HomeMy Public PortalAbout3148-1976- AUTHORIAING THA ACQUISITION AND FINANCING OF ECONOMIC DEVELOPMENT FACILITIESORDINANCE NO. 3148 - 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 EIIPCO REALTY, AND OTHER MATTERS RELATING THERETO.
WHEREAS, the Richmond Economic Development Commission adopted a
resolution July 19, 1976, approving the financing of certain economic
development facilities to be leased to EIIPCO Realty, 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 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 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 and construction of such facilities, and the
leasing thereof to EIIPCO Realty, will be of benefit to the health or
welfare of the City of Richmond.
SECTION 2. The forms of Lease, Indenture and Letter Agreement for
Construction approved by the Richmond Economic Development Commission
are hereby approved and all such documents collectively shall be con-
sidered 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, Series 1976, (EIIPCO Realty) in the total
principal amount of Two Hundred Thirty Thousand Dollars ($230,000.00)
for the purpose of procuring funds to pay the cost of acquiring and con-
structing the facilities, as more particularly set out in the Indenture
and Lease, incorporated herein by reference, which bonds will be payable
as to principal, premium, if any, 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 exe-
cute 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, Series 1976 (EIIPCO Realty), 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.
ADOPTED by the Common Council of the City of Richmond, Indiana,
this day of 7�� 1976.
President of Common Council
ATTEST:
City Clerk
PRESENTED to the Mayor of the City of Richmond, Indiana, this
day of-�+�_ 1976.
City Clerk - -- -
APPROVED by me, Clifford J. Dickman, Mayor of the City of Richmond,
Indiana, this day of 7iuw z6" 1976.
ATTEST:=
City Clerk
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