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HomeMy Public PortalAbout2881-1974 - Authorizing the issuance of Economic Development First Mortgage Reveneu Bonds - Dana CorpORDINANCE NO.2881 - 1974 AN ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE ACQUISITION AND FINANCING OF ECONOMIC DEVELOPMENT' FACILITIES, THE ISSUANCE AND SALE OF REVENUE BONDS TO PAY THE COST THEREOF, AND THE LEASING OF SUCH FACILITIES TO DANA CORPORATION, AND OTHER MATTERS RELATING THERETO. WHEREAS, the Richmond Development Commission adopted a resolution on March 15, 1974, approving the financing of certain economic development facilities to be leased to Dana Corporation and approving a proposed form of ordinance, Lease Agreement (here- inafter referred to as "Lease"), and Mortgage and Indenture of Trust (hereinafter referred to as "Indenture"), and related documents, and finding that the proposed financing complies with the purposes and provisions of I. C. 1971, I8-6-4.5; and WHEREAS, said resolution was presented to the Clerk for presentation to the Common Council of the City of Richmond and was so presented; now therefore, BE IT ORDAINED by the Common Council of the City of Richmond, Indiana. SECTION 1. It is hereby found that the financing of the economic development facilities referred to in the Lease, previously approved by the Richmond Development Commission and presented to the Common Council, the acquisition and construction of such facilities, and the leasing thereof to Dana Corporation, will be of benefit to the health and welfare of the City of Richmond. SECTION 2. The forms of Lease, Indenture and Letter Agreement for Construc- tion approved by the Richmond Development Commission are hereby approved and all of such documents collectively shall be considered the "Financing Agreement" referred to in I. C. 1971, 18-6-4.5. 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. SECTION 3. The City of Richmond shall issue its Economic Development First Mortgage Revenue Bonds, Series 1974 (Dana Corporation) in the total principal amount of Eight Hundred Fifty Thousand Dollars ($850, 000. 00) for the purpose of procuring funds to pay the cost of acquiring and constructing the facilities, as more particularly set out in the Indenture and Lease, incorporated herein by reference., which bonds will be payable as to principal, premium, if any, and interest solely from the rentals, revenues, and other in- come realized under the Lease, or as otherwise provided in the above described Indenture. ORDINANCE NO. - 1974 SECTION 4. The Mayor and Clerk are authorized and directed to execute the documents approved herein on behalf of the City of Richmond and any other documents which may be necessary or desirable to complete the transaction, including the bonds authorized herein. The Clerk of the City of Richmond is authorized to arrange for the delivery of such bonds to the purchasers thereof, payment for which shall be made to the trustee named in the Indenture. SECTION 5. The provisions of this ordinance and the Indenture securing the bonds shall constitute a contract binding between the City of Richmond and the holders of the Economic Development First Mortgage Revenue Bonds, Series 1974 (Dana Corporation), 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 remain unpaid. SECTION 6. This ordinance shall be in full force and effect from and after its passage and signing by the Mayor. ADOPTED by the Common Council of the City of Richmond, Indiana, this day of G .� �, , 1974. qq President' f Common Council ATTEST: C)Ey Clerk PRESENTED to the Mayor of the City of Richmond, Indiana, this /_L_ day of 1974. City Clerk APPROVED by me, Byron E. Klute, Mayor of the City of Richmond, Indiana, this day of ���,� 1974. Mayor ATTEST Ci ,0 Clerk