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HomeMy WebLinkAboutD-394 EDC Paramore/Nix ORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT p~ BONDS, SERIES 1983 (DRS. W. D. PARAMORE & R. E. NIX PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Carmel Economic Development Commission has rendered its Project Report for the Drs. W. D. Paramore & Ro E. Nix Project regarding the financing of proposed economic development facilities for Drs. W. D~ Paramore & R. E. Nix, and the Carmel Planning Commission has commented favorably thereon; and WHEREAS, the Carmel Economic Development Commission con- ducted a public hearing on December 15, 1983, and also adopted a resolution on December 15, 1983, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Drs. W. D. Paramore & R. E. Nix complies with the purposes and provisions of I.C. 36-7-12 and that such financing will be of benefit to the health and welfare of the City of Carmel and its citizens; and WHEREAS, the Carmel Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council, has considered the issue of adverse competitive impact and has approved the forms of and has transmitted for approval by the Common Council the Loan Agreement, Note and Mortgage and Indenture of Trust; now there- fore, BE INDIANA THAT: Section 1. IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, It is hereby found that the financing of the economic development facilities referred to in the Loan Agree- ment and Mortgage and Indenture of Trust approved by the Carmel Economic Development Commission and presented to this Common Council, the issuance and sale of revenue bonds in the aggre- gate principal amount of $200,000, the loan of the proceeds of the revenue bonds to Drs. W. D. Paramore & R. E. Nix for the acquisition and construction of such facilities, the payment of the revenue bonds by the note payments of Drs. W. D. Paramore & R. E. Nix under the Loan Agreement and Note, and the securing of said bonds by the mortgaging of such facilities to the Trustee under the Mortgage and Indenture of Trust complies with the purposes and provisions of I.C. 36-7-12 and will be of benefit to the health and welfare of the City of Carmel and its citizens. Section 2. The economic development facilities will con- sist of the construction of a 5,000 square foot kennel for grooming, boarding and providing veterinary services for pets to be located a~4~=e?t~c Compa~--eF~is~-lCeS an ~//=O~ (/~..'~a in the Sit" of Carmel, Indiana (the "Project"). Section 3. It Project of Drs. W. adverse competitive is hereby found that the above-described D. Paramore & R. E. Nix will not have an impact on other facilities of the same kind already operating in the same market area for the following reasons: (a) After published notice of a public hearing to be held before this Commission, no competitors have made themselves known or have spoken against the proposed Project on any basis. (b) There are no kind already operating construction in Carmel. facilities of the same in Carmel or under (c) In the absence of any evidence of any adverse competitive impact, the benefits to the public from the new jobs and payroll.to be generated by the Project clearly indicate that the Project should be supported by the issuance of economic development revenue bonds. Section 4. The substantially final forms of the Loan Agreement, Note and Mortgage and Indenture of Trust approved by the Carmel Economic Development Commission are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in I.C. 36-7-12), 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- Treasurer. In accordance with the provisions of I.C. 36-1-5-4, two (2) copies of all such documents are on file in the office of the Clerk-Treasurer for public inspection. Section 5. The City of Carmel shall issue its Economic' Development First Mortgage Revenue Bonds, Series 1983 (Drs. W. D. Paramore & R. E. Nix Project), in the total principal amount of approximately Two Hundred Thousand Dollars ($200,000) - 3 - and maturing not more than fifteen years after the first pay- ment of principal as provided in the Mortgage and Indenture of' Trust, for the purpose of procuring funds to lend to Drs. W. D. Paramore & R. E. Nix to pay the costs of acquisition and con- struction of the economic development facilities as more particularly set out in the Loan Agreement and Mortgage and Indenture of Trust incorporated herein by reference, which bonds will be payable as to p~incipal, premium, if any, and interest from the note payments made by Drs. W.. D. Paramore & R. E. Nix under the Loan Agreement and Note or as otherwise provided in the above described Mortgage and Indenture of Trust. The bonds shall be issued in fully registered form in the denominations of $5,000 or integral multiples thereof and shall be redeemed as provided in Article III of the Mortgage and Indenture of Trust. