HomeMy WebLinkAbout1981-OR-03g I -oR-
A SPECIAL ORDINANCE authorizing the City of Jeffersonville to issue
its "Economic Development Mortgage Revenue Bonds (Riverview Hotel, Inc.,
Project)" in the principal amount of Five Hundred Thousand Dollars
($500,000), and approving and authorizing other actions in respect
thereto.
~qqEREAS, the Jeffersonville Economic Development Commission has
rendered a Report of the Jeffersonvilte Economic Development Commission
concerning the proposed financing of economic development facilities for
Riverview Hotel, Inc., and the Jeffersonville City Plan Commission has
been given an opportunity to comment thereon;
WHEREAS, the Jeffersonville Economic Development Commission after a
public hearing conducted on December ~7-- , 1980, adopted a Resolution
on that date, which Resolution has been transmitted hereto, finding that
the financing of certain economic development facilities of Riverview
Hotel, Inc., complies with the purposes and provisions of IC 18-6-4.5 and
that such financing will be of benefit to the health, prosperity,
economic ~tability and general welfare of the City of Jeffersonville and
its citizens; and
WHEREAS, the Jeffersonville Economic Development Commission has
approved the final forms of the Loan Agreements including the Mote
attached thereto~ the Mortgage and Trust IndenLure and the Bond Purchase
Agreement by Resolution adopted December ~.-., 1980, which Resolution
has been transmitted hereto; NOW, THEREFORE:
BE IT ORDAINED BY THE COMI~0N 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, previously
approved by the Jeffersonvilte Economic Development Commission and
presented to this Common Council, the issuance and sale of the mortgage
revenue bonds, the loan of the net proceeds thereof to Riverview Hotel,
Inc., for the acquisition, construction and equipping of said facilities
and the repayment of said loan by Riverview Hotel, Inc., to be evidenced
and secured by a promissory note of Riverview Hotel, Inc., will be of
benefit to the health, prosperity, economic stability and general welfare
of the City of Jeffersonville and its citizehs and complies with the
purposes and provisions of IC 18-6-4.5.
SECTION 2. The forms of the Loan Agreement, including the Note
attached thereto, the Mortgage and Trust Indenture and the Bond Purchase
Agreement approved by the Jeffersonvilte Economic Development Co~nnission
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 Mortgage Revenue Bonds (Riverview Hotel, Inc., Project) in
the principal amount of Five Hundred Thousand Dollars ($500,000) (the
"Bonds") for the purpose of procuring funds to loan to Riverview Hotel,
Inc., in order to pay the cost of acquisition, construction and equipping
of the economic development facilities, as more particularly set out in
the Loan Agreement and Mortgage 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 Riverview Hotel, Inc.,
on its promissory note which will be executed and delivered by RivervieW
Hotel, Inc., to evidence and secure said loan and from other sources
under the Loan Agreement, or as otherwise provided in the above-described
Mortgage and Trust Indenture. The Bonds shall never constitute a general
obligation of, an indebtedness of, or a charge against the general credit
of the City of Jeffersonvitle.
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 rate of interest on the Bonds not to exceed nine
and one-half (9.5%) per annum and at a price of 100% of the principal
amount thereof plus accrued interest, if any.
SECTION 5. The Major and Clerk-Treasurer are authorized and
directed to execute the Loan Agreement, the Mortgage and Trust Indenture
end the Bond Purchase Agreement 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 Mortgage and Trust Indenture.
SECTION 6. The provisions of this Ordinance and the Mortgage and
Trust Indenture securing the Bonds shall constitute a contract binding
between the City of Jeffersonville and the holder of the City of
Jeffersonvtlle, Indiana, Economic Development Mortgage Revenue Bonds
(Riverview Hotel, Inc., 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.
SECTION 7. This Ordinance shall be in full force and effect from
and after compliance with the procedures required by law.
nOffice~
ATTEST:
C. Richard Spencer, ~-, Cler~-~Treasure
Presented by m__e to the
Indiana, on the~ day of
May~ of the
of / fe[sonvi e,
..., 198
C. Richard Spencer, I~r. ~-
Clerk-Tr easur er ~
198
/pp%oved and
signed by me on this
~ day of (~"";"'"
R~ha~d L. V~ssing, Mayor
City o~ef fer sonville