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
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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
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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,����
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