HomeMy Public PortalAbout021-1983 - Amending Ordinance 4-1983 - Revenue Bonds - Heritage RegencyORDINANCE NO. 21-1983
AN ORDINANCE AMENDING ORDINANCE NO. 4-1983
TO AUTHORIZE THE CITY OF RICHMOND, INDIANA,
TO ISSUE, UPON SURRENDER FOR EXCHANGE,
"CITY OF RICHMOND ECONOMIC ➢EVELOPMENT
REVENUE BONDS, SERIES A (HERITAGE REGENCY,
INC. PROJECT)" IN COUPON FORM, AND AUTHOR-
IZING OTHER ACTIONS IN RESPECT THERETO.
WHEREAS, the City of Richmond, Indiana (the "City"), is a
municipal corporation and political subdivision of
the State of Indiana and by virtue of Indiana Code
36-7-12-1 et serer., as amended (the "Act"), is
authorized and empowered to adopt this Ordinance
(the "Ordinance") and to carry out its provisions; and
WHEREAS, the City has, pursuant to the Act and Ordinance
No. 4-1983 issued bonds designated "City of Richmond
Economic Development Revenue Bonds, Series A (Heritage
Regency, Inc. Project) in the total principal amount
of $2,265,000 (the "Bonds"); and
WHEREAS, the Financing Agreement referred to in Ordinance
No. 4-1983 authorizes the issuance of bearer non -
coupon Bonds but does not provide for the issuance
of coupon Bonds; and
WHEREAS, in order to facilitate payment and transfer, the
holders of the Bonds have requested that the City
authorize an amendment to the Financing Agreement
to provide for the issuance of coupon bonds; and
WHEREAS, thb Richmond Economic Development Commission has
performed all actions required of it by the Act
preliminary to the adoption of this Ordinance and
has approved and forwarded to this Common Council
the forms of (1) a First Amendment to Bond Purchase
and Loan Agreement, (the "First Amendment") dated
as of May 1, 1983, among the City, the Borrower,
Merchants National Bank & Trust Company of Indiana-
polis, as trustee (the "Trustee") and Merchants
National Bank & Trust Company of Indianapolis, as
agent for the purchasers of the Bonds, providing an
amendment to the Financing Agreement authorizing the
issuance of coupon bonds; (2) the form of coupon
Bond; and (3) this Ordinance.
NOW THEREFORE, BE IT ORDAINED by the Common Council of the
City of Richmond, Indiana that:
Section 1. Amendments. In order to provide for the
issuance of coupon bonds upon delivery to the Trustee in
exchange for Bonds heretofore issued, the City hereby approves
the form and terms of First Amendment and authorizes and directs
the Mayor and Clerk to execute and deliver the same for and on
behalf of the City.
Section 2. General. The Mayor and the Clerk be and they
are each hereby authorized and directed, in the name and on
behalf of the City, to execute any and all other agreements,
documents, and instruments, perform any and all things deemed
by them, or either of them, to be necessary or desirable in
order to carry out and comply with the intent, conditions and
purposes of this Ordinance (including the preambles hereto and
the documents mentioned herein).
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Section 3. Binding Effect. The provisions of this
Ordinance shall constitute a binding contract between the City
and the holders of the Bonds, and this Ordinance shall not be
repealed or amended in any respect which would adversely affect
the rights of the holders of the Bonds as long as any Bonds or
interest thereon remains unpaid.
Section 4. Reaffirmation. In all other respects,
Ordinance No. 4-19 3 is hereby ratified and affirmed.
Section 5. Effective Date. This Ordinance shall be in
full force and effect immediately upon its adoption by the
Common Council and approval by the Mayor.
Section 6. Incorporation. Two copies of the First Amend-
ment incorporated into this Ordinance were duly filed in the
office of the Clerk of the City and are available for public
inspection in accordance with Indiana Code 36-1-5-4.
PASSED and ADOPTED this !- day of 1983,
by the Common Council of the City of Richmond, Indiana.
President of Common Council
ATTEST:
JoE len Trimble, City Clerk
PRESENTED to the Mayor of the City of Richmond, Indiana, this
- day of , 1983
1
City Clerk
APPROVED by me, Clifford J. Dickman, Mayor�pf the City of
Richmond, Indiana this ��i' day of A, — , 1983•
May
ATTES'Rt
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JoEllen -Trimble, City Clerk