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HomeMy WebLinkAbout1984-R-35RESOLUTION OF COMMON COUNCIL CITY OF JEFFERSONVILLE A PROPOSAL FOR A GENERAL RESOLUTION approving the finding of the Jeffersonville Economic Development Commission with respect to the issuance of revenue bonds in an amount not exceeding Five Hundred Thousand Dollars ($500,000) for financing of certain economic development facilities to be undertaken by Radiology Development Associates, and authorizing 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. 84-R-~" , September /f , 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 Radiology Development Associates to build in Jeffersonville, Indiana, business offices and x-ray operation and related facilities ("Project") described in Exhibit A hereto; WHEREAS, Radiology Development Associates 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 Radiology Development Associates would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; Radiology Development Associates 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 Radiology Development Associates to proceed with the Project; and Radiology Development Associates has agreed to pay the costs of~the City whether or not such revenue bonds are issued and the financing agreement consummated; WHEREAS, the Jeffersonville Economic Development Commission has rendered a report of the Jeffersonville Economic Development Commission concerning the proposed financing of economic development facilities for Radiology Development Associates and the Jeffersonville City Plan Com~ssion has been given an opportunity to comment thereon; WHEREAS, the Jeffersonville Economic Development Commission has adopted a resolution giving its approval to such financing of the Project, on the basis that the Project will cause additional employment opportunities in Jeffersonville, Indiana, and will be of public benefit to the health, prosperity, economic stability and general welfare of the City and its inhabitants; 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, Jeffersonville, Indiana: Section 1. BE IT RESOLVED by the Common Council of the City of The Common Council finds and determines that the construction of business offices and x-ray operation and related facilities of Radiology Development Associates in Jeffersonville, Indiana, by the acquisition, installation, construction and equipping of the Project is desirable to better the health, prosperity, economic stability and general welfare of the City and its inhabitants, and that it is in the public interest that the City take such action as it lawfully may to encourage Radiology Development Associates to construct business offices and x-ray operation and related facilities- Section 2. The Common Council further finds and determines that the issuance and sale of revenue bonds of the City under the Act, and the uss of the net proceeds derived therefrom to lation and construction of the Project, Associates to construct the Project and finance the acquisition, instal- will enable Radiology Development thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce Radiology Development Associates to proceed with the acquisition, installation and construction of the Project, the Common Council hereby undertakes that: (i) It will authorise and issue one or more series of revenue bonds of the City pursuant to the Act, in an aggregate principal amount not exceeding Five Hundred Thousand Dollars ($500,000), to finance the costs of the acquisition, installation, construction and equipping of the Project, including reimbursement or repayment to Radiology Development Associates of any moneys expended by Radiology Development Associates for planning, engineering, construction, underwriting and attorney and bond and will enter into a financing agreement to proceeds of such bonds to acquire, install and interest during counsel fees, use the net construct the Project and lease or sell the Project to Radiology Development Associates 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 Radiology Development Associates to enable it to acquire, install and construct 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 resolutions 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 thereof, provided that all of the foregoing shall be authorized by law and mutually acceptable to the City and Radiology Development Associates. 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 or desirable, or as may be required in light of then existing regulations or technology, or both, provided that after such changes the Project will continue to constitute economic 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. ATTEST: ~. R7 S~enc~r, Jr., ~rk~Pr~asurer Dale Orem, Mayor Presented by me to the Mayor of the City of Jeffersonville, Indiana, on this ~ day of September, 1984. Approved and signed by me on this 1984. Dale Orem, Mafor City of Jeffersonville, Indiana Exhibit A DESCRIPTION OF THE PROJECT Purchase of real estate located on Sparks Avenue in Jeffersonville, Indiana; the construction of a business office and x-ray unit to provide x-ray services to nursing homes and healthcare facilities that do not now have x-ray facilities; and all related services.