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O R D I N A N C E N O . 1 9 9 1 - 2
O R D I N A N C E A U T H O R I Z I N G T H E C I T Y O F G R E E N C A S T L E T O I S S U E I T S
" M U L T I F A M I L Y H O U S I N G R E V E N U E B O N D S ,
S E R I E S 1 9 9 1 , ( P E D C O R I N V E S T M E N T S - 1 9 8 9 V I I , I , . P . P R O J E C T ) "
A N D A P P R O V I N G O T H E R A C T I O N S I N R E S P E C T T I I E R E " T O
W H E R E A S , t h e G r e e n c a s t l e E c o n o m i c D e v e l o p m e n t C o m m i s s i o n a d o p t e d a r e s o l u t i o n
o n J a n u a r y 2 4 , 1 9 9 1 , w h i c h R e s o l u t i o n h a s b e e n t r a n s m i t t e d h e r e t o , f i n d i n g t h a t t h e r e f u n d i n g
o f b o n d s p r e v i o u s l y i s s u e d t o f i n a n c e c e r t a i n e c o n o m i c d e v e l o p m e n t f a c i l i t i e s o f P e ( l c o r
I n v e s t m e n t s - 1 9 8 9 V I I , L . P . c o m p l i e s w i t h t h e p u r p o s e s a n d p r o v i s i o n s o f I . C . 3 6 - 7 - 1 1 . 9 a n d
1 2 , a n d t h a t s u c h f i n a n c i n g w i l l b e o f h e n e f i t t o t h e h e a l t h a n d w e l f a r e o f t h e C i t y o f
G r e e n c a s t l e a n d i t s c i t i z e n s ; a n d
W H E R E A S , t h e G r e e n c a s t l e E c o n o m i c D e v e l o p m e n t C o m m i s s i o n h a s h e r e t o f o r e
a p p r o v e d a n d r e c o m m e n d e d t h e a d o p t i o n o f t h i s f o r m o f O r d i n a n c e b y t h i s C o m m o n C o u n c i l ,
h a s h e r e t o f o r e c o n s i d e r e d t h e i s s u e o f a d v e r s e c o m p e t i t i v e e f f e c t a n d h a s a p p r o v e d t h e f o r m s
o f a n d h a s t r a n s m i t t e d f o r a p p r o v a l b y t h e C o m m o n C o u n c i l f o r m s o f t h e F i n a n c i n g
A g r e e m e n t , I n d e n t u r e o f T r u s t , c o l l e c t i v e l y , t h e " S t a t u t o r y F i n a n c i n g A g r e e m e n t " ) , O f f i c i a l
S t a t e m e n t a n d B o n d P u r c h a s e A g r e e m e n t , i n c l u d i n g t h e A d d e n d u m t h e r e t o n o w t h e r e f o r e ,
1 3 E I T O R D A I N E D B Y T I I E C O M M O N C O U N C I L O F T H E C I T Y O F
G R E E N C A S T L E - , I N D I A N A T H A T :
S e c t i o n L I t i s h e r e b y f o u n d t h a t t h e r e f u n d i n g o f t h e p r e v i o u s l y i s s u e d F l o a t i n g / F i x e d
R a t e E c o n o m i c D e v e l o p m e n t R e v e n u e B o n d s , S e r i e s 1 9 8 9 , ( P e d c o r I n v e s t m e n t s - 1 9 8 9 V I I ,
L . P . , P r o j e c t ) ( t h e " P r i o r B o n d s " ) r e f e r r e d t o i n t h e S t a t u t o r y F i n a n c i n g A g r e e m e n t a p p r o v e d
b y t h e G r e e n c a s t l e F c o n o m i c D e v e l o p m e n t C o m m i s s i o n a n d p r e s e n t e d t o t h i s C o m m o n
C o u n c i l , t h e i s s u a n c e a n d s a l e o f t h e I v l u l t i F a m i l y I l o u s i n g R e v e u u c B o n d s , S e r i e s 1 9 9 1 ,
( P e d c o r I n v e s t m e n t s - 1 9 8 9 V I I , 1 _ , . P . , P r o j e c t ) ( t i l e " B o n d s " ) , t h e l o a n o f t h e p r o c e e d s o f t h e
B o n d s t o P e d c o r I n v e s t m e n t s - 1 9 8 9 V I I , L . P . f o r t h e r e f i n a n c i n g o f t h e P r i o r B o n d s o r i g i n a l l y
W .
O issued to finance the acquisition, construction and equipping of certain economic development
facilities, the payment of the Bonds by the loan payments of Pedcor Investments -1989 -VII,
L.P. under the Financing Agreement or the payments to be made on the mortgage backed
security if and when issued to the Trustee by Federal National Mortgage Association
( "FNMA "), and the securing of said Bonds under the Indenture of Trust complies with the
purposes and provisions of I.C. 36 -7 -11.9 and 12, and will be of benefit to the health and
welfare of the City of Greencastle and its citizens.