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of the Trustee or its successor in trust or by check or draft mailed or delivered to the registered owner as provided in the Mortgage and Indenture of Trust. The bonds shall never constitute a general obligation of, an indebtedness of, or Carmel manner from revenues raised by taxation. Section 6. The Mayor and Clerk-Treasurer are and directed to sell such bonds to the purchasers the rate of interest on the bonds a charge against the general credit of the City of or the State of Indiana nor are the bonds payable in any authorized thereof at equal to ninety percent (90%) - 4 - of the yield of one year Treasury Bills determined by the last auction for such Treasury Bills immediately preceding December 1, 1983, but in no event shalI the rate per annum of the Bonds exceed thirty percent (30%) per annum. Interest shall change on each June 1 and December 1 hereafter to the rate per annum equal to ninety percent (90%) of the yield of one year Treasury Bills determined by the last auction of such Treasury Bills immediately preceding such June 1 or December 1, but in no event shall the rate per annum on the Series 1983 Bonds exceed thirty percent (30%) per be sold at a price not less than 98 % thereof. annum. The bonds shall of the principal amount Section 7. The Mayor and Clerk-Treasurer are authorized and directed to execute, attest, affix or imprint by any means the City seal to the documents constituting The Financing Agreement approved herein on behalf of the City and any other document which may be necessary or desirable to consummate the transaction, including the bonds authorized herein. The Mayor and Clerk-Treasurer are hereby expressly authorized to approve any modifications or additions to the documents constituting the Financing Agreement which take place after the date of this Ordinance with the review and advice of the City Attorney; it being the express understanding of this Common Council that said Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attestation thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term Of the bonds as approved by the Common Council by this Ordinance without further considera- tion by the Common Council. The signatures of the Mayor and Clerk-Treasurer on the bonds may be either manual or facsimile signatures. The Clerk-Treasurer is authorized to arrange for delivery of such bonds to the Trustee named in the Mortgage and Indenture of Trust. Payment for the bonds will be made to the Trustee named in the Mortgage and Indenture of Trust and after such payment the bonds will be delivered by the Trustee to the purchasers thereof. The Mayor and Clerk-Treasurer shall execute and the Clerk-Treasurer shall deliver the bonds to the Trustee within ninety days of the adoption of this Ordinance. shall be dated as of December 1, 1983, only from the date of delivery. Section 8. The provisions of this but shall bear The bonds interest Ordinance and the Mort- gage and Indenture of Trust securing the bonds shall constitute a contract binding between the City of Carmel and the holder of the Economic Development Revenue Bonds, Series 1983 (Drs. W. D. Paramore & R. E. Nix 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. - 6 - Section 9. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. Passed and adopted this 19th day of December, 1983. Attest: Clerk-Tre~rer CARMEL COMMON COUNCIL PreSented by me to the Mayor of the City of Carmel, Ind,iana, on this /g day of Dece~er, 1983, at the hour of clerk-Tre~s~frer ' Approved and signed by me on this ~ day of December, 1983. - 7 - RESOLUTION CARMEL ECONOMIC DEVELOPMENT COMMISSION CARMEL, INDIANA BE IT RESOLVED BY THE CARMEL ECONOMIC DEVELOPMENT COMMIS- SION THAT: Section 1. It finds that the proposed $200,000 financing of economic development facilities referred to in the Financing Agreement presented to this meeting for Drs. W. D. Paramore & R. E. Nix (the "Company"), complies with the purposes and pro- visions of I.C, 36-7-12, will be of benefit to the health and welfare of the City of Carmel and its citizens. Section 2. The economic development facilities will con- sist of the construction of a 5,000 square foot kennel to be located adjacent to their existing office at 1445 South Range Line Road in the City of Carmel, Indiana (the "Project"). Section 3. The substantially final forms of Loan Agree- ment, Note, Mortgage and Indenture of Trust, and a proposed form of Ordinance for the Common Council presented to this meeting are hereby approved. Section 4. It has considered whether the Project will have an adverse competitive impact on any other facilities of the same kind already operating in the same market area or under construction in the market area of Carmel and now makes the following special findings of fact based upon the evidence presented: (a) After published notice of a public hearing to be held before this Commission, no competitors have made them- selves known or have spoken against the proposed Project on any basis. (b) There are no facilities of the same kind already operating in Carmel or under construction in Carmel. (c) In the absence of any evidence of any adverse competitive impact, the benefits to the public from the new jobs and payroll to be generated by the Project clearly indicate that the Project should be supported by the issu- ance of economic development revenue bonds. Section 5. The Secretary shall initial and then insert a copy of the forms of documents approved by this Resolution in the minute book of this Commission. Section 6. A copy of this Resolution and the other docu- ments approved by this Resolution and the proposed form of Ordinance shall be presented in their substantially final form by the Secretary of the Economic Development Commission to the Clerk-Treasurer for presentation to the Common Council. Adopted this 19th day of December, 1983. CARMEL ECONOMIC DEVELOPMENT COMMISSION By President Secretary - 2 -