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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 - 2 - 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. -3 - 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 - 4 - 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 - 5 -