HomeMy WebLinkAbout1979-OR-41COMMON COUNCIL ORDINANCE NO. 79-~/
A SPECIAL ORDINANCE authorizing the City of Jeffersonville
to issue its "Economic Development Mortgage Revenue Bonds (Fifer,
Vogt & Lanum Investments Project)" in the principal amount of Five
Hundred Thousand Dollars ($500, 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 Filer, Vogt & Lanum Investments and the Jeffersonville
City Plan Commission has been given an opportunity to comment thereon;
and
WHEREAS, the Jeffersonville Economic Development Commission
after a public hearing conducted on December 3 , 1979, adopted a
Resolution on that date, which Resolution has been previously transmitted
hereto, finding that the financing of certain economic development facilities
of Fifer, Vogt & Lanum Investments complies with the purposes and
provisions of IC I8-6-4.5 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 ~.~ , 1979, which Resolution
has been transmitted hereto; now therefore:
BE IT ORDAENED BY THE COMMON COUNCIL OF
TI-IL 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 Jeffersonville Economic Development Com-
mission and presented to this Common Council, the issuance and sale of
mortgage revenue bonds, the loan of the net proceeds thereof to Filer,
Vogt & Lanum Investments for the acquisition and construction of said
facilities and the repayment of said loan by Filer, Vogt & L~num Invest-
ments to be evidenced and secured by a promissory note of Fifer, Vogt &
Barium Investments, 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 are hereby approved and all such documents shall be incor~
porated 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 [ts
Economic Development Mortgage Revenue Bonds (Filer, Vogt & Lanum
Investments Project) in the total principal amount of Five Hundred Thousand
-2-
Dollars ($500,000) for the purpose of procuring funds to loan to Fifer,
Vog~ & Lanum Investments in order to pay the cost of acquisition, construc-
tion, installation 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, which Bonds will be
payable as to principal, premium, if any, and interest solely from the
payments made by Fifer, Vogt & Lanum Investments on its promissory
note which will be executed and delivered by Fifer, Vogt & Lanum Invest-
ments 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 rate of interest on the Bonds not to exceed
8.5% per annum and at a price of 100% of the principal amount thereof
plus accrued interest.
SECTION 5. The tVIayor and Clerk-Treasurer are authorized
and directed to execute the Loan Agreement, the 1V~ortgage and Trust
Indenture and 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
-3-
herein. The signatures o£ the Mayor and Clerk-Treasurer on the Bonds
may be facsimile signatures. The Clerk-Treasurer is authorized to
arrange for the delivery of such Bonds 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
~VIortgage and Trust Indenture securing the Bonds shall constitute a con-
tract binding between the City of Jeffersonville and the holders of the City
of Jeffersonville Economic Development Mortgage Revenue Bonds (Filer,
Vogt & Lanum Investments Project), and after the issuance of said Bonds,
this Ordinance shall not be repealed or amended in any respect which
would adversely affect the rights of such holders so long as any of said
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.
-4-
Passed this 3rd day of December, 1979.
Attest:
CLERKrTREASURER ~ -.~-- ·
Presented by me as ~erk-Treasurer to the Mayer of said City
of Jeffersonville this 3rd day of Decemb~;~ 1979. // z~
Approved and signed by me this d~_~ December, I ~'0