ordinance No. 70-1984
Plan Commission Case No, PC-84-12
Dear Mr. Elstro, Members of Common Council & Mrs. Merchanthiuse;
The Richmond City Plan Commission conducted a public hearing on Tuesday,
July 10; 1984, on the petition of Victor G. and Elizabeth A. Toth,
Owners; Victor Bartlemay, Agent, requesting to rezone property located
at 3351 East Main Street from R-3 One -to -Eight Family Residence District
to R-3 SU.One-to--Eight Family Residence Special Use District.
Twelve (12) notices of public hearing were sent to surrounding property
owners with one (1) returned in favor of the request and five (5) re-
turned in opposition to the request. During the public hearing, Attorney
Robert Beaver, representing area residents and five (5) neighboring prop-
erty owners spoke in opposition to the request.
As a result of the public hearing, the Plan Commission considered the
following:
(1) The Zoning Ordinance provides for the establishment
of business, administrative or professional offices
in the R--3 Zoning District through the Special Use
- process. The intent of this provision of the Zoning
Ordinance is to prevent the physical deterioration
of structures and neighborhoods in primarly nears
downtown area.
(2) There is no evidence to support the ascertion that
the residential properties in the 3200 and 3300
blocks of East Main Street are in a state of decline
or that the general neighborhood surrounding the site
is declining.
(3) The impact of the Special Use office locating in the
neighborhood would be negative and would not result
in the upgrading of existing conditions. The Special
Mr. Howard J. Elstro, President
Members of Common Council, etc.
July 12, 1984
Ordinance No. 70-1984
Page 2
Use office, rather than being a stabilizing factor in the
area, would result in a commercial encroachment that
would undermine established land use patterns.
The Plan Commission voted eight (8) to zero (0) to recommend that Ordinance
No. 70-1984 be denied.
Respectfully submitted.
CITY PLAN COMMISSION
Daniel S. Dooley
Executive Secretary
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94-1.5-1 Lights; right-of-way exceptions; crossing traffic
See. 1. (a) Vehicles with lighted headlights in a funeral proces-
sion have the right-of-way at any intersection and may proceed
through the Intersection if the procession is headed by a lead or es-
cort vehicle displaying a flashing red light except:
(1) when the right-of-way is required by an authorized emer-
gency vehicle giving an audible signal, or
(2) when the vehicles in procession are directed otherwise by
a police officer,
(b) Before assuming the right-of-way, the operator of each vehicle
In the funeral procession must exercise due caution with regard to
crossing traffic. As amended by Acts 1977, P.L.124, SEC.i.
9-4-1.5-2 Driving between vehicles of procession 1
Sec. P. The operator of a vehicle not in the funeral procession
shall not drive his vehicle between the vehicles of the funeral proces-
sion, except when authorized to do so by a traffic officer or when
such vehicle is an authorized emergency vehicle giving audible signal,
by siren.
Historical Note
Formerly:
Acts 1971, P.L.129, SECA.
Cross References
Authorized emergency vehicle defined, see section 9-4-1-2.
Authorized emergency vehicles, right-of-way, see section 9-4-1-M.
9-4-1.54 Unauthorized formation of procession to secure
right-of-way
See. 3. Operators of vehicles not a part of a funeral procession]
shall not form a procession and have their headlights lighted for the
purpose of securing the right-of-way granted by this section to funer-
al processions, fi
,q
9-4-1.54 Lead and escort vehicles; lights; pennants, flags
or windshield stickers
Sec. 4. (a) The lead and escort vehicles in a funeral procession
may be equipped with flashing amber lights which may be used only
when such vehicles are used in a funeral procession.
(b) Notwithstanding the provisions of IC 9-4-1 and IC 9-94 and
any other laws governing emergency vehicles, the lead and escort ve-
hicles in a funeral procession may be equipped with flashing red
lights which may be used only when such vehicles are used in funeral
processions. The flashing red lights may only be used to gain the
right-of-way at intersections and to protect a funeral procession
while crossing an intersection.
(c) Vehicles comprising a funeral procession shall utilize funeral
pennants or flags or windshield stickers to identify the individual ve-
hicles in such a procession. As amended by Acts 1977, P.L.124,
0"" n
9-4-1.5-5 Passing funeral procession
See, 5, The operator of any vehicle may pass a funeral procession
on its left side on any multiple lane highway, whenever such passing
can be done safely.
Historical Note
Formerly:
Acts 1971, P.L.129, SEC.1.
Cross References
Laned highway defined, see section 9-4-1-14.
Passing vehicle proceeding in some direction, see section 9-41-$e et seq.
94-1.54 Violation
Sec, 6. A person who knowingly violates this chapter commits a
Class C infraction, As amended by Acts 1978, P.L.2, SEC.934.
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COMMON COUNCIL VOTING RECORD
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WILLIAMS
?00KPAW
i;ANKINSCNd
WHITESELL
PARKER
SODIKER
LEMOINE
MORRIS
ELSTRO
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LEMOINE
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ELSTRO
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