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HomeMy WebLinkAbout1981-OR-50 ORDINANCE AUTHORIZING THE CITY OF JEFFERSONVILLE TO ISSUE ITS "CITY OF JEFFERSONVILLE ECONOMIC DEVELOFMENT REVENUE NOTES, SERIES ~-gS1 (HAP'S AERIAL ENTERPRISES, INC. PROJECT)" AND APPROVING OTHEH ACTIONS IN RESPECT THERETO WHEREAS, the jeffersonvilie Economic Development Commission (the ,,Commission") has rendered its project report regarding the financing of proposed economic development facilities for Hap's Aerial Enterprises, Inc., an Indiana corporation (the "Company"), and the Executive Director of the Area Plan Commis- sion has commented favorably thereon; and WHEREAS, the Commission coq~ucted a public hearing and adopted a resolution on October 19, 1981, which resolution has been transmitted hereto~ finding that the financing of certain economic development facilities for the Company complies with the purposes and provisions of IND. CODE ~ 36-7-12-1 et seq., and that such financing will be of benefit to the health and welfare of the city of jeffersonville and its citizens; and P~EREAS, the Commission has heretofore approved and recom- mended the adoption of this form of ordinance by this Common Council and has approved the forms of and has transmitted for approval by this Common Council the Note purchase and Loan Agreement, the City of jeffersonville Economic Development Revenue Notes, the Promissory Note of the Company~ the Mortgage and Trust Indenture, the Security Agreement, and the collateral Assignment of Leases and RentS; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON ~OUNCIL OF THE CITY OF JEFFERSONVILLE, INDIANA, THAT: Section 1. It is hereby found that the financing of the economic development facilities referred to in the Note Pur- chase and Loan Agreement approved by the commission and pre- sented to this Common Council, the issuance and sale of the City of jeffersonville Economic Development Revenue Notes, Series 1981 (Hap's Aerial Enterprises, Inc. Project) (the "Revenue Notes"), the loan of the proceeds of the Revenue Notes to the Company for the acquisition, construction, equipping of such facilities, the payment of the Revenue Notes by the payments of the Company under the Note purchase and Loan Agreement and the Promissory Note of the Company, and the securing of the Revenue Notes by the granting of 'a.first mortgage and security interest on such facilities and equipment complies with the purposes and provisions of IND. CODE §S 36-7-12-1 et seq., and will be of benefit to the health and welfare of the city of jeffersonville and its citizens. Section 2. The final forms of the Note purchase and Loan Agreement, Promissory Note ~f the Company, Mortgage and Trust -2- Indenture, Security Agreement, collateral Assignment of Leases and Rents, and the Revenue Notes approved by the Commission are hereby approved and all such documents (hereinafter referred to collectively as the "Financing Agreement" referred to in IND. CODE ~ 36-7-12-1 et seq.), shall be inserted in the minutes of this Common Council and kept on file by the Clerk-Treasurer. Section 3. The City of Jeffe~sonville shall issue the Revenue Notes in the total principal amount of One Million Dollars ($1,000,000.00) for the purpose of procuring funds to pay the costs of acquiring, constructing and equipping the economic development facilities as more particularly described in the Note Purchase and Loan Agreement incorporated herein by reference, which Revenue Notes will be payable as to principal~ premium, if any, and interest solely from the payments made by the Company under the Note Purchase and Loan Agreement and the Promissory Note of the Company and as otherwise' provided in the Financing Agreement. The~Revenue Notes shall never constitute general obligations of, or cha~ges against, the general credit of the City of Jeffersonville. Section 4. The Mayor and Clerk-Treasurer are authorized and directed to sell the Revenue Notes to the purchasers thereof at a price not less than one hundred percent (100%) of the principal amount thereof and at the stated rate of interest equal to eleven percent (11~) per annum. The Revenue Notes -3- shall bear interest on overdue installments a Determination of Taxability, at a exceed eighteen percent (18%). The Taxability" shall have the same meaning the Financing Agreement. and in the event of as assigned to rate per annum not to term "Determination of it in Section 5. The MaYor and Clerk-Treasurer are authorized and directed to execute either manually or by facsimile signa- tures the documents constituting the Financing Agreement approved herein, and their execution is hereby conflrmedv on behalf of the City of Jeffersonville and any other document which may be necessary or desirable to consummate the transac- tions contemplated thereby. The Mayor and Clerk-Treasurer are authorized to arrange for the delivery of the Revenue Notes to the purchasers 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 Financing Agreement securing the Revenue Notes shall constitute a contract binding between the City of Jeffersonville and the holders of the Revenue Notes and after the issuance of the Revenue Notes~ this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of the holders of the Revenue Notes so long as the Revenue Notes or the interest thereon remain unpaid. -4- Section 7. The Revenue Notes shall: (i) be dated October 15, 1981, (ii) be issued in $1,000.00 denominations or integral multiples thereof, (iii) mature on April 15~ 1996~ (iv) mature serially as provided in the Financing Agreement~ (v) be issu- able to a named payee or bearer~ (vi) not be subject to regis- tration~ (vii) be payable at such places and through such medium as provided therein and (viii) be subject to option and maturity redemption as provided i~ the Financing Agreement. Section 8. Ail ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 9. This ordinance shall be in full force and effect from and after its passage and signing by the Mayor. Atte~t~ / ~ ~ ~ sp~cer, J~/~. Clerk-Treasure PRESENTED by met the Undersigned Clerk-Treasurer of the city of jeffersonville, Indiana~ ~o the Mayor of said city this 3 q day of ~. , 1981, at ~;~o'clock _~..M. for his consideration and action thereon. C.R. Spenc~, jr., ~l~rk-Treasure -5- HAVING EXAMINED the foregoing Ordinance, I do now, as Mayor of the city of Jeffersonville~ Indiana~ approve said ordinance and return the same to the Clerk-Treasurer of said city this _/_~ day of ~_ _ . , 198t, at ~:~o~clock,~_.~M- -6-