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HomeMy WebLinkAbout1981-R-28RESOLUTION 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 Four Hundred Twelve Thousand Dollars ($412,000) for financing of certain economic development facilities to be undertaken by Maurice S. Smith, 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. 81-R-~, June / , 1981 WHEREAS, IC 18-6-4.5 ("Act") to issue acquisition, installation, facilities; the City of Jeffersonville, Indiana ("City"), is authorized by revenue bonds for the purpose of financing the and construction of economic development WHEREAS, the City has been advised that there is under consideration a proposal of Maurice S. Smith to build in Jeffersonville, Indiana, a plant for fabrication and splicing of hardwood veneer and related facilities ("Project") described in Exhibit A hereto; WHEREAS, Maurice S. Smith 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 Maurice S. Smith would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; Maurice S. Smith 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 Maurice $o Smith to proceed with the Project; and Maurice S. Smith 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 Maurice S. Smith and the Jeffersonville City Plan Commission 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, BE IT RESOLVED by the Common Council of the City of Jeffersonville, Indiana: Section 1. The Common Council finds and determines that the construction of a plant for fabrication and splicing of hardwood veneer and related facilities of M~urice S. Smith in Jeffersonville, Indiana, by the acquisition, installation, construction and equipping of the Project is -2- 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 Maurice S. Smith to construct a plant for fabrication and splicing of hardwood veneer 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 use of the net proceeds derived therefrom to finance the acquisition, instal- lation and construction of the Project, will enable M~urice S. Smith to construct the Project and thereby serve the public purposes referred to above in accordance with the Act. Section 3. In order to induce Maurice S. Smith to proceed with the acquisition, installation and construction 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 Hundred Twelve Thousand Dollars ($412,000), to finance the costs of the acquisition, installation, construction and equipping of the Project, including reimbursement or repayment to Maurice S. Smith of any moneys expended by Maurice S. Smith 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 and construct the Project and lease or sell the Project to Maurice S. Smith for specific rent or purchase price payments sufficient to pay -3- the principal of, premium, if any, and interest on such bonds, or to lend such net proceeds to Maurice S. Smith to enable him 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 Maurice S. Smith. Section 4. It is hereby recognized that the issuance and sale by the City under the Act for the purposes set forth herein to the City's obtaining such approvals as may be required of revenue bonds shall be subject 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. -4- Section 6. This Resolution shall be in full force and effect immediately upon compliance with the procedures required by law. ATTEST: C. R. Speyer, Jr~/~lerk Tre -5- this 1981. Presented by me to ~e Mayor of the City of Jeffersonville, Indiana, on / day of ~/~o~-,~-~- , 1981. C. ~ ~pence~ Jr. ~/ Approved and signed by me on this day of~~ R{'~fi~..d L. Vissing, Mayor City of JeffersonvilleYT~ndi~ -6- Exhibit A DESCRIPTION OF THE PROJECT Construction of a 23,000 square foot plant for the fabrication and splicing of hardwood veneer to be located in the Jeffersonville Industrial Park, -7-