HomeMy WebLinkAbout1984-OR-96COHMON COUNCIL ORDII~ANCE NO.
A SPECIAL ORDINANCE authorizing the City of Jeffersonville to ~ss~e
its "Economic Development Mortgage Revenue Bonds (Radiology Development
Association Project)" in the principal amount of Three }~u~dred S~xty
Thousand Dollars ($360,000.00), and approving and antborJzing other
actions in respect thereto.
WHEREAS, the Jeffersonville Economic Development Commission has
rendered a Report of the Jeffersonville Econo~ic Development Commission
concerning the proposed financing of economic development facilitfes for
Radiology Development Association, 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 November 5, 1984, adopted a Resolution on
tbat date, which Resolution has been transmitted hereto, finding that the
financing of certain economic development facilities of Radiology
Development Association, 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 November 5, 1984, which Resolution has
been transmitted hereto; NOW, THEREFORE:
BE IT ORDAINED BY THE COM}~ON COUNCIL OF
THE 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 Commission and
presented to this Common Council, the issuance and sale of the mortgage
revenue bonds, the loan of the net proceeds thereof to Radiology
Development Association, for the acquisition, construction and equipping
of said facilities and the repayment of said loan by Radiology
Development Association, to be evidenced and secured by a promissory note
of Radiology Development Association, 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 Econo,~o Development Commission
are hereby approved and all such documents shall be fncorporated herein
by reference and shall be inserted in the m~nutes 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 Bonds (Radiology Development Associst~on
Project) in the principal amount of Three Hundred Sixty Thousand Dollars
($360,000.00) (the "Bonds") for the purpose of procuring funds to loan to
Radiology Development Association, in orde~ 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 ~ncorporated herein by reference. The Bonds
will be payable as to principal, premium, if any, and interest solely
from the payments made by Radiology Development Association, on its
promissory note which will be executed and delivered by Radiology
Development Association, to evidence and secure said loan and from other
sources under the Loan Agreement, or as otherwise provided in the
above-described blortgage 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 the Bonds to the purchaser set forth in the Bond
Purchase Agreement at a rate of interest on the Bonds not to exceed 14k%
per annum 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 aod 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
herein. The signatures of the Mayor and Clerk-Treasurer on the Bonds may
be facsimile signatures. The Clerk-Treasurer is authorized to arrange
for the delivery of the Bonds 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 Indenture securing the Bonds shall constitute a contract binding
between the City of Jeffersonville and the holder of the City of
Jeffersonville, Indiana, Economic Development Mortgage Revenue Bonds
(Radiology Development Association, Project), and after the issuance of
said Bonds, this Ordinance shall not be repealed or amended in any
respect that would adversely affect the rights of such holder so long as
the 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 ]aw.
Presiding Officer
Presented by ~to the Mayor
Indiana, on the ~ day of November, 1984.
of the City of Jeffersonvi]le,
Approved and signed by me on this
day of November, 1984.
City of Jeffersonville