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Home My Public Portal About089-1979 - ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS ECONOMIC DEVELOPMENT REVENUE BONDS;IMPERIAL DIE CASTING INC PROJECTORDINANCE NO. 89-1979 ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES A (IMPERIAL DIE CASTING, INC.. PROJECT)" AND ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES B (IMPERIAL DIE CASTING, INC. PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Richmond Economic Development Commission has rendered its Project Report for the Imperial Die Casting, Inc. Project regarding the financing of proposed economic develop- ment facilities for. Imperial Die Casting, Inc. and the Richmond Planning Commission has commented favorably thereon; and WHEREAS, the Richmond Economic Development Commission con- ducted a public hearing on , 1979, and also adopted a resolution on , 1979, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Imperial Die Casting, Inc. complies with the purposes and provisions of I.C. 18-5-4.5 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'Developaent 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, Mortgage and Security Agreement, Series A Note, Series B Note, Trust Indenture and Guaranty Agreement; 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 Agree- ment, Mortgage and Security Agreement approved by the Richmond Economic development Commission and presented to this Common Council, the issuance and sale of Series A and Series B revenue bonds, the loan of the proceeds of said series of revenue bonds to Imperial Die Casting, Inc. for the acquisition and construc- tion of such facilities and the equipping thereof, the payment of said series of revenue bonds by the note payments of Imperial Die Casting, Inc. under the Loan Agreement, Mortgage and Security Agreement and Series A Note and Series B Note, the securing of said series of bonds by the mortgaging of such facilities to the Trustee under the Trust Indenture and the guarantee of the payment of principal and interest on said scrics of bonds under,the Guaranty Agreement, complies with Lhe purposes and provisions of I.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, Mortgage and Security Agreement, Series A Note, Series B Note, Trust Indenture and Guaranty Agreement approved by the Richmond Eco- nomic Development Commission are hereby approved and all such documents (herein collectively referred to as the "Financing Agreement" referred to in'I.C. 15-6-4.5), shall be incorporated herein by reference and shall he inserted in the minutes of the Common Council and kept on file by the Clerk. - 2 - Section 3. The City of Richmond shall issue its Economic Development Revenue Bonds, Series A (Imperial Die Casting, Inc. Project) , in the total principal amount of Four Hundred Fifty-- seven Thousand Five Hundred Dollars ($457,500) and its Economic Development Revenue Bonds, Series B (Imperial Die Casting, Inc. Project) in the total principal amount of One Hundred Seventy- two Thousand Five Hundred Dollars ($172,500) 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 prefer- ence, which bonds will be payable as to principal, premium, if any, and interest from the note payments made by Imperial Die Casting, Inc. under the Loan Agreement, Mortgage and Security Agreement and the Series A Note and Series B Note, or as other- wise provided in the above described 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. Section 4. The Mayor, Clerk and/or Controller are autho- rized and directed to sell such bonds to the purchasers thereof at a rate of interest on the bonds not to exceed 8 1/2% per ann um and at a price not less than lOO % 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 on behalf of the City and any other document - 3 -- which may be necessary or desirable to consummate the transac- tion, including the bonds authorized herein. The signatures of the Mayor and Clerk on the bonds may be facsimile signatures. The Clerk is authorized to arrange for delivery of such Bonds t❑ the Trustee named in the Trust Indenture, payment for which will be made to the Trustee named in the Trust Indenture and delivered by the Trustee to the purchasers thereof. Section 6. The provisions of this Ordinance and the Trust Indenture securing the bonds shall constitute a contract bind- ing between the City of Richmond and the holder of the Economic Development Revenue Bands, Series A (Imperial Die Casting, Inc. Project) and the Economic Development Revenue Bands, Series B ( Imperial Die Casting, Inc. Project) , .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 7. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor: 4 - Passed and adopted this day of 1979. Attest: Cle rA Presented by me to the Mayor of the City of Richmond, Iridiaria, on this`` day of y, 1979. QO 4 C1e Approved and signed by me on this day of , 1979. 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