HomeMy WebLinkAbout1985-OR-50ORDIN CE NO.
AN ORDINANCE AUTHORIZING THE AMENDMENT OF "CITY OF
JEFFERSONVILLE, INDIANA ECONOMIC DEVELOPMENT REVENUE BONDS,
SERIES 1981 (HAP'S AERIAL ENTERPRISES, INC. PROJECT) AND
AUTHORIZING OTHER ACTIONS IN RESPECT THERETO.
WHEREAS, the City of Jeffersonville, Indiana (the "City"),
is a municipal corporation and political subdivision of the
State of Indian~ and by virtue of Indiana Code Section
36-7-12-1 et seq. as amended (the "Act"), is authorized and
empowered to adopt this Ordinance (the -Ordinance") and carry
out its provisions; and
WHEREAS, the City has authorized and issued notes
designated "City of Jeffersonville Economic Development Revenue
Notes, Series 1981 (Hap's Aerial Enterprises, Inc. Project)" in
the total principal amount of $1,000,000 (the "City Notes"); and
WHEREAS, it has been requested that the City adopt an
amendatory ordinance authorizing a change in the repayment
schedule on the City N~tes and the acceptance of a Note
Guaranty Agreement from William E< Happel.
WHEREAS, the Jeffersonville Economic Development commission
has performed all actions required of it by the Act preliminary
to the adoption of this Ordinance and has approved and
forwarded to this Common Council the forms of. (1) a First
Amendment of Note Documente, dated as of September ~', 1985,
among the City, Hap's Aerial Enterprises, Inc., Commerce
America Banking Company, as trustee, S~ott County State Bank,
United Bank of Indiana, N.A. and Commerce America Banking
ComPanY (the #First Amendment#); (2) a Note Guaranty Agreement
dated as of September 1, 1985 from William E. Happel to
Commerce America Banking Company, as trustee (the ~Note
Guaranty"); and'(3) this Ordinance.
NOW, THEREFORE, be it ordained by the Common Council of the
City of Jeffersonville, Indiana that:
~ection 1. ~uthorization of Amendment. The Common Council
hereby approves the amendment of repayment schedule for the
City Notes, as provided in the First Amendment, and the
acceptance of the Note Guaranty.
~ection ~. ~mendments. In order to provide for the
amendments described in Section i hereof, the Common Council
hereby approves the fo~m and terms of the First Amendment and
directs the Mayor and Clerk to execute and/or endorse and
deliver the First Amendment for and on behalf of the City.
~. General. The Mayor and the Clerk be, and they
are hereby authorized and directed, in the name and on behalf
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of the City,
and instruments,
either of ~hem,
to execute any and all other agreements, documents
perform any and all things, deem~ by them, or
to be necessary or desirable in order to carry
out and comply with the
Ordinance (including the
mentioned herein).
Section
Ordinance shall
preambles
intent, conditions and purposes of this
hereto'and the documents
4. Binding Effect.
constitute a binding
The provisions of this
contract between the City
'and after its
jeffersonville,
Passed
1985.
and the registered owners of the City Notes, and this Ordinance
shall not be repealed or amended in any respect which woUld ad-
versely effect the rights of the holders of the City Notes as
long as the City Notes or interest thereon remains unpaid.
This Ordinance shall be in full force and effect from
passage by the Common Council of the City of
and its approval as required by law.
this_~__~day, of ~- '
ATTEST
CLERK-TREAS
Presented by me as Clerk-Treasurer to {he Mayor of said
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City of Jeffersonville,
1985.
this~day of
Approved and signed by me this
, 1985.
C. RICHARD SPENCer, JR.~
CLERK_TREASURER u
YOR DALE L. ORE~
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