HomeMy Public PortalAbout3002-1975 - ORDINANCE AUTHORZING AQUISITION AND FINANCING OF INDUSTRIAL FACILITESORDINANCE NO. 3002 -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
K B LAMINATES, INC., AND OTHER MATTERS RELATING THERETO.
WHEREAS, the Richmond Development Commission adopted a resolution on
June 11th, 1975, approving the financing of certain industrial facilities to be acquired
and leased to K B Laminates, Inc, and approving a proposed form of ordinance, Lease
Agreement (hereinafter referred tows "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. 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 presented to the Common Council, the acquisition of such facilities, and the leasing
thereof to K B Laminates, 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 docu-
ments 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 (K B Laminates, Inc.) in the total principal amount of Two Hundred
Twenty Thousand Dollars ($220, 000.00) for the purpose of procuring funds to pay the cost
of acquiring the facilities, as more particularly set out in the Indenture and Lease, incor-
porated 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 (K B Laminates, 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
day of 1975.
Presi of Common Council
ATTEST:
Cibj Clerk
PRESENTED to the Mayor of the City of Richmond, Indiana, this 1 ;, day of
1975.
City Clerk
APPROVED by me, Charles A. Howell, Mayor of the City of Richmond, Indiana,
this ��day of 1975.
Mayor
ATTEST:—)
ty Clerk
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