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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