HomeMy Public PortalAbout069-1983 - Revenue Bonds - Heritage RegencyORDINANCE NO. 69-1983
AN ORDINANCE AMENDING NO. 4-1983
AND AUTHORIZING THE SUBSTITUTION OF
HERITAGE REGENCY OF RICHMOND FOR HERITAGE
REGENCY, INC. AS BORROWER OF THE
PROCEEDS OF THE "CITY OF RICHMOND ECONOMIC
DEVELOPMENT REVENUE BONDS, SERIES A
(HERITAGE REGENCY, INC. PROJECT)", AND
AUTHORIZING 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 seq., as amended (the "Act"),
is authorized and empowered to adopt this ordi-
nance (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, it has been requested that the City adopt an
amendatory ordinance authorizing the substitution
of Heritage Regency of Richmond for Heritage
Regency, Inc. as borrower of the proceeds of the
Bonds.
WHEREAS, the Richmond Economic Development Commission has
f 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 Second Amendment to Bond
Purchase and Loan Agreement, dated as of
September 1, 1983, among the City, Heritage
Regency of Richmond, Merchants National Bank &
Trust Company of Indianapolis, as trustee (the
P Y t
"Trustee") and Merchants National Bank & Trust
Company of Indianapolis, as agent for the pur-
chasers of the Bonds; (2) a First Amendment to
Mortgage, Security Agreement and Trust Indenture
dated as of September 1, 1983, among the City,
I �
Heritage Regency of Richmond and the Trustee; (3)
a Replacement Note from Heritage Regency of
Richmond to the _City; (4) Forms UCC-3 and 3(a)
Financing Statements; (5) a Replacement Letter of
Credit issued by Merchants National Bank & Trust
Company of Indianapolis for the account of
Heritage Regency of Richmond; and (6) this
Ordinance.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the
City of Richmond, Indiana that:
Section 1. Authorization of Substitution. The Common
Council hereby approves the substitution of Heritage Regency of
Richmond, an Indiana general partnership, for Heritage Regency,
Inc as borrower of the proceeds of the Bonds and the assump-
tion of all liabilities of Heritage Regency, Inc. by Heritage
Regency of Richmond.
Section 2. Amendments. In order to provide for the
substitution of Heritage Regency of Richmond for Heritage
Regency, Inc. as borrower of the Bond proceeds, the Common
Council hereby approves the form and terms of the Second
Amendment to Bond Purchase and Loan Agreement, First Amendment
to Mortgage, Security Agreement and Trust Indenture,
Replacement Note and Forms UCC-3 and 3(a) Financing Statements,
and authorizes and directs the Mayor and Clerk to execute or
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endorse and deliver the same for and on behalf of the City.
The Common Council also hereby approves the issuance of a
Replacement Letter of Credit.
Section 3. 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).
Section 4. 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 5. Reaffirmation. In all other respects,
Ordinance No. 4-1983, as amended by Ordinance No. 21-1983, is
hereby ratified and affirmed.
Section 6. Effective Date. This Ordinance shall be in
full force and effect immediately upon its adoption by the
Common Council and approval by the Mayor.
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PASSED and ADOPTED this-, -day of ` 1� y-� -� 1983, by
the Common Council of the City of Richmond, Indiana.
ATTEST:
, City Clerk
Pifes d'knt QY C
PRESENTED to the Mayo of the City of Richmond, Indiana,
this 14 day of 1983
Ci lerk
APPROVED by me, Clifford J. Dickman, Mayor of the City of
Richmond, Indiana this,-;s�`i day of r7 'C ! 1983.
EST:
City Clerk
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