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HomeMy WebLinkAboutD-2001 Econ Dev Bond $920KOrd. No. D2001 AN ORDINANCE authorizing the City of Carmel, Indiana,, to issue its Economic Development Mortgage Revenue Refunding Bond, Series 1994 (Carmel Drive Office Building, L.P. Project) in an aggregate principal amount of $920,000 and approving and authorizing other actions in respect thereto. WHEREAS: The Carmel Economic Development Commission, after a hearing conducted on August 1, 1994, adopted a Resolution on that date, which Resolution has been previously transmitted hereto, finding that the refunding by the City of its outstanding 1985 Economic Development Mortgage Revenue Refunding Bond (Carmel Drive Office Building, a Limited Partnership, Project) through the issuance of City of Carmel Economic Development Mortgage Revenue Refunding Bond, Series 1994 (Carmel Drive Office Building, L.P. Project) (the "1994 Bond") complies with the' purposes and provisions of Indiana Code 5-1-5, Indiana code 36-7- 12 and Indiana Code 36-7-11.9 (collectively, the "Act") and that such financing will be of benefit to the health and general welfare of the City of Carmel, Indiana (the "Issuer") and its citizens; and WHEREAS: the Commission has approved the final form of the Second Supplemental Indenture of Trust among the City, Carmel Drive Office Building, L.P.,andNBD Bank, N.A., as trustee, the Second Amendment to Loan Agreement between the City and Carmel Drive Office Building, L.P., the 1994 Refunding Bond Purchase Agreement and the form of the Bond (hereinafter referred to collectively as the "Financing Documents") by Resolution duly adopted, which Resolution has been transmitted hereto and has also recommended to this Council that it adopt an ordinance providing for the issuance of the 1994 Bond; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL~ INDIANA, AS FOLLOWS: Section I. It is hereby found that the financing referred. to in the Financing Documents consisting of the issuance of the 1994 Bond to refund and refinance the City's 1985 Bonds, as previously approved by the Commission and now presented to this City Council, will be of benefit to the health and general welfare of the Issuer and its citizens and does comply with the purposes and provisions of the Act. Section II. The forms of the Financing Documents approved .by the Commission are hereby approved and all such documents shall be inserted in the minutes of the City Council and kept on file by the Clerk-Treasurer. Two (2) copies of the Financing Documents are on file in the office of the Clerk-Treasurer for public inspection. Section III. The Issuer shall issue its Bonds in an aggregate principal amount not to exceed $920,000 for the purpose of refinancing outstanding principal amount of the 1985 Bonds. The Bonds will be payable as to principal and interest solely from the payments made by the Company on its Promissory Note in the principal amount equal to the aggregate principal amount of the Bonds issued, which Promissory Note will be executed and delivered by the Company to evidence and secure said loan and as otherwise provided in the above described Financing Documents. The Bonds shall never constitute a general obligation of, an indebtedness of, or charge against the general credit of the Issuer and shall not be payable from funds raised by taxation. Section IV The Mayor and Clerk-Treasurer are authorized and directed to sell such Bonds to the Bond Purchaser designated in the 1994 Bond Purchase Agreement at a price equal to the aggregate principal amount thereof and at a per annum rate of interest that shall be a variable rate of interest determined as set forth in the Second Supplemental Indenture and in the Bond. Section V The Mayor and Clerk-Treasurer are authorized and directed to execute those Financing Documents approved herein which require the signature of the Mayor and Clerk-Treasurer and any other documents which may be necessary or desirable to consummate the transaction, and their execution is hereby confirmed, on behalf of the City of Carmel. 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 such Bonds to the purchaser or purchasers thereof, payment for which will be made in the manner set forth in the Financing Documents. The Mayor and Clerk-Treasurer mayby their execution of the Financing Documents requiring their signatures and imprinting of their facsimile signatures on the Bonds or their manual signatures thereof approve changes therein and also in those Financing Documents which do not require the signature of the Mayor and/or Clerk-Treasurer without further approval of this City Council or the Commission if such changes do not affect terms set forth in this Ordinance and the Financing Documents pursuant to Indiana Code 36-7-12-27 (a) (1) through (1) (10). Section VI The provisions of this ordinance and the Financing Documents shall constitute a contract binding between the Issuer and the holder or holders of the Bonds and after the issuance of said Bonds this ordinance shall not be repealed or amended in any respect which would adversely affect the right of such holder or holders.so long as said Bonds or the interest thereon remains unpaid. Section VII This ordinance shall be in full force and effect upon adoption and compliance with Indiana Code 36-3-4-14. /5 DAY OF a~ , Presiding Officer ATTEST: PRESENTED by me to the Mayor of the Cit~f Carmel, Indiana, on the / 5 day of ('~~ _ , 19 at h our of m. May armel, Indiana ATTEST: