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Home My WebLink About1984-R-12RESOLUTION OF COMMON COUNCIL CITY OF JEFFERSONVILLE A PROPOSAL FOR A GENERAL RESOLUTION approving the findings of the jeffe~sonville Economic Development Commis- sion with respect to the issuance of revenue bonds in an amount not exceeding Four Million~Dollars {$4,000,000) for financing of certain economic development facilities to be undertaken by Merchants Grain Elevator Partners series II, a to be formed Missouri limited partnership, and autho- rizing and committing the City to proceed with such project, subject to final action by this Council with respect to the terms and conditions of such financing. GENERAL RESOLUTION NO. ~.~..-R /~-~, May 7, 1984 WHEREAS, the City of jeffersonville, Indiana ("City") is authorized by IC 36-7-12 ("Act") to issue revenue bonds for the purpose of financing the acquisition, installation, and construction of economic development facilities; WHEREAS, the City has been advised that there is under consideration a proposal of Merchants Grain Elevator Partners - Se[les II, a to be formed Missouri limited partnership ("Company'), to build in jeffersonville, Indiana a facility, including certain buildings, improvements, equipment and related facilities, to be used for the purposes of loading and unloading grain and grain-related products, fertilizer and other bulk and/or bagged commodities and for the storage thereof and other activities related or incidental to the foregoing ("Project"), as more particularly described on Exhibit A hereto; WHEREAS, the Company has proposed that the City issue its revenue bonds under the Act to finance the acquisition, installation and construction of the Project under a financing agreement whereby the proceeds of such bonds would be utilized to acquire, install and construct the Project and would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; has further advised the City that a determination by the City to accept such a proposal for financing the Project will constitute a substantial inducement to the Company to proceed with the Project; and the Company has agreed to pay the costs of the City whether or not such zevenue bonds are issued and the financing agreement consummated; WHEREAS, the jeffersonuille Economic Development Com- a Report of the jeffersonville Commission concerning the proposed mission has rendered Economic Development financing of economic development facilities for the Company and the jeffersonville City Plan Commission has been given an opportunity to comment thereon; -2- WHEREAS, the Jeffersonville Economic Development Commission has adopted a resolution giving its approval to such financing of the Project, on the basis that the Proj- ect will cause additional employment opportunities in Jeffersonville, Indiana, will be of public benefit to the health, prosperity, economic stability and general welfare complies with the of the City and its inhabitants and purposes and provisions of the Act; and WHEREAS, subject to the required approvals under the Act, it appears that the financing of the Project will be of public benefit to the health, prosperity, economic stability and general welfare of the City and its inhabitants: NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Jeffersonville, Indiana: Section 1. The Common Council finds and determines that the financing of the acquisition, installation, construction and equipping by the Company of the Project, which will be located in Jeffersonville, Indiana, is desirable to better and will be of benefit to the health, prosperity, economic stability and general welfare of the City and its inhabitants, and complies with the purposes and provisions of the Act, and that it is in the public interest that the City take such action as it lawfully may to encourage the Company to construct the Project. -3- Section 2. The Common Council further finds and deter- mines that the issuance and sale of revenue bonds of the City under the Act, and the use of the net proceeds derived therefrom to finance the acquisition, installation, construction and equipping of the Project, will enable the Company to construct the project and thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce the Company to proceed with the acquisition, installation, construction, and equipping of the Project, the Common Council hereby undertakes that: (i) It will authorize and issue one or more series of revenue bonds of the City pursuant to the Act, in an aggregate principal amount not exceeding Four Million Dollars ($4,000,000), to finance the costs of the acquisition, installation, construction and equipping of the Project, including reimbursement or repayment to the Company of any moneys expended by the Company for planning, engineering, interest during construction, underwriting and attorney and bond counsel feeS, and will enter into a financing agreement to use the net proceeds of such bonds to acquire, install, construct and equip the Project and lease or -4- sell the Project to the Company for specific rent or purchase price payments sufficient to pay the principal of, premium, if any, and interest on such bonds, or to lend such net proceedS to the Company to enable it to acquire, install, construct and equip the Project and repay the loan in installments sufficient to pay the principal of, premium, if any, and interest on such bonds; (ii) It will adopt such ordinanCes and resolu- tions and authorize the execution and delivery of such instruments and the taking of such actions as may be necessary or advisable for the authorization, issuance and sale of such bonds; and (iii) It will take or cause to be taken such other actions as may be required to implement the aforesaid or as it may deem appropriate in pursuance the[eof, provided that all of the foregoing shall be authorized by law and mutually acceptable to the City and the Company. Section 4. It is hereby recognized that the issuance and sale of revenue bonds by the City under the Act for the purposes set forth herein shall be subject to the City's obtaining such approvals as may be required under the Act. Section 5. To the extent permitted by the Act, such changes may be made in the Project as are deemed necessary -5- or desirable, or as may be required in light of then exist- ing regulations or technology, or both, provided that after such changes the Project will continue to constitute econom- ic development facilities within the meaning of the Act and any other applicable laws or regulationS- Section 6. This Resolution shall be in full force and effect immediately upon compliance with the procedures required by law. Presiding Officer ATTES,~-~ r~,~Cl _~T~eas ~. R. Spencer, J Presented by me to the Mayor of the City of Jefferson- ville, Indiana, on this 7th day of May, 1984. ~. ~. ~pencer, J~- ~ Clerk-Treasurer Approved and signed by me on this 7th day of May, 1984. Dale Orem, Mayor City of jeffersonville, Indiana -6- Exhibit A DESCRIPTION OF ~HE pROJECT The project will consist of a facility to be used for the purposes of loading and unloading grain and grain-related products, fertilizer and other bulk and/or bagged commodities and for the storage thereof and other activities related or incidental to the foregoing, including storage bins (for an approximate one and one-half million to two million bushel storage capacity), grain conveying equipment, dumping pitS. '1 and truck), a hydraulic truck ~umper, a grax~ e ,for both ral . ~ -- +~ck scaleS, rail scale~, ------it~ of approxlmatexx ~"¥ ~-- than grain ~P~--~ of bulk commodities o~=~,~eside ground storage city of approx~ma~=~= --' various other conveying equip- facilities a crane unloader, · ncl~ding belts, site and road work, and other improve- ment, I ....... i~ment, devices and the like which.are mentS, bullu~ngs, =~ necessarY or convenient in connection with the acquisition, installation or operation of the foregoing or construction, thereto. are functionally related