Loading...
HomeMy WebLinkAboutD-391 Econ Dev/Coots HenkeAPPROVING OTHER ACTIONS IN ORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS, SERIES 1983 (COOTS HENKE & WHEELER PROJECT)" AND RESPECT THERETO WHEREAS, the Carmel Economic Development Commission has rendered its Pro?ect Report for the Coots Henke & Wheeler Project regarding the ~inancinq of proposed economic develop- ment facilities for Coots Henke & Wheeler and the City Plan Commission of Carmel, Indiana has commented favorably thereon; and WHEREAS, the Carmel Economic Development Commission con- ducted a public hearing on October 27 , 1983, and also adopted a resolution on October 27 , 1983, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Coots Henke & Wheeler 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 which Resolution includes special findings of fact as to the competi- tive effect of the proposed facilities; and WHEREAS, the Carmel Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the sub- stantially final forms of and has transmitted for approval by the Common Council the Loan Agreement, Note, Mortgage and Indenture of Trust and Guaranty Agreement; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA THAT: Section 1. The proposed economic development facilities will consist of the acquisition of land and the construction of an 11,000 square foot professional office building located on an approximate 1.381 acre tract of land, located at 201 East Carmel Drive in Carmel, Indiana. Section 2. It is hereby found that the financing of the economic development facilities referred to in the Loan Agree- ment approved by the Carmel Economic Development Commission and presented to this Common Council, the issuance and sale of revenue bonds, the loan of the proceeds of the revenue bonds to Coots Henke & Wheeler for the acquisition and construction of such facilities, the payment of the revenue bonds by the note payments of Coots Henke & Wheeler under the Loan Agreement and Note, and the securing of said bonds by the granting of the mortgage under the Mortgage and Indenture of Trust and by the executing of the Guaranty Agreement 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 3. 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 as defined to in I.C. 36-7-12), and the form of the Guaranty Agreement approved "Financing Agreement" substantially final by the Carmel Economic Development Commission is hereby approved, and all such docu- ments 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 ail such documents are on file in the office of the Clerk-Treasurer for public inspection. Section 4. The City of Carmel shall issue its Economic Development First Mortgage Revenue Bonds, Series 1983 (Coots Henke & Wheeler Project), in the total principal amount not exceeding Six Hundrea Fifty Thousand Dollars ($650,000), which bonds shall mature on December 1 in the years and amounts and bear interest at the rates as follows: Year Amount 1988 $150,000 1992 200,000 1995 300,000 The bonds shall be issued Interest Rate 10.00% 10.50% 10.50% for the purpose of procuring funds to pay the costs of acquisition and construction of the economic development facilities as more particularly set out in the Mortgage and Indenture of Trust and the Loan Agreement incor- porated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the note payments made by Coots Henke & Wheeler under the Loan Agreement and Note or as otherwise provided therein and in the above described Mortgage and Indenture of Trust and in the Guaranty Agreement. The bonds shall be issued in registered form, may be issued in denominations of $5,000 or an integral multiple thereof, and shall be redeemed as provided in Article III of the Mortgage - 3 - 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 owners as provided in the Mortgage and Indenture of Trust. The bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of Carmel, nor are the bonds payable in any manner from revenues raised by taxation. Section 5. The Mayor and Clerk-Treasurer are authorized and directed to sell such bonds to the purchasers thereof at a price not less than 98% of the principal amount thereof. Section 6. 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 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 advice of the City Attorney; of this Common Council that substantially final form as this Ordinance with the review and it being the express understanding said Financing Agreement is in of the date of this Ordinance. The approval of said modifications or additions shall be conclu- sively evidenced by the execution and attestation thereof and the affixing of the seal thereto or the imprinting of the seal -4 - 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 consideration 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. The bonds shall be originally dated as of November 1, 1983. Section 7. The provisions of this Ordinance and the Mortgage and Indenture of Trust securing the bonds shall constitute a contract binding between the City of Carmel and the holders of the Economic Development First Mortgage Revenue Bonds, Series 1983 (Coots Henke & Wheeler 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. - 5 - Section 8. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. Passed and adopted this ~ _ day of November, 1983. CARMEL COMMON COUNCIL Attest: ~ / ~ ~f'fice~~' ~l'erk_Treas~ ~ Presented by me to the Mayor of the City of Carmel, on this C day of November, 1983, at the hour of ~f~.~.m. Approved 1983. and signed by me on this ~ day of November, - 6 -