HomeMy Public PortalAbout2910-1974 - Sale of Revenue Bonds - Leasing - Elder Wilbert CorpORDINANCE NO. 2910 - 1974
AN ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE ACQUISITION AND
FINANCING OF INDUSTRIAL FACILITIES, THE ISSUANCE AND SALE OF REVENUE
BONDS TO PAY THE COST THEREOF, AND THE, LEASING OF SUCH FACILITIES TO
ELDER/NILBERT CORP., AND OTHER MATTERS RELATING THERETO.
WHEREAS, the Richmond Development Commission adopted a resolution on July
12, 1974, approving the financing of certain industrial facilities to be leased to Elder/Wilbert
Corp, and approving a proposed form of ordinance, Lease Agreement (hereinafter referred
to as "Lease"), and 1\4ortgage 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, 18-6-4.5; 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 industrial 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 Elder/Wilbert Corp. , 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. Con-
struction 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
I Ton`gage Revenue Bonds, Series 1974 (Elder/Wilbert Corp. ) in the total principal amount
of Eight Ifundred Thousand Dollars ($800, 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 he payable as to
principal, premium, if any, and interest solely from the rentals, revenues, and other in-
conie reatized under the Lease, or as otlien�ise provided in the above described Indenture.
ORDINA: CE 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 he 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 (Elder.%1Vilbert
Corp.), 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 o. 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 / 1974.
President Common Council
ATTEST:
ity Clerk
PRESENTED to the v,,layor of the City of Richmond, Indiana this /1/-1 ay of
1974.
City Clerk
APPROVED by me, Byron E. Klute, Mayor of the City of P.ichmond, Indiana.,
te
this day of 1974.
� f �
Mayor
ATTEST: _
City Clerk