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HomeMy Public PortalAbout037-1981 - Economic Development Revenue Bonds - Friends Fellowship Community ProjectORDINANCE NO. 37 - 1981 AN ORDINANCE AUTHORIZING THE CITY OF RICHMOND TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1981 (FRIENDS FELLOWSHIP COMMUNITY, INC. PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Richmond Economic Development Commission has rendered its Project Report for the Friends Fellowship Community, Inc. Project regarding the financing of proposed economic development facilities for Friends Fellowship Community, Inc. and the Richmond Planning Commission has commented favorably thereon; and WHEREAS, the Richmond Economic Development Commission conducted a public hearing on May 11, 1981; and also adopted a resolution on May 11, 1981, which Resolution has been transmitted hereto, finding that the financing of certain economic develop- ment facilities of Friends Fellowship Community, Inc. 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 and Mortgage and Indenture of Trust; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA THAT: U. 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 Friends Fellowship Community, Inc. for the acquisition and construction of such facilities, the payment of the revenue bonds by the note payments of Friends Fellowship Community, Inc. 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 and Mortgage and Indenture of Trust 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 (Friends Fellowship Community, Inc. Project), in the total principal amount of One Million Five Hundred Thousand Dollars.($1,500,000) for the purpose of procuring funds to pay the costs of acquisition and 2 - ■ ; construct ion 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 Friends Fellowship Community, Inc. under the Loan Agreement and Dote 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 two percent (2.0%) per annum over the three year new issue general obli- gation Moody Baa rated municipal bond interest rate (which rate shall change effective with the rate determined on May 1 of each year during the term of the Bonds), and at a price not less than 1000 of the principal amount thereof. 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 trans- action, including the bonds authorized herein. The signatures of the Mayor and Clerk on the bonds may be facsimile signa- tures. The Clerk is authorized to arrange for delivery of such Bonds to the Trustee named in the Mortgage and Indenture of - 3 - ■ 1 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 Mortgage and Indenture of Trust securing the bonds shall constitute a contract binding between the City of Richmond and the holders of the Economic Development Revenue Bonds, Series 1981 (Friends Fellowship Community, Inc. 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 and in- terest thereon remain 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 by the Common Council of the City of Richmond, Indiana, this 18th day of May, 1981. IQ Kenneth Mills President of Common Council ATTEST: "z / Jo-- bl e City Clerk,�rp Nfl.✓c r vf3Ei9C_i-1, Uc.Pu-,-y PRESENTED by me, City Clerk, to the Mayor of the City of Richmond, Indiana, this 19th day of May, 1981. (J-o Ellen Trimbl City Clerk,<<Efll'�; APPROVED by me, Clifford J. Dickman, Mayor of the City of Richmond, Indiana, this i9th day of May, 1981. (_CYFXord Dickman Mayor ATTEST: "Z z'.�� Ellen 'Trimble) City Clerk,���� - 4 -