HomeMy Public PortalAbout008-1981 - Revenue Bonds - Ciy-West Realty Company ProjectORDINANCE NO. 8-1981
ORDINANCE AUTHORIZING THE CITY OF
RICHMOND TO ISSUE ITS "ECONOMIC DEVELOPMENT
REVENUE BONDS, SERIES 1981
(CITY -WEST REALTY COMPANY PROJECT)"
AND APPROVING OTHER ACTIONS IN RESPECT THERETO
WHEREAS, the Richmond Economic Development Commission has
rendered its Project Report for the City -West Realty Company
Project regarding the financing of proposed economic develop-
ment facilities for City -West Realty Company and the Richmond
Planning Commission has commented favorably thereon; and
WHEREAS, the Richmond Economic Development Commission
conducted a public hearing on ,<< ;� 1981, and also
adopted a resolution on ,�, ,� 1981, which Resolu-
tion has been transmitted hereto, finding that the financing of
certain economic development facilities of City -West Realty
Company complies with the purposes and provisions of I.C.
18-6-4.5 and that such financing will be of benefit to the
health and 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, Conditional Assignment of Lease and Rentals, ana
Lessee's Consent to Lease Assignment; 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
City -West Realty Company for the acquisition and construction
of such facilities and the equipping thereof, the payment of
the revenue bonds by the note payments of City -West Realty
Company under the Loan Agreement and Notes, and the securing of
said bonds by the mortgaging of such facilities to the Trustee
under the Mortgage and Indenture of Trust complies with the
purposes and provisions of I.C. 18-6-4.5 and will be of benefit
to the health and welfare of the City of Richmond and its
citizens.
Section 2. The final forms of the Loan Agreement, Note,
Mortgage and Indenture of Trust, Lease Agreement, Conditional
Assignment of Lease Rentals and Lessee's Consent to Lease
Assignment approved by the Richmond Economic Development
Commission are hereby approved and all such documents (herein
collectively referred to as the "Financing Agreement" referred
to in I.C. 18-6-4.5), shall be incorporated herein by reference
and shall be inserted in the minutes of the Common Council and
kept on file by the Clerk.
Section 3. The City of Richmond shall issue its Economic
Development Revenue Bonds, Series 1981 (City -West Realty
Company Project), in the total principal amount of Five Hundred
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Seventy-five Thousand Dollars ($575,000) 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 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 City -West Realty Company under
the Loan Agreement and Note or as otherwise provided in the
above described 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.
Section 4. The Mayor and Clerk are authorized and directed
to sell such bonds to the purchasers thereof at a rate of
interest per annum on the bonds not to exceed seventy-five
percent (75%) of the prime lending rate established by The
Second National Bank of Richmond at its principal office to be
computed on a quarterly basis, with the last day of the quarter
determining the interest rate to be charged for the ensuing
quarter and in the event of a determination of taxability at a
taxable rate of interest equal to the prime commercial lending
rate established by The Second National Bank of Richmond at its
principal office from time to time plus one and one-half
percent (1 1/2%) per annum (which rate shall change from time
to time effective with the change in the prime rate), and at a
price not less than 100% of the principal amount thereof.
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Section 5. The Mayor and Clerk are authorized and directed
to execute 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 transac-
tion, including the bonds authorized herein. The signatures of
the Mayor and Clerk on the bonds may be facsimile signatures.
The Clerk is authorized to arrange for delivery of such Bonds
to the Trustee named in the Mortgage and Indenture of Trust,
payment for which will be made to the Trustee named in the
Mortgage and Indenture of Trust and delivered by the Trustee to
the purchasers thereof.
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 Revenue Bonds, Series 1981 (City -
West Realty Company 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 A', day of y1t_� :ly;. 1981.
Attest:
RICHMOND COMMON COUNCIL
Presiding Officer
Clerk
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Presented by me to the Mayor of the City of Richmond,
Indiana, on this ,L� day of 1981, at the hour
of M.
Clerk
Approved and signed by me on this LLLj day of F
1981.
May CitVof Richmond
ATTEST. Jo 1-len Trimble, Clity Clerk
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