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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. - 2 - 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. 3 - r 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 - 4 - 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 - 5 - 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 - 6 -