Loading...
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