HomeMy WebLinkAboutD-484 Amend ED Bond Cool CreekSPECIAL ORDINANCE NO.
AN ORDINANCE AMENDING SPECIAL ORDINANCE NO. D-436 AND
AUTHORIZING OTHER ACTIONS IN RESPECT THERETO.
WHEREAS, the City of Carmel, Indiana (the "City"), is a
municipal corporation and political subdivision of the State of
Indiana and by virtue of Indiana Code Section 36-7-12-1 et seq.
as amended (the "Act"), is authorized and empowered to adopt
this Ordinance (the "Ordinance") and carry out its provisions;'
and
WHEREAS, the City has authorized and issued bonds
designated "City of Carmel Economic Development Revenue Bonds,
Series 1985 (FHA Insured Mortgage Loan--Cool Creek Associates,
Ltd. Project)" in the total principal amount of $11,240,000
(the "Bonds"); and
WHEREAS, the Carmel Economic Development Commission has
performed all actions required of it by the Act preliminary to
the adoption of this Ordinance and has approved and forwarded
to this Common Council the forms of (i) First Amendment to Loan
Agreement ("First Amendment"), dated as of May 1, 1986, among
the City, Cool Creek Associates, Ltd., an Indiana limited
partnership (the "Owner") and American Fletcher National Bank
andTrust Company (the "Trustee"); (ii) the First Amendment to
Tax Regulatory Agreement and Declaration of Covenants (the
"First Amendment to Regulatory Agreement"), among the City, the
Owner, the Trustee and American Fletcher Mortgage Company,
Inc.; (iii) the First Supplemental Indenture (the "First
Supplemental Indenture"), dated as of May 1, 1986, between the
City and American Fletcher National Bank and Trust Company, as
trustee (collectively, the "Amendment Documents"); and (iv)
this Ordinance.
NOW, THEREFORE, be it ordained by the Common Council of the
City of Carmel, Indiana that:
Section 1. Amendments. The Common Council hereby approves
the form and terms of the Amendment Documents and authorizes
and directs the Mayor and Clerk-Treasurer to execute and
deliver the Amendment Documents to which the City is a party
for and on behalf of the City.
Section 2. Amendment to Ordinance D-436. The Common
Council hereby amends any and all references to the Loan
Agreement, Regulatory Agreement and Indenture in Special
Ordinance No. 1572 to read the "Loan Agreement as amended by
the First Amendment," the "Regulatory Agreement as amended by
the First Amendment to Regulatory Agreement" and the "Indenture
as amended by the First Supplemental Indenture."
Section 3. General. The Mayor and the Clerk-Treasurer be,
and they are hereby authorized and directed, in the name and on
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behalf of the City, to execute any and all other agreements,
documents and instruments, perform any and all things deemed by
them, or either of them, to be necessary or desirable in order
to carry out and comply with the intent, conditions and
purposes of this Ordinance (including the preambles hereto and
the documents mentioned herein).
Section 4. Bindinq Effect. The provisions of this
Ordinance shall constitute a binding contract between the City
and the registered owners of the Bonds, and this Ordinance
shall not be repealed or amended in any respect which would
adversely effect the rights of the holders of the Bonds as long
as the Bonds or interest thereon remains unpaid.
Section 5. Effective Date.
full force and effect from and
Council of the City of Carmel,
law.
This Ordinance shall be in
after its passage by the Common
and its approval as required by
Passed and adopted this /~ day of ;Y/'f~' , 1986, by
/
the Common Council of the City of Carmel, Indiana.
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Presented by me, the undersigned Clerk-Treasurer of the
City of Carmel, Indiana, to the Mayor of said City, this ~_
day of ~ , 1986, at ~"~9o'clockf. M'. for
consideration ~hd action thereon.
Having examined the
of the City of Carmel, Indiana, approve said Ord~nce and
return the same to the Clerk Treasurer this ~ day of ~~'
~, 1986, at ~'~ o'cloc~oM.
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