HomeMy Public PortalAbout044-1979 - AUTHORIZING THE CITY TO ISSUE ITS ECONOMIC DEVELOPMENT REVENUE BONDS;COLOR BOX AND DISPLAY INC PROJECTORDINANCE NO. 44-7979
ORDINANCE AUTHORIZING THE CITY OF
RICHMOND TO ISSUE ITS "ECONOMIC DEVELOPMENT
FIRST MORTGAGE REVENUE BONDS, SERIES 1979
(COLOR BOX AND DISPLAY, INC. PROJECT)" AND APPROVING
OTHER ACTIONS IN RESPECT THERETO
WHEREAS, the Richmond Economic Development Commission has
rendered its Project Report for the Color Box and Display, Inc.
Project regarding the financing of proposed economic development
facilities for Color Box and Display, Inc. and the Richmond
Planning Commission has commented favorably thereon; and
WHEREAS, the Richmond Economic Development Commission
conducted a public hearing on 1979, and also
adopted a resolution on - A �xl3, 1979, which Resolu-
tion has been transmitted hereto, finding that the financing of
certain, economic development facilities of Color Box and
Display, Inc. complies with the purposes and provisions of I.O.
18-6-4.5 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 and has approved the forms
of and has transmitted for approval by the Common Council the
Loan Agreement, Note, and Mortgage and Indenture of Trust; now
therefore,
BE IT ORDAINED BY THE COMM6N COUNCIL OF THE CITY OF
RICHMOND, INDIANA THAT;
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Section 1. It is hereby found that the financing a the
economic development facilities referrcd to in the Loan Agree -
meet approved by the Richmond Economic Development Conimission
and presented to this Common Council, the issuance and sale of
revenue bonds, the loan of the proceeds of the revenue bonds
to Color Box and Display, Inc. for the acquisition of such
facilities, the payment of the revenue bonds by the note pay-
ments of Color Box and Display, Inc. under the Loan Agreement
and Note, and the securing of said bonds by the' mortgaging of
such facilities to the Trustee under the Mortgaae and Indenture -
of Trust complies with the purposes and provisions of T.C.
18-6-4.5 and will be of benefit to the health and welfare of
the City of Richmond and its citizens.
Section 2. The final forms of the Loan Agreement, Note,
and Mortgage and Indenture of Trust approved by the Richmond
Economic Development Commission are hereby approved and all
such documents (herein collectively referred to as the
"Financing Agreement" referred to in T.C. 18--5-4,5), shall be
incorporated herein by reference and shah, be inserted in the
minutes of the Common Council and kept on file by the Clerk.
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Section 3. The City of Richmond shall issue its Economic
Development First Mortgage Revenue Bands, Series_1979 (Color
Box and Display, Inc. Project), in the total principal amount
of Three Eundred Fifty Thousand ?dollars ($350,000) for the
purpose of procuring funds to pay the costs of acquisition of
the economic development facilities as more particularly set
out in the Mortgage and Indenture of Trust and Loan Agreement
incorporated herein by reference, which bonds will be payable
as to principal, premium, if any, and interest from the,note
payments made by Color Sox and Display, Inc. under the Loan
Agreement and Note or as otherwise provided in the above
described Mortgage and Indenture of Trust. The Bonds shall
never constitute a general obligation of, an indebtedness of,
or a charge against the general credit of the City of Richmond.
Section 4. The Mayor, Clerk, and Controller are authorized
and directed to sell such bonds to the purchasers thereof at a
. ........ .
rate of interest on the bonds not to exceed S 1/44 per annum
and at a price not less than 7.00% of the principal amount
thereof.
Section 5. The Mayor and Clerk are authorized and directed
to execute the documents constituting the Financing Agreement
approved herein an behalf of the City and any other document
which may be necessary or desirable to consummate the trans-
action, including the bonds authorized herein. The signatures
of the Mayor and Clerk on the bonds maybe facsimile signatures.
The Clerk is authorized to arrange for delivery of such Bonds
to the Trustee named in the Mortgage and Indenture of Trust,
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payment for which will be made to the Trustee named in the
Mortgage and Indenture of Trust and delivered by the Trustee to
the purchasers thereof.
Section 6. The provisions of this Ordinance and the Mort-
gage and Indenture of Trust securing the bonds shall constitute
a contract binding between the City of Richmond and the holder
of the Economic Development First Mortgage Revenue Bonds, Series
1979 (Color Box and Display, Inc. Project), and after the
issuance ❑f 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 7. This Ordinance shall be in full force and effect
from and after its passage and signing by the Mayor.
Passed and -adopted this �cM day of 1979.
RICEMOND COMMON COUNCIL
Attest:
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Presented by me to the Mayor of the City of Richmond,
Indiana, on this 9tj) day of 1979.
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Approved and signed by me on this day of ,
1979.
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May
ity, ichmond
Attest:
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