HomeMy WebLinkAbout1985-OR-24COMMON COUNCIL ORDINANCE NO. 85-0R- %~ 0~' ~
A SPECIAL ORDINANCE authorizing the City of Jeffersonville to issue its
"Economic Development Mortgage Revenue Bond (Jeffersonville Public Warehouse,
Inc., Project), Series 1985" in the principal amount of Five Million Dollars
($5,000,000), 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 pro-
posed financing of economic development facilities for Jeffersonville Public
Warehouse, Inc., 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 May 17, 1985, adopted a Resolution on that date, which
Resolution has been transmitted hereto, finding that the financing of certain
economic development facilities of Jeffersonville Public Warehouse, Inc.,
complies with the purposes and provisions of lC 36-7-12 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 May 17, 1985, which Resolution has been transmitted hereto; NOW,
THEREFORE:
BE IT ORDAINED BY THE COMMON COUNCIL OF
THE CITY OF JEFFERSONVILLE:
It is hereby found that the financing of the economic develop-
referred to in the Loan Agreement, previously approved by the
to this Common
SECTION 1.
ment facilities
Jeffersonville Economic Development Commission and presented
Council, the issuance and sale of the mortgage revenue bonds, the loan of the
net proceeds thereof to Jeffersonville Public Warehouse, Inc., for the acquisi-
tion, construction and equipping of said facilities and the repayment of said
loan by Jeffersonville Public Warehouse, Inc., to be evidenced and secured by a
promissory note of Jeffersonville Public Warehouse, Inc., 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
lC 36-7-12.
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 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 Bond (Jeffersonville Public Warehouse, Inc., Project), Series
1985, in the principal amount of Five Million Dollars ($5,000,000) (the "Bond")
for the purpose of procuring funds to loan to Jeffersonville Public Warehouse,
Inc., 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 Bond will be payable as to principal, premium, if any, and interest solely
from the payments made by Jeffersonville Public Warehouse, Inc., on its pro-
missory note which will be executed and delivered by jeffersonville Public
Warehouse, Inc., 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 Bond 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 the Bond to the purchaser set forth in the Bond Purchase Agreement at a per
annum rate of interest on the Bond equal to 75% of the Prime Rate figured daily
and at a price of 100% of the principal amount thereof plus accrued interest, if
any.
SECTION 5. The Mayor and Clerk-Treasurer 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 Jeffersonville and
any other documents which may be necessary or desirable to consummate the tran-
saction, including the Bond authorized herein. The signatures of the Mayor and
Clerk-Treasurer on the Bond may be facsimile signatures. The Clerk-Treasurer is
authorized to arrange for the delivery of the Bond 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
Inden~t,~r~ securing the Bond shall constitute a contract binding between the City
of Jeffersonville and the holder of the City of Jeffersonville, Indiana,
Economic Development Mortgage Revenue Bond (Jeffersonville Public Warehouse,
Inc., Project), and after the issuance of said Bond, this Ordinance shall not be
repealed or amended in any respect that would adversely affect the rights of
such holder so long as the Bond 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.
ATTEST:
Presented by me~J~o the Mayor of the City of jeffersonville, Indiana, on the
Spencer
Clerk-Treasurer
Approved and signed by me on this
City of jeffersonville