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HomeMy WebLinkAboutD-466 Econ Dev/Carmel ManorORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1985 (LANGSTON, SMITH PARTNERSHIP PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Carmel Economic Development Commission has ren- dered its Project Report for the Langston, Smith Project regarding the financing of proposed economic development facilities for Carmel Manor Healthcare Center and the Carmel Planning Commission has commented favorably thereon which economic development facilities consist of the acquisition, construction, installation and equipping of a building containing a total of approximately 68,500 square feet of which the main floor consisting of 46,000 square feet will be used,fora 117 bed comprehensive care nursing facility to be known as Carmel Manor Healthcare Center and the basement consisting of 22,500 square feet will be used by supporting laundry, business office and storage facilities (10,500 square feet) plus 12,000 square feet of unfinished space all of which will be initially owned by Langston, Smith Partnership and will be located on a 3.5 acre' tract of land located immediately west of the existing Carmel Care Center which is located at 118 Medical Drive, Carmel, Indiana; and WHEREAS, the Carmel Economic Development Commission adopted an inducement resolution on February 13, 1985 finding and deter- mining that economic development revenue bonds in the amount of approximately $3,500,000 should be issued and sold and said reso- lution was approved, ratified and confirmed by this Common Council on March 4, 1985; and WHEREAS, the Carmel Economic Development Commission conducted a public hearing on December 12, 1985, and also adopted a resolution on December 12, 1985, which Resolution has been trans- economic complies and I.C. mitted hereto, finding that the financing of certain development facilities of Langston, Smith Partnership with the purposes and provisions of I.C. 36-7-11.9 36-7-12 (collectively "the Act") 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 here- tofore 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 Agree- ment, Mortgage and Security Agreement, First Mortgage Note Series 1985, and Trust Indenture; now therefore, BE IT ORDAINED INDIANA THAT: Section 1. It economic development BY THE COMMON COUNCIL OF THE CITY OF CARMEL, is hereby found that the financing of the facilities referred to in the Loan Agreement, Mortgage and Security Agreement 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 Langston, Smith Partnership for the acquisi- tion and construction of such facilities and the equipping thereof, the payment of the revenue bonds by the note payments of Langston, Smith Partnership under the Loan Agreement, Mortgage and Security Agreement, First Mortgage Note Series 1985, and the securing of said bonds by the mortgaging of such facilities under the Loan Agreement, Mortgage and Security Agreement complies with the purposes and provisions of the Act and will be of benefit to the health and welfare of the City of Carmel and its citizens. Section 2. The substantially final forms 'of the Loan Agree- ment, Mortgage and Security Agreement, First Mortgage Note Series 1985 (herein collectively referred to as the "Financing Agreement" referred to in the Act), and the Trust Indenture approved by the Carmel Economic Developmen~ Commisison are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in the Act 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 3. The City of Carmel shall issus its Economic Development Revenue Bonds, Series 1985 (Langston, Smith Partner- ship Project) (the "Bonds") in the total principal amount not exceeding Two Million Seven Hundred Thousand Dollars ($2,700,000) and maturing not later than sixteen years from the date of the first principal payment, which'in no event may exceed thirty (30) years, for the purpose of procuring funds to pay the costs of acquisition, construction and equiping of the economic development facilities as more particularly set out in the Trust Indenture and Loan Agreement, Mortgage and Security Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the note payments made by Langston, Smith Partnership under Security Agreement and Note or as described Trust Indenture. The general obligation of, an indebtedness of, or general credit of the City of Carmel, nor are any manner from revenues raised by taxation. Section 4. the Loan Agreement, Mortgage and otherwise provided in the above bonds shall never constitute a a charge against the the bonds payable in The Mayor and Clerk-Treasurer are authorized and directed to sell such bonds to the purchasers ~hereof pursuant to the terms of the Trust Indenture at a variable rate of interest on the bonds determined in the manner set forth in the Trust Inