HomeMy Public PortalAbout095-1979 - ORDINANCE AUHTORIZING THE ISSUANCE AND SALE OF REVENUE BONDS AND LOANIND THE PROCEEDS THEREOF TO PRIMEX PLASTICS CORP FOR FINANCING OF ECONOMIC DEVELOPMENT FACILITIES AND OTHER MATTERS RELATING THERETO`ORDINANCE' NO.=!:,95 ` 1979
AN ORDIN,L_NCE OF THE CITY OF RICHMOND AUTHORIZING THE ISSUANCE AND SALE
bF REVENGE BONDS AND LOANING THE PROCEEDS THEREOF T0-PRDIEX PLASTICS
CORP. FOR THE FINANCING OF ECONOMIC DEVELOPMENT FACILITIES, AND OTHER
" i7ATTERS RELATING ,T14EBET0
NHEREAS,:.'the .Richmond lEconuaLe Development. Commission=adopted:a
resolution September 27 1979•,r approving' the financing ;of certain •economic
'developnefit facilities -for Pr.imcx Plastics Corp and approving a proposed
form'of'ordinance., Loan: Agreement, mortgage and'Security Agr..eement.
(here inaft"cr:creferred; to:- as `.`Loan Agreement"),: Guaranty. Agreement (herein-
"after' rcf.crred to as ':.Guaranty":},,; Bred ,Indenture ;of Trust (hereinafter
!referred tb-as•"Lndenture"), and related documents, and finding that the
proPos:ed:financing complies. with the purposes and provisions. of I.C.,
through. 18-6-4:5-30, inclusive; and further.finding:that there
are no similar facilities already constructed or operating in the municipality
competitive .t.o 'the` ,use proposedthereunder;. acid
TA=REAS, said resolution•..was.presented to the. Clerk for .presenLatiun
to. Common Council .of the City of.xichmond and was`so presen.ted;'+now:therefore,
BE'TT'ORDAINED by the Common Council of the City of Richmond, Indiana.
SECTION I.:.'-lt- i8 hereby found that: the financing of-the.'economic
development facilities referred to in the Loan^Agreement.; previously
approved'by-the Richmond Economic Development Commission and presented
to th'a Cinwr1611 Council, Lhe'IE)a7iicig of the prui.eeds .'Lhereuf-. Lu Rrlmex
Plastics Corp, for the acquisition insral-lation and equip -ping of such
'facili:ties complies with .the purposes and Provisions of,1.C., 18-6=4.5-1
throft9h -18 6-4:5-30; inclusive, and'will be of benefit to the health
or'welfaire of fhe�City of Richmond.
SECTION '2-. The forms, of: ; Loan "Agreement, rpuaranty and Indenture approved
by`tha Richmond Econ=ic'Development'Commission are hereby approved and
all such documents collectively shall be considered the "Financing
Agreement" Agreement" referred to in T.C., 18-6-4.5-1 through 18 6-4.5-30, inclusive.
Such. documents shall be incorporated herein by, reference and shall be
inserted in the minutesof the Common Council and kept on file by the Clerk.
PRESENTED to the Mayor o{ the City of Richmond, Indiana, this
day of _, 1979.
C�. --Glerlc
APPROVED by me, Clifford J. Dickman, Mayor of .the City of Richmond,
Tndiana, this day of [ter , 1979.
ATTEST- `-�-
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