Section 2. The financing consists of the refunding of the Prior Bonds which were issued
to finance the construction and equipping of apartments and functionally related and
subordinate facilities, including, but not limited to, parking facilities and recreational facilities
on approximately 16.25 acres of land located in the City of Greencastle, Indiana (the
"Project'T
Section 3. At the public hcarim held by the Greencastle ]:;conomic Development
0 Commission on July 11, 1989 and the County Council of Putnam County, the Commission
considered whether the economic development facilities woulcl have an adverse competitive
effect on any similar facilities located in or near the City of Greencastle or Putnam County,
and found, based on special findings of fact made at that time that the facilities would not
have an adverse competitive effect. 'I'his Common Council heretofore confirmed and does
hereby confirm the findings set forth in the Commission's Resolution, and concluded that the
economic development facilities will not have an adverse competitive effect on any other
similar facilities in or near the City of Greencastle, and concludes that the facilities will be of
benefit to the health and welfare of the City of (ircencastle and its citizens.
Section 4. The substantially Final forms of the Statutory Financing Agreement, Official
Statement mitt Boncl Purchase A!,recrnent approved by the Greencastle Economic
Development Commission are hcrcby approved and the Statutory Financing Agreement,
0 Official Statement and Bond Purchase Agreement shall be incorporated herein by reference
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_ and shall be inserted in the minutes of the Common Council and kept oil file by the
® Clerk— Treasurer. In accordance with the provisions of I.C. 36- 1 -5 -4, two (2) copies of the
Statutory Financing Agreement are oil file in the office of the Clerk— Treasurer for public
inspection.
Section 5. The City of Greencastle shall issue its Bonds dated the date of delivery in the
total principal amount not to exceed 3,590,000 and maturing in such amounts as computed
using the formula described in the Addendum to the Statutory Financing Agreement dated
January 24, 1991. Said Bonds are to be issued for the purpose of procuring funds to refinance
the Prior Bonds which were issued to finance the acquisition, construction and equipping of
the economic development facilities as more particularly set out in the Indenture of Trust and
Financin; Agreement incorporated herein by reference, which Bonds will be payable as to
principal, premium, if any, and interest from the loan payments made by Pedcor
Investments -1949 —VII, L.P. under the Financing Agreement or by payments to the Trustee
from FNMA pursuant to a FNMA Mortgage Backed Security to be issued in favor of the
Trustee or as otherwise provided in the above described Indenture of Trust. The Bonds shall
lie issued in fully registered form and shall be Iransferrabic as set forth in the Indenture of
Trust initially in the denomination of $1,000 or integral multiples thereof, and shall be
redeemable as provided in Article III of the Indenture of Trust and as otherwise provided in
the Statutory Financing Agreement. Payments of principal and interest are payable in lawful
money of the United States of America at the principal office of the Trustee or its successor in
trust or by check mailed or delivered to the registered owners, or in certain circumstances by
wire Lransfcr as provided in the Trust Indenture. The Bonds shall never constitute a general
obiigntion of, an indebtedness ol. or a charge against the general credit of the City of
(_ircencastle, nor are the Bonds payahle in any manner from revenues raised by taxation.
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Section 6. The Mayor and Clerk — 'treasurer are authorized and directed to sell the
® Bonds. The Bonds shall be sold to the Underwriter at a price of not less than 98% of the
principal amount thereof. The rate of interest per annum on the bonds shall not exceed 9.5%
per annum.
Section 7. The Mayor and Clerk— Treasurer are authorized and directed to execute,
attest, affix or imprint by any means the City seal to the documents constituting the Statutory
Financing Agreement approved herein on behalf of the City and any other document which
may he necessary or desirable to consummate the transaction, including but not limited to the
Bonds authorized herein, the Bond Purchase Agreement, Preliminary and Final Official
Statement for the Bonds, Arbitrage Certificate and various closing certificates. The Mayor
and Clerk — Treasurer are hereby expressly authorized to approve any modifications or
additions to the documents constituting the Statutory Financing Agreement and other
documents referred to above which lake place alter the (late of this Ordinance with the review
• and advice of the City Attorney; it being the express understanding of this Common Council
that said Statutory Financing Agreement is in substantially final form as of the (late of this
Ordinance. The approval of said modifications or additions shall be conclusively evidenced
by the execution and attestation thereof and the affixing of the seal thereto or the imprinting
or the seal thereon; provided, however, that no such mollification or addition shall change file
maximum principal amount of, maximum interest rate on or tern of the 13onds as approved
by the Common Council pursuant to this Ordinance without further consideration by the
Common Council. 'The signatures of the Mayor and Clerk— "Treasurer on the Bonds may be
either manual or racsimilc signatures. 'f'he Clerk — 'treasurer is authorized to arrange for
delivery of such Bonds to the Trustee named in the Indenture of 'Trust, and payment for the
Bonds will be made to the 'I rusicc named in the Indenture of Trust and after such payment
the Bonds will be delivercd by the Trustee to the purchasers Iherenf.
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Section 8. The provisions of this Ordinance and the Indenture of "Trust securing the
Bonds shall constitute a contract binding between the City of Greencastle and the holder or
holders of the Bonds, 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 9. This Ordinance shall he in full force and effect from and after its passage
and approval as provided by law.
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