HomeMy Public PortalAbout2999-1975 - ORDINANCE AUTHORIZING THE AQUISITION AND FINANCING OF INDUSTRIAL FACILITIESORDINANCE NO. 2999 -1975
AN ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE ACQUISITION AND
FINANCING OF INDUSTRIAL FACILITIES, THE ISSUANCE AND SALE OF REVENUE
BONDS TO PAY THE COST THEREOF, AND THE LEASING OF SUCH FACILITIES TO
HOFFCO, INC., AND OTHER MATTERS RELATING THERETO.
WHEREAS, the Richmond Development Commission adopted a resolution on
April 29, 1975, approving the financing of certain industrial facilities to be acquired
and leased to Hoffco, Inca and approving the proposed form of ordinance, Lease Agree-
ment (hereinafter referred to as "Lease"), and Mortgage and Indenture of Trust (herein-
after referred to as "Indenture"), and related documents, and finding that the proposed
financing complies with the purposes and provisions of I. C. 1971, 18-6-4.5; 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 industrial facilities referred
to in the Lease, previously approved by the Richmond Development Commission and pre-
sented to the Common Council, the acquisition of such facilities, and the leasing thereof
to Hoffco, Inc. , will be of benefit to the health and welfare of the City of Richmond.
SECTION 2. The forms of Lease and Indenture approved by the Richmond Devel-
opment Commission are hereby approved and all such documents collectively shall be
considered the "Financing Agreement" referred to in I, C. 1971, 18-6-4.5. 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 (Hoffco, Inc,) in the total principal amount of Four Hundred
Thousand Dollars ($400,000. 00) for the purpose of procuring funds to pay the cost of acquir-
ing 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 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 (Hoffco, Inc.), 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 J
day of 1975.
Pres' t of Common Council
ATTEST: /
y Cleric
PRESENTED to the Mayor of the City of Richmond, Indiana, this & day of
1975.
City Clerk
APPROVED by me. Charles A. Howell, Mayor of the City of Richmond, Indiana,
this ' day of 1975.
Mayor
ATTEST:
C' Clerk