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HomeMy WebLinkAbout1990-OR-12L:BONDS:J:Jeffersonville 031590:8:WHH Ordinance PW COMMON COUNCIL ORDINANCE NO. 90-OR- /2 A SPECIAL ORDINANCE authorizing the City of Jeffersonville (the "city") to issue its "Economic Development Mortgage Revenue Refunding Bonds (Jeffersonville P~blic Warehouse, Inc., Project), Series 1990" in the principal amount of Four Million Three Hundred Seventy Thousand Dollars ($4,370,000), and approving and authorizing other actions in respect thereto. WHEREAS, the Jeffersonville Economic Development Commission has heretofore rendered a Report of the Jeffersonville Economic Development Commission concerning the financing of economic development facilities for Jeffersonville Public Warehouse, Inc. (the "Company"); and WHEREAS, the Jeffersonville Economic Development Commission after a public hearing conducted on May 17, 1985, adopted a Resolution on that date, finding that the financing of certain economic development facilities of the Company, complied with the purposes and provisions of IC 36-7-12 (the "Act") and that such financing would be of benefit to the health, prosperity, economic stability and general welfare of the City of Jeffersonville and its citizens, which Resolution thereafter resulted in the issuance of the City of Jeffersonville Economic Development Mortgage Revenue Bond (Jeffersonvill~ Public Warehouse, Inc. Project), Series 1985, in the original principal amount of $5,000,000 (hereinafter the #Prior Bonds"); and WHEREAS, in order to further the purposes of the Act, the City has agreed to assist the Company in financing a refunding of the outstanding Prior Bonds by issuing and selling its city of Jeffersonville, Indiana, Economic Development Mortgage ReFenue Refunding Bonds (Jeffersonville Public Warehouse, Inc. Project), Series 1990, dated as of its date of delivery or such other appropriate date, in the aggregate principal amount of $4,370,000 (the "Bonds"), in accordance with the provisions of the Act, and to use or cause to be used the proceeds from the sale of the Bonds for the purpose of refunding the Prior Bonds; NOW, THEREFORE: BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF JEFFERSONVILLE SECTION 1. It is hereby found that the financing of the economic development facilities referred to in the Loan Agreement presented to this Common Council, the issuance and sale of the L:BONDS:J:Jeffersonville PW 031590:8:WHH Ordinance Bonds, the loan of the net proceeds thereof to the Company for the refunding of the Prior Bonds, to be evidenced and secured by a promissory note of the Company, will be of benefit to the health, prosperity, economic stability and general welfare of the City and its citizens and complies with the purposes and provisions of IC 36-7-12. SECTION 2. The forms of the Loan Agreement, including the Note attached thereto, the Trust Indenture, the Bond Purchase Agreement and the Official Statement in substantially the form attached hereto in Exhibits #A" through "D" are hereby approved and all 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 of the Council. SECTION 3. The City shall issue its Economic Development Mortgage Revenue Refunding Bonds (Jeffersonville Public Warehouse, Inc., Project), Series 1990, in the aggregate principal amount of Four Million Three Hundred Seventy Thousand Dollars ($4,370,000) (the "Bonds") for the purpose of providing funds to refund and redeem, prior to maturity, the Prior Bonds, as more particularly set.out in the Loan Agreement and Trust Indenture incorporated herein by reference. The Bonds will be payable as to principal, premium, if any, and interest solely from the payments made by the Company, on its promissory note which will be executed and delivered by the Company, to evidence and secure said loan and from other sources under the Loan Agreement, or as otherwise provided in the above-described Trust Indenture. The Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City. SECTION 4. The Mayor and Clerk-Treasurer are authorized and directed to sell the Bonds to the purchaser set forth in the Bond Purchase Agreement at a per annum rate of interest on the Bonds as specified in the Bond Purchase Agreement, which interest rates, payment terms, redemption provisions and maturity dates shall be negotiated by the Company with the purchaser of the Bonds and approved by concurrent Order of the Common Council; provided, however, in no event shall the rate of interest exceed eighteen percent (18%) per annum. SECTION 5. The Mayor and Clerk-Treasurer are authorized and directed to execute the Loan Agreement, the Trust Indenture and the Bond Purchase Agreement approved herein on behalf of the City and any other documents which may be necessary or desirable to consummate the transaction, including the Bonds authorized herein. The signatures of the Mayor and Clerk-Treasurer on the Bonds may be manual or facsimile signatures. The Clerk-Treasurer is authorized to arrange for the delivery of the Bonds to the purchaser thereof, payment for which will be made to the Trustee named in the Trust Indenture. The Mayor and the Clerk-Treasurer -2- L:BONDS:J:Jeffersonville PW 031590:8:WHH Ordinance may, by their execution of the documents and the Bonds, by manual or facsimile signatures approve changes therein without further approval of this Council if such changes do not affect the terms approved herein pursuant to IC 36-7-12(a)(1)-(1) (10), which terms as set forth in the Indenture are hereby adopted, approved, and incorporated herein by reference. SECTION 6. The provisions of this Ordinance and the Trust Indenture securing the Bonds shall constitute a contract binding between the City and the holder of the Bonds, and after the issuance of said Bonds, this Ordinance shall not be repealed or amended in any respect that would adversely affect the rights of such holder so long as the Bonds or the interest thereon remain unpaid. SECTION 7. This Ordinance shall be in full force and effect from and after compliance wi~edures required by law. ~Teslalng/ Of icer ATTEST: Presented by me to the~ Mayor of t~e City of Jeffersonville, Indiana, on the ~ day of ~~_~, 1990. C. ~lchard Spen~r, Jr.~/ Clerk-Treasurerf r Approved and signed by me on this / ~ day of ~, 1990. r ~ city' of Jeffersonville -3-