HomeMy WebLinkAbout1981-OR-04C01~0N COUNCIL OP, DINA~CE NO. 81-OR- ~
A SPECIAL ORDINANCE authorizing the City of Jeffersonville to issue
its "Economic Development Mortgage Revenue Bonds (Thorpe & Osborn,
Project)" in the principal amount of Two Hundred Fifty Thousand Dollars
($250,000), and approving and authorizing other actions in respect
thereto.
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
Thorpe & Osborn, 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 22, 1980, adopted s Resolution on
that date, which Resolution has been transmitted hereto, finding that the
financing of certain economic development facilities of Thorpe & Osborn,
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
stability 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 Agreement, including the Note
attached thereto, the Mortgage and Trust Indenture and the Bond Purchase
Agreement by Resolution adopted December 22, 1980, which Resolution has
been transmitted hereto; NOW, THEREFORE:
BE IT ORDAINED BY THE C0h'MON COUNCIL OF
THE CITY OF JEFFERSO}~ILLE:
SECTION 1. It is hereby found that the financing of the economic
development facilities referred to in the Loan Agreement, previously
approved by the Jeffersonville 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 Thorpe & Osborn,
for the acquisition, construction and equipping of said facilities and
the repayment of said loan by Thorpe & Osborn, to be evidenced and
secured by a promissory note of Thorpe & Osborn, 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 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 Jeffersonville Economic Development Commission
Louisville) and at a price of
accrued interest, if any.
are hereby approved and all such documents shalI 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 (Thorpe & Osborn Project) in the
principal amount of Two Hundred Fifty Thousand Dollars ($250,000) (the
"Bonds") for the p~rpose of procuring funds to loan to Thorpe & Osborn,
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 Thorpe & 0shorn, on its
promissory note which will be executed and delivered by Thorpe & Osborn,
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 Jeffersonville.
SECTION 4. The Mayor and Clerk-Treasurer are authorized and
directed to sell such Bonds to the Purchasers set forth in the Bond
Purchase Agreement at a per annum rate equal to 70% of the Prime Lending
Rate (with any change in said interest rate resulting from a change in
the Prime Lending Rate to become effective as of and on the date of the
relevant change in such Prime Lending Rate of First National Bank of
100% of the principal amount thereof plus
SECTION 5. The Mayor and Clerk-Tr easurer are authorized and
directed to execute the Loan Agreement, the Mortgage and Trust Indenture
and the Bond Purchase Agreement approved herein on behalf of the City of
Jef fer sonville 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 s contract binding
between the City of Jeffersonville and the holder of the City of
Jef~er sonville, Indiana, Economic Development Mortgage Revenue Bonds
(Thorpe & Osborn, 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 ~emains unpaid.
SECTION 7. This Ordinance shall
and after compliance with the procedures required by law.
pricer
be in full force and effect from
ATTE S T:
C. RiChard Spencer, urer
Pr esented
Indiana, on the
by me to the Mayor of the City of Jeffersonville,
~v'~day of January, 1981.
C. R~c~hard Spencer,
Clerk-Tr easur er
Approved and signed by me on this
~ day of January, 1981.
R~c~rd L. ~issi~{g, May
City~rf Jef fer sonville