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Home My WebLink About1985-OR-23COMMON COUNCIL ORDINANCE NO. A SPECIAL ORDINANCE authorizing the City of Jefferson- ville to issue its "Economic Development Revenue Bonds (~Uber Tire Company Project)" in the principal amount of Three ~undred Thirty-Five Thousand Dollars ($335,000), and approving and autho- rizing other actions in respect thereto. W~EREAS~, t~e jeffersonviile Economic Development Commis- sion has rendered a Report of the jeffersonville Economic Develop- ment Commission concerning the proposed financing of economic development facilities for ~uber Tire Company, and the jefferson- ville City Plan Commission has been given an opportunity to comment thereon; ~ WHEREAS, the jeffersonville Economic Development Commis- sion after a public hearing conducted on May 17, 1985, adopted a Resolution on that date, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Huber Tire Company, complies with the purposes and provisions of IC 36-7-12 and that.such f~ngncing.will ~e_°f ~nefit to the health, prosperity, economic stability an~ genema£ we£rare of the City of jeffersonville and its citizens; and WHEREAS, the jeffersonville Economic Development Commis- sion has approved the final forms of the Loan Agreement, including the Note attached thereto, the Mortgage and Security Agreement, the Trust Indenture and the Contract of'Purchase of Bond by Resolution adopted May 17, 1985, which'.Resolution has been trans- mitted hereto; 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 L~an Agreement, previously approved by the jeffersonville Economic Development Commission and presented to this Common Council, the issuance and sale of the revenue bonds, the loan of the net proceeds thereof to Huber Tire Company, for the acquisition, · n construct~o and equipping of said facilities and the repayment of said note by ~uber Tire Company, to be evidenced and secured by a promissory note of Huber Tire Company, will be of benefit to the health, prosperity, economic stability and general welfare of the City of jeffersonville 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 Mortgage and Security Agreement,. the Trust indenture and the Contract of Purchase of Bond approved by the jeffersonville Economic Development Commission 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 of jeffersonville shall issue its Economic Development Revenue Bonds (Huber Tire Company Project) in the principal amount of Three Hundred Thirty-Five Thousand Dollars ($335,000) (the "Bonds") for the purpose of procuring funds to loan to Huber Tire Company, in order to pay the cost · . · ' and e uipping of ~he economic develop- ~F acouzsltlon, construction.. ~ ~,- -~ ~,~t in the Loan Agreement, -- - - · · ' more ar~lcU£a~ ~=~ ~' ment facilities, as .. P ....... ~ =nd the Trust indenture the Mortgage and Security agr~=~=''~ - incorporated herein by reference. The Bonds will be payable as to principal, premium, if any, and interest solely from the payments made by Huber Tire Company, on its promissory note which will be executed and delivered by Huber Tire Company, to~ · , ' loan and from other sources under ~he evidence and secure said . --=ded in the above-described can A reement, or as otherwlS? ~¥~ ~rust Indenture- The ~ort a~e and Security ~e~me~=_~,~o~li~ation of, an indebted- Bonds shall never cons -=-=~ ~o ,eneral credit of the City ness of, or a cRarge agu~n-u ~..~ : of jeffersonville. SECTION 4. The Mayor and Clerk-Treasurer are authorized and directed to sell the Bonds to the purchaser set forth in the Contract of Purchase of Bond at a rate of interest on the Bonds of 72% of the Prime Rate of First National Bank of Louisville and at a price of 100% of the principal amount thereof plus accrued interest, if any. "~ SECTION 5. The Mayor and Clerk-Treasurer are authorized and directed to execute the Loan Agreement, the Trust Indenture _ and the Contract. of Purchase of Bond approved herein on behalf of the City of jeffersonville 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 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· · he rovisions of this O~dinance and th~ SECTION 6 .T ~ .... ~= ~all constitute a contract Trust Indenture secus}~g ~=~s ville and the holder o= binding betweeg_the u~= ~{ana. EconomiC Development Revenue the City of je~ersonvl£~u, ...... Bonds (Huber Tire Company Project), 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 remains unpaid· -2- SECTION 7. This Ordinance shall be and effect from and after compliance with the by law. in full force procedures required ATTEST: A C. ~i'c~ard Spen~r, Jr~ Clerk-Treasurer-- Presented me to the MayorAof the City of jeffersonville, Indiana, on the ~ day of ~/~/~/ , 1985. 1985. Approved and signed by me on this /~. day of /~..~/, Dale L. Orem, Mayor city of jeffersonvitle -3-