HomeMy Public PortalAbout3088-1976- AUTHORIZING THE ACQUISITION AND FINANCING OF ECONOMIC DEVELOPMENT FACILITIESORDINANCE NO. 3088-1976
AN ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE ACQUISITION AND
FINANCING OF ECONOMIC DEVELOPMENT FACILITIES, THE ISSUANCE AND SALE
OF REVENUE BONDS TO PAY THE COST THEREOF, AND THE LEASING OF SUCH
FACILITIES TO CONVENIENCE STORE DISTRIBUTING COMPANY, AND OTHER
MATTERS RELATING THERETO.
WHEREAS, the Richmond Economic Development Commission adopted a
resolution March 29, 1976, approving the financing of certain economic development
facilities to be acquired and leased to Convenience Store Distributing Company, and
approving a proposed form of ordinance, Lease Agreement (hereinafter referred to
as "Lease"), and Mortgage 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 1. 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 thereunder; and
WHEREAS, said resolution was presented to the Clerk for presentation 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 Lease, previously approved by the Richmond Economic
Development Commission and presented to the Common Council, the acquisition of such
facilities, and the leasing thereof to Convenience Store Distributing Company, will be of
benefit to the health or welfare of the City of Richmond.
SECTION 2. The forms of Lease and Indenture approved by the Richmond
Economic Development Commission are hereby approved and all such documents collective-
ly 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 shall issue its Economic Development First
Mortgage Revenue Bonds (Convenience Store Distributing Company) in the total principal
amount of Nine Hundred Eighty Thousand Dollars ($9 80, 000. 00) for the purpose of procur-
ing funds to pay the cost of acquiring the facilities, as more particularly set out in the
Indenture and Lease, incorporated herein by reference, which bonds will be payable as
to principal and interest solely from the rentals, revenues, and other income realized
under the Lease, or as otherwise provided in the above described 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 First Mortgage Revenue Bonds (Convenience Store Dis-
tributing Company), 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 6. This ordinance shall be in full force and effect from and after
its passage and signing by the Mayor.
OPTED by the Common Council of the City of Richmond, Indiana, this Z
day of - 1976.
President of Common °Council
i;
ATTEST:
City Clerk
PRESENTED to the Mayor of the City of Richmond, Indiana, this �Q day
of 1976.
City Clerk
APPROVED by m% Clifford J. Dickman, Mayor of the City of Richmond, Indiana,
this day of , 1976.
W',
ATTEST:
Clerk
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