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HomeMy WebLinkAbout1980-OR-43coo c= . NO. 8O-f A SPECIAL ORDINANCE authorizing the City of Jeffersonville to issue its "Economic Development Mortgage Revenue Bonds (Donald D. Dennis 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 Donald D. Dennis 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 ~,F' 2, 1980, adopted a Resolution on that date, which Resolution has been previously transmitted hereto, finding that the financing of certain economic development facilities of Donald D. Dennis complies with the purposes and provisions of IC 18-6-4.5 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; ~nd WHEREAS, the Jeffersonville Economic Development Commission has approved the forms of the Loan Agreement, including the Note attached thereto, the Mortgage and Trust Indenture and the Bond Purchase Agreement by Resolution adopted ~f ~_~, 1980, which Resolution has been trans- mitted hereto; now therefore: BE IT ORDAINED BY THE COMMON 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 mortgage revenue bonds, the loan of the net proceeds thereof to Donald D. Dennis for the acquisition and construction of said facilities and the repayment of said loan by Donald D. Dennis to be evidenced and secured by a promissory note of Donald D. Dennis, 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 18-6-4.5. SECTION 2. The forms of the Loan Agreement, includ- ing 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 Bonds (Donald D. Dennis Project) in the aggregate principal amount of Five Hundred Thousand Dollars ($500,000.00) for the purpose of procuring funds to loan to Donald D. Dennis in order to pay the cost of acquisition, construction, 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 Donald D. Dennis on his promissory note which will be executed and delivered by Donald D. Dennis 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 9% 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 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, herein. The signatures of the Bonds may be facsimile including the Bonds authorized the Mayor and Clerk-Treasurer on 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 Mortgage and Trust Indenture securing the Bonds shall constitute a contract binding between the City of jeffersonville and the holders of the City of jeffersonville, Indiana Economic Development Mortgage Revenue Bonds (Donald D. Dennis Project), and after the issuance of said Bonds, this Ordinance shall not be repealed or amended ~n 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. ~~Oif~~ ~' g ficer ~ ATTEST: · /~ ~. Richard Spencer[fr., ~/ Clerk-Treasurer ~ Presented by me to the Mayor of the Cityof jeffersonville, Indiana, on this ~-- day of ~ ., 1980. -- - '/ r% ~. Richard Spence~ ~. ~ Approved and signed by me on this ~day of 1980.