HomeMy Public PortalAbout3231-1977 - AUTHORIZING ISSUANCE AND SALE REVENUE BONDS AND LOANING THE PROCEEDS TO WAYNE DAIRY PRODUCTSORDINANCE NO. 3231 - 1977
AN ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE ISSUANCE AND SALE
OF REVENUE BONDS AND LOANING THE PROCEEDS THEREOF TO WAYNE DAIRY PRODUCTS,
INC. FOR THE FINANCING OF ECONOMIC DEVELOPMENT FACILITIES, AND OTHER
MATTERS RELATING THERETO.
WHEREAS, the Richmond Economic Development Commission adopted a
resolution.June 23, 1977, approving the financing of certain economic
development facilities for Wayne Dairy Products, Inc. and approving a
proposed form of ordinance, Loan Agreement, Mortgage and Security Agree -
meet (hereinafter referred to as "Loan Agreement"), and Indenture of
Trust (hereinafter referred to as "Indenture"), and related documents,
and finding that the proposed financing complies with the purposes and
provisions of I.C., 18-6-4.5-1 through 18-6-4.5-29, inclusive; and
further finding that there are no similar facilities already constructed
or operating in the municipality competitive to the use proposed there-
under; and
WHEREAS, said resolution was presented to the Clerk .for presenta-
tion to Common Council of the City of Richmond and was so presented; now
therefore, BE IT ORDAINED by the Common Council of the City of Richmond,
Indiana.
SECTION 1. It is 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 the Common Council, the loaning of the proceeds thereof to Wayne
Dairy Products, Inc. for the acquisition, construction, installation and
equipping of such facilities complies with the purposes and provisions
of I.C., 18-6-4.5-1 through 18-6-4.5-29, inclusive, and will be of
benefit to the health or welfare of the City of Richmond.
SECTION 2. The forms of Loan Agreement and Indenture approved by
the Richmond Economic Development Commission are hereby approved and all
such documents collectively shall be considered the "Financing Agreement"
referred to in I.C., 18-6-4.5-1 through 18-6-4.5-29, inclusive. 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.
SECTION 3. The City of Richmond will issue its Economic Development
Revenue Bonds, Series A and B, (Original Bonds) (Wayne Dairy Products,
Inc. Project) in the total principal amount of One Million Nine Hundred
Fifty Thousand Dollars ($1,950,000.00) and shall loan the proceeds
thereof to Wayne Dairy Products, Inc., which loan shall be evidenced by
promissory notes issued by Wayne Dairy Products, Inc. as provided in the
Loan Agreement, for the purpose of defraying a portion of the costs to
acquire, construct and equip the facilities as more particularly set out
in the Loan Agreement and Indenture, incorporated herein by reference,
which bonds will be payable as to principal, premium, if any, and interest
solely from the revenues and other amounts derived from the Note and
Loan Agreement and otherwise as provided in the Loan Agreement and the
Indenture.
SECTION 4. The Mayor and Clerk are authorized and directed to
execute the documents approved herein on behalf of the City of Richmond
and any other documents which may be necessary or desirable to complete
the transaction, including the bonds authorized herein. The Clerk of
the City of Richmond is authorized to arrange for the delivery of such
bonds to the purchasers thereof, payment for which shall be made to the
trustee named in the Indenture.
SECTION 5. The provisions of this ordinance and the Indenture
securing the bonds shall constitute a contract binding between the City
of Richmond and the holders of the Economic Development Revenue Bonds,
Series A and B, (Original Bonds) (Wayne Dairy Products, 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 remain
unpaid.
SECTION b. This ordinance shall be in full force and effect from
and after its passage and signing by the Mayor.
ADOPTED by the Common ouncil of the City of Richmond, Indiana,
this day of 1977. ,
Q Pres" ent of Common Council
ATTEST: %b
City Clerk
PRESENTED to the Mayor of the City of Richmond, Indiana, this
day of 1977.
City C erk
APPROVED by me, Clifford J. Dickman, Mayor of the City of Richmond,
Indiana, this �' day of 1977.
May
ATTEST: e Cm G �e-
City Clerk
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