HomeMy Public PortalAbout2940-1974 - Issuance & Sale of Revenue Bonds - Tru-Cast, IncORDINANCE NO. 2940 - 1974
AN ORDIiNAiNCE 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
TRU-CAST, INC., AND OTHER MATTERS RELATING THERETO.
WHEREAS, the Richmond Development Commission adopted a resolution on
September 18 , 1974, approving the financing of certain industrial facilities to he leased
to Tru-Cast, Inc, and approving a proposed form of ordinance, Lease Agreement (here-
after referred to as "Lease"), IMortgage and Indenture of Trust (hereafter 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 Tru-Cast, Inc. , 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 Construction
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 (Tru-Cast, Inc.) 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 shall be payable as to principal,
premium, if any, and interest solely from the rentals, revenues and other income realized
under the Lease, or as otherwise provided in the above described Indenture.
SECTION 4. The Allayor and C1crk are authorized and directed to execute the docu-
rnents approved herein on behalf of the City of Richmond and any other document which may
ORDINANCE NO. 2940-1974
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 (Tru^Cast, Inc.), 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 s , 1974.
President of �ommn Council
ATTEST:
City Clerk
PRESFNTFD to the 1Vlavor of the Citv of Richmond. Indiana. this �� day of
1974.
Citp Clerk
APPROVED by me, Byron E. Klute, Mayor of the City of Richmond, Indiana, this
day of 1974.
Mayor
ATTEST: ;�"
City Clerk