Loading...
HomeMy Public PortalAbout067-1983 - Revenue Bonds - Palladium Publishing CorpORDINANCE NO. 67 —1983 ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS" AND APPROVING OTHER ACTIONS IN RESPECT THERETO I WHEREAS, the Richmond Economic Development Commission has rendered its Project Report for the Palladium Publishing Corp. Project regarding the financing of proposed economic development facilities for Palladium Publishing Corp. and the Richmond Plan Commission has commented favorably thereon; and j WHEREAS, the Richmond Economic Development Commission conducted a public hearing on November 21, 1983, and also adopted a resolution on November 21, 1983, which Resolution 'has been transmitted 'hereto, finding that the financing of certain economic development facilities of Palladium Publishing Corp. complies with the purposes and provisions of I.C. 36-7-12 and that such financing will be of benefit to the health and welfare of the I City of Richmond and its citizens; and WHEREAS, the Richmond Economic Development Commission nas heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the terms and substantially final forms of and has transmitted for approval by the Common Council the Loan Agreement, Assignment, Bond Purchase Agreement, Bank Bond Purchase Agreement, and Guaranty Agreement and; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA THAT: Section 1. The proposed economic development facilities will consist of the acquisition and construction of a twenty five thousand (25,000) square foot publishing and printing addition ("Addition") to the Palladium Publishing Corp. business office facility located at 1175 North "A" Street, Richmond, Indiana, which Addition will be located immediately south of said business office facility on land owned by the Palladium Publishing Corp., the acquisition of certain real estate incidental thereto, and the acquisition of machinery and equipment to be utilized in and for said Addition. Section 2. It is hereby found that the financing of the economic development facilities referred to in the Loan Agreement approved by the Richmond Economic Development Commission and presented to this Common Council, the issuance and sale of revenue bonds, the loan of the proceeds of the revenue bonds to Palladium Publishing Corp. for the acquisition, construction and equipping of such facilities, the payment of the revenue bonds by the payments of Palladium Publishing Corp. under the Loan Agreement and the guaranty of payment of the principal and interest on the revenue bonds by Gannett Co., Inc. under the Guaranty Agreement, complies with the purposes and provisions of I.C. 36-7-12 and will be of benefit to the health and welfare of the City of Richmond and its citizens. Section 3. The substantially final forms of the Loan Agreement, Assignment, Bond Purchase Agreement, Bank Bond Purchase Agreement and Guaranty Agreement approved by the Richmond Economic Development Commission is hereby approved, and all 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. In accordance with the provisions of I.C. 36-1-5-4, two (2) copies of all such documents are on file in the office of the Clerk for public inspection. Section 4. The City of Richmond shall issue its Economic Development i Revenue Bonds Palladium Publishing Corp. Project, in the total principal amount not exceeding Seven Million Dollars (S7,000,000) and maturing not later than November 1, 2008, for the purpose of procuring funds to pay the costs of acquisition, construction and equipping of the economic development facilities as more particularly set out in the Loan Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the payments made by Palladium Publishing Corp. under the Loan Agreement or as otherwise provided therein and in the above described Guaranty Agreement. The bonds shall be issued as a single fully registered bond, and shall be redeemed as provided in the Bond Purchase Agreement. Payments of principal and inter- 2 est are payable in immediately available funds in lawful money of the United States of America at the address provided by the holder of the Bond. The bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of Richmond, nor are the bonds payable in any manner from revenues raised by taxation. Section 5. The Mayor and Clerk are authorized and directed to sell such bonds to the purchaser thereof at 100% of the principal amount thereof bearing a rate of interest on the bonds calculated from time to time in accordance with the Bond Purchase Agreement. Section 6. The Mayor and Clerk are authorized and directed to execute, attest, affix or imprint by any means the City seal to the documents constituting the Financing Agreement approved herein on behalf of the City of Ricnmond and any other document which may be necessary or desirable to consummate the transaction, including the bonds authorized herein. The Mayor and Clerk are hereby expressly authorized to approve any modifications or additions to the documents constituting the Financing Agreement and which take place after the date of this Ordinance with the review and advice of the City Attorney; it being the express understanding of this Common Council that said Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attestation thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term of the bonds as approved by the Common Council by this Ordinanace without further consideration by the Common Council. The signatures of the Mayor and Clerk on the bonds may be either manual or facsimile signatures. The Mayor and Clerk shall execute and the Clerk shall deliver the bonds to the purchaser thereof within ninety days of the 3 adoption of this ordinance. The bonds shall be dated as of the date of delivery. The Mayor and/or Clerk are hereby further authorized to take such other action and sign such other documents and certificates as may be necessary to effectuate the bond closing, including filing with the Internal Revenue Service the tax election letter required by Section 103 of the Internal Revenue Code of 1954, as amended, and form 8038 of the Internal Revenue Service. Section 7. The provisions of this Ordinance shall constitute a contract binding between the City of Richmond and the holders of the Economic Development Revenue Bonds (Palladium Publishing Corp. Project), 1983 Series A 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 sucn holders so long as any of said bonds or the interest thereon remains unpaid. Section 8. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. Passed and adopted this,,"!�Aday of L/ , 1983. RICHMOND COCOUN L Pry s; in Of r At t e� G/ Clerk ' Presented by me to the Mayor of the City of Richmond, on this--w-3ay of „t om 1983, at the ho of -3f �� -_.M. s — Cle / Approved and signed by me on this-v f/�day of 1983. c I`ia i.ty,wfAichmond 4