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