HomeMy WebLinkAboutD-251 Econ Dev./Masco CorpORDINANCE 'D-2~1
ORDINANCE AUTHORIZING THE CITY OF
CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT
REVENUE BONDS, SERIES 1980 (MASCO CORPORATION
OF INDIANA PROJECT)" AND APPROVING
OTHER ACTIONS IN RESPECT THERETO
WHEREAS, the Carmel Economic Development Commission has
rendered its Project Report for the Masco Corporation of
Indiana ("Masco") Project regarding the financing of proposed
economic development facilities for Masco; and
WHEREAS, the Carmel Economic Development Commission con-
ducted a public hearing on June ~, 1980, and also adopted a
resolution on June ~, 1980, which Resolution has been trans-
mitted hereto, finding that the financing and refinancing of
certain economic development facilities of Masco complies with
the purposes and provisions of I.C. 18-6-4.5 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 and has approved the forms
of and has transmitted for approval by the Common Council the
Loan Agreement, Note, and Trust Indenture; now therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA THAT:
Section 1. It is hereby found that the financing of the
i development facilities referred to in the Loan Agree-
econom c
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
Masco for the acquisition and construction of such facilities
and the equipping thereof, the payment of the revenue bonds by
the note payments of Masco under the Loan Agreement and Note,
and the securing of said bonds by Trust Indenture complies with
the purposes and provisions of I.C. 18-6-4.5 and will be of
benefit to the health and welfare of the City of Carmel and its
citizens.
Section 2. The City will further use its best effortS at
the request of Masco to authorize the issuance of additional
bonds for the purpose of refunding or refinancing any outstand-
ing principal amount of the Bonds, including the costs of
issuance; provided that the refunding or refinancing of such
bonds complies with the applicable statuteS at the time of the
City's authorization of such additional Bonds.
Section 3. The forms of the Loan Agreement, Note, and
Trust Indenture approved by the Carmel Economic Development
Commission are hereby approved and all such documents (herein
collectively referred to as the "Financing Agreement" referred
to in I.C. 18-6-4.5), 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.
Section 4. The City of Carmel shall issue its Economic
Development Revenue Bonds, Series 1980 (Masco Corporation of
Indiana Project), in the total principal amount of Five Million
Dollars ($5,000,000) for the purpose of procuring funds to pay
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charge
the costs of acquisition, construction and equipping of the
economic development facilities 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 under
the Loan Agreement and Note or as otherwise provided in the
above described Trust indenture. The Bonds shall never con-
stitute a general obligation of, an indebtedness of, or a
against the general credit or public funds of the City
of Carmel.
Section 5.
and directed to
the rates of interest on the bonds set
Indenture and 100% of the principal amount
to be dated as of the date of delivery.
The Mayor and Clerk-Treasurer are authorized
sell such bonds to the purchasers thereof at
forth in the Trust
thereof, said bonds
Section 6. The Mayor and Clerk-Treasurer are authorized
and directed to execute the documents constituting the Finan-
cing Agreement approved herein on behalf of the City and any
other document which may be necessary or desirable to consum-
mate the transaction, including the bonds authorized herein.
By their execution thereof the Mayor and Clerk-Treasurer may
approve such modifications and amendments as may be desirable.
The signatures of the Mayor and Clerk-Treasurer on the bonds
may be facsimile signatures. The Clerk-Treasurer is authorized
to arrange for delivery of such Bonds to ~he Trustee named in
the Trust Indenture, payment for which will be made to the
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Trustee named in the Trust Indenture and delivered by the
Trustee to the purchasers thereof.
Section 7. The provisions of this Ordinance and the Trust
Indenture securing the bon~S shall constitute a contract bind-
ing between the City of Carmel and the holders of its Economic
Development Revenue Bonds (Masco Corporation of Indiana
Project), and after the issuance of said bonds, this Ordinance
shall not be repealed or amended in
adversely affect the rights of such
said bonds or the interest thereon
Section 8.
effect from and
Passed and adopted this
any respect which would
holders so long as any of
remains unpaid.
This Ordinance shall be in full force and
after its passage and signing by the Mayor.
of ~ , 1980.
day
CARMEL COMMON COUNCIL
Attest:
Clerk-Trea~u~/er
on this
1980.
p~ding O~ f lc'er
Presented by me to the Mayor of the City of Carmel, Indiana,
~ day of ~_, 1980, at the hour of ~}.~d. ~_.m.
Cierk-Treas~r
Approved and signed by me on this ~ day of ~f
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