Loading...
HomeMy WebLinkAboutD-369 MASCO Project ORDINA3ICE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT REFUNDING REVENUE BONDS, SERIES 1983 (MASCO CORPORATION OF INDIANA PROJECT) AND APPROVING OTHER ACTIONS IN RESPECT THERETO W~EREAS, the Carmel Economic Development Commission ¢on- '~ he~/~ ! ~ on~_~r~_ ~_~, 1983, and also adopted ducked a publl r~ a resclution o- //~ 1983, which Resolution has been transmitted her~/o, finding that the refunding of the City of Carmel, Indiana Economic Developmen5 Revenue Bonds (Masco Corporation of Indiana Project) dated August 14, 1980, issued for the financing of certain economic developmen~ facilities of Masco Corporation of provisions of benefit to the citizens~ and WHEREAS, ~he Carmel heretofore approved and Indiana complies with the purposes and I.C. 36-7-12 and that such financing will be of health and welfare of the City of Carmel and its of Ordinance by this Common Council of and has 5ransmitted for approval ky Loan Agreement, Note, Trust InOenture. Economic Development Commission has recommended the adoption of ~his form and has approved nhe forms the Co~unon Council the Guaranty Agreement~ now BY THE CO~[ON COUNCIL OF THE CITY OF CARMEL, therefore, BE IT ORDAINED INDIANA THAT: Section 1 It is hereby found that the refunding of the City of Carmel, Indiana Economic Development Revenue Bonds (Masco Corpcration of Indiana Project) dated Augus~ 14, 1980 (the 1980 Bonds') by the issuance o~ the City of Carmel, Indiana Economic Development Refunding Revenue Bonds, Series 1983 (Masco Corporation of Indiana Project) referred to in the Loan Agreement approved by the Carmel Economic Development Commission and presented to uhis Common Ccuncil, the issuance and sale of revenue bonds, The loan of the proceeds of the revenue bonds to Masco Corporation of Indiana for the refunding of the 2980 Bonds, the payment of the revenue bonds by the ncse payments of Masco Corporation of Indiana under the Loan Agreement and Note, and the guaranty of payment of principal and interest on the revenue bonds by Masco CorporatIon under the Guaranty Agreement complies with the purposes and pro- visions 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 substantially final fcrms of ~he Loan Agreement, Note, and Trust Indenture approved by 5he Carmel Economic Development Co~nission are hereby approved (herein collectively referred to as the 'Financing Agreement" referred ~o in I.C. 36-7-12), and the substantially final form of the Guaranty Agreement approved by the Carmel Eccnomic Developmen5 Commission is hereby approved, and all such documents shall be incorporated herein by reference and shall be inserted in the minutes of the Cc mmon Council and kepu on file by the Clerk- Treasurer. In acccrdance with the provisions of I.C. 36-1-5-4, two (2) copies of all such documents are on file in the office of 5he Clerk-Treasurer for public inspecsion. Section 3. The City of Carmel shall issue its Eccnomic Development Refunding Revenue Bonds, Series 1983 (Masco Corporation of Indiana Project), in the total principal amount not e~ceeding Five Million Dollars ($5~000,000) and maturing not later than seven years from the date of ~he first principal payment,, which in no even5 may exceed thirty (30) years, for the purpose of procuring funds to refund the 1980 Bonds as more particularly set out in the Trust Indenture and Loan Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the note payments made by Masco Corporation of Indiana under the Loan Agreement and Note or as otherwise provided in 5he above described Trust Indenture. The bonds shall be issued in fully registered form, in any denomination, and shall be redeemed as provided in Article III of the Trust Indenture. Payments of principal and int6res~ are payable in lawful money of the United States of America at the principal office of the Trustee or its successor in tuust or by check or draft mailed or delivered to the ueglstered owner as provided in the Trust Indenture. The bonds shall never constitute a general obli- gation 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 naxaEion. Section 4 The Mayor and Clerk-Treasurer are and directed to sell such bcnds ko the purchasers rate of interest on the bonds e~uat to 64% of authorized thereof at the rate per annum announced from time to time by The Indiana National Bank as its prime rate and at a price not less than 100% of the principal amount thereof. Section 5. The Mayor and Clerk-Treasurer are authorized and directed no execute, attest, affix or imprint by any means the City seal to the documents constituting the Financing Agreemenn approved herein on behalf of the City and any other document which may be necessary or desirakle to consummate the nransaction, including the bonds authorized herein. The Mayor and Clerk-Treasurer are hereby expressly authorized to approve any m~difications or additions To the documents constituting the Financing Agreement which take place after the dane of this Ordinance with the review and advice of the City Attorney; l~ being the express understanding of this Common Council nhat said Financing Agreement is in substantially final form as of the date of this 0~dinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attestation thereof and the affixing of the seal thereso or the imprinting of the seal thereon: provided, however, that no such modification or addition shall change the maximum prin- cipal amount of, interes5 rate on or 5erm of the bonds as approved by the Common Council by this Ordinance without further consideration by the Cc mmon Council. The slgnanures of the Mayor and Clerk-Treasurer on the bonds and coupons, if any, - 4 - 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 Trust Indenture, payment for the bonds will be made To The Trustee named in the Trus~ Indenture and after such payment the bonds will be delivered by the Trustee ~o ~he purchasers ~hereof. The Mayor and Clerk- Treasurer shall execute and The Clerk-Treasurer shall deliver the bends To The Trustee within nineEy days of the adoption of this ordinance. The bonds shall be dated as of the date of delivery Section 6. stitute a connracn binding between holder of the Economic Development Series 1983 (Masco Corporation of The provisions of This ordinance shall con- the City of Carmel and the Refunding Revenue Bonds, Indiana Project), and after the issuance of said bonds, this Ordinance shall not be repealed or amended in any respect which would adversely affect the r~ghts of such holders so long as any of said bonds or the interest thereon remains unpaid. Section 7. This Ordinance shall be ~n full force and effect from and after its ~assage and signing by the Mayor. Passed and adopted this /;_ day of'~ 1983. CARMEL COMMON COUNCIL Presented by me To this ~_ day of Indiana, on Approved and signed the Mayor of the City of Carmel, 1983, at the hour by me on this /7 day of ~ 1983. Mayo~~ ' - 6 -