HomeMy WebLinkAbout1992-OR-57
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ORDINANCE NO. q 1- L9 K f..?
AN ORDINANCE AUTHORIZING THE SECOND AMENDMENT OF "CITY
OF JEFFERSONVll..LE, INDIANA, ECONOMIC DEVELOPMENT REVENUE NOTES,
SERIES 1981 (HAP'S AERIAL ENTERPRISES, INC. PROJECT)" AND
AUTHORIZING OTHER ACTIONS IN RESPECT THERETO.
WHEREAS, the City of Jeffersonville, Indiana (the "City"), is a municipal
corporation and political subdivision of the state of Indiana and by virtue of Indiana Code
Section 36-7-12-1 et seq. as amended (the "Act"), is authorized and empowered to adopt
this Ordinance (the "Ordinance") and carry out its provisions; and
WHEREAS, the City has authorized and issued notes designated "City of
Jeffersonville Economic Development Revenue Notes, Series 1981 (Hap's Aerial
Enterprises, Inc. Project)" in the total principal amount of $1,000,000, as amended by the
First Amendment to Note Documents dated as of September 1,1985 (as so amended, the
"City Notes"); and
WHEREAS, it has been requested that the City adopt an amendatory ordinance
authorizing a change in the repayment schedule on the City Notes; and
WHEREAS, the Jeffersonville Economic Development Commission has performed
,
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all actions required of it by the Act preliminary to the adoption of this Ordinance and has
approved and forwarded to this Common Council the forms of (1) a Second Amendment
of Note Documents, dated as of September 1, 1992, among the City, Hap's Aerial
Enterprises, Inc., INB National Bank, as trustee, and INB National Bank as holder of the
City Notes (the "Second Amendment"); and (2) this Ordinance.
NOW, THEREFORE, be it ordained by the Common Council of the City of
Jeffersonville, Indiana, that:
Section 1. Authorization of Amendment. The Common Council hereby approves
the amendment of repayment schedule for the City Notes, as approved in the Second
Amendment.
Section 2. Amendments. In order to provide for the amendments described in
Section 1 hereof, the Common Council hereby approves the form and terms of the Second
Amendment and directs the Mayor and Clerk to execute and/or endorse and deliver the
Second Amendment for and on behalf of the City substantially in the form presented to
this meeting, with such changes to the form thereof as the Mayor and Clerk approve.
Section 3. General. The Mayor and the Clerk be, and they are hereby authorized
and directed, in the name and on behalf of the City, to execute any and all other
agreements, documents and instruments, perform any and all things deemed by them, or
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either of them, to be necessary or desirable in order to carry out and comply with the
intent, conditions and purposes of this Ordinance (including the preambles hereto and the
documents mentioned herein).
Section 4. Binding Effect. The provisions of this Ordinance shall constitute a
binding contract between the City and the registered owners of the City Notes, and this
Ordinance shall not be repealed or amended in any respect which would adversely effect
the rights of the holders of the City Notes as long as the City Notes or interest thereon
remains unpaid.
This Ordinance shall be in full force and effect from and after its passage by the
Common Council of the City of Jeffersonville, and its approval as required by law.
Passed this
-5 day of
t!J~
,1992.
ATTEST:
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Presented by me as Clerk-Treasurer to the Mayor of said City of Jeffersonville, this
~ day of
t)~..:-t-.
1992.
Approved and signed by me this
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CLERK-TREASURE
1i::
j ~ day of
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MA 0
,1992.