HomeMy Public PortalAbout052-1982 - Mortgage Revenue Bonds - Waytru Bancorp.
ORDINANCE NO. 52-1982
ORDINANCE AUTHORIZING THE CITY OF
RICHMOND TO ISSUE ITS "ECONOMIC DEVELOPMENT
FIRST MORTGAGE REVENUE BONDS, SERIES 1982
(WAYTRU BANCORP. PROJECT)" AND APPROVING
OTHER ACTIONS IN RESPECT THERETO
WHEREAS, the Richmond Economic Development Commission has
rendered its Project Report for the Waytru Bancorp. Project
regarding the financing of proposed economic development
facilities for Waytru Bancorp., who will lease part of said
facilities to Wayne Bank and Trust Co. and the Richmond
Planning Commission has commented favorably thereon; and
WHEREAS, the Richmond Economic Development Commission
conducted a public hearing on December 20, 1982, and also
adopted a resolution on December 20, 1982, which Resolution has
been transmitted hereto, finding that the financing of certain
economic development facilities of Waytru Bancorp. complies
with -the purposes and provisions of I.C. 36-7-12 and that such
financing will be of benefit to the health anO welfare of the
City of Richmond and its citizens; and
WHEREAS, the Richmond Economic Development Commission has
heretofore approved and recommended the adoption of this form
of Ordinance by this Common Council and has approved the forms
of and has transmitted for approval by the Common Council the
Loan Agreement, Note, Mortgage and Indenture of Trust, Lease
Agreement; now therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF
RICHMOND, INDIANA THAT:
Section 1. It is hereby found that the financing of the
economic development facilities referred to in the Loan Agree-
ment 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
Waytru Bancorp. for the acquisition and construction of such
facilities and the equipping thereof, the payment of the reve-
nue bonds by the note payments of Waytru Bancorp. under the
Loan Agreement and Note, the leasing of part of the economic
development facilities to Wayne Bank and Trust Co. under the
Lease Agreement, and the securing of said bonds by the mortgag-
ing of such facilities to the Trustee under the Mortgage and
Indenture of Trust 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 2. The substantially final forms of the Loan
Agreement, Note, and Mortgage and Indenture of Trust approved
by the Richmond Economic Development Commission are hereby
approved (herein collectively referred to as the "Financing
Agreement" referred to in I.C. 36-7-12), and the substantially
final form of the Lease 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.
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Section 3. The City of Richmond shall issue its Economic
Development First Mortgage Revenue Bonds, Series 1982 (Waytru
Bancorp. Project), in the total principal amount not exceeding
Nine Hundred Fifty Thousand Dollars ($950,000) and maturing not
later than twenty years from the date of the first principal
payment, which in no event may exceed thirty (30) years, for
the purpose of procuring funds to pay the costs of acquisition,
construction and equipping of the economic development facili-
ties as more particularly set out in the Mortgage and Indenture
of Trust and Loan Agreement incorporated herein by reference,
which bonds will be payable as to principal, premium, if any,
and interest from the note payments made by Vgaytru Bancorp.
under the Loan Agreement and Note or as otherwise provided in
the above described Mortgage and Indenture of Trust. The bonds
may be issued in coupon or registered form, may heissuedin
denominations of $5,000 or a multiple thereof, may be fully
registered, or in the case of coupon bonds, may be registrable
as to principal only, and shall be redeemed as provided in
Article III of the Mortgage and Indenture of Trust. Payments
of principal and interest are payable in lawful money of the
United States of America at the principal office of the Trustee
or its successor in trust cr by check or draft mailed or
delivered to the registered owner as provided in the Mortgage
and Indenture of Trust. 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.
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Section 4. The Mayor and Clerk are authorized and directed
to sell such bonds to fihe purchasers thereof at a rate of
interest on the bonds not to exceed 11-1/8% and at a price not
less than 98 1/2% of the principal amount thereof.
Section 5. 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 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
which take place after the date of this Ordinance with the
review and advice of the City Attorney; it being the express
il
understanding,of this Common Council that said Financing Agree-
ment 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 attesta-
tion 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 oii or term of the bonds as approved by
the Common Council by this Ordinance without further considera-
tion by the Common Council. The signatures of the Mayor and
Clerk on the bonds and coupons, if any, may be either manual or
facsimile signatures. The Clerk is authorized to arrange for
delivery of such bonds to the Trustee named in the Mortgage and
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Indenture of Trust, payment for the bonds will be made to the
Trustee named in the Mortgage and Indenture of Trust and after
such payment the bonds will be delivered by the Trustee to the
purchasers thereof. The Mayor and Clerk shall execute and the
Clerk shall deliver the bonds to the Trustee within ninety days
of the adoption of this ordinance.
of December 1, 1982.
The bonds shall be dated as
Section 6. The provisions of this Ordinance and the Mort-
gage and Indenture of Trust securing the bonds shall constitute
a contract binding between the City of Richmond and the holder
of the Economic Development First Mortgage Revenue Bonds,
Series 1982 (Waytru Bancorp. Project), 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
remains unpaid.
Section 7. This Ordinance shall be in full force and
effect from and after its passage and signing by the Mayor.
Passed and adopted this day of r_� Le4 Jam.: l -v , 1982
Attest
Clerk '
RICHMOND COMMON COUNCIL
Presiding Officer
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Presented by me to the Mayor of the City of Richmond,
Indiana, on this f. C t� day of i"l '.'� ,L,, ,v, 1982, at the hour
of U
Cler
Approved and signed by me on this,��` day of
1982.
Ma Cit of Richmond
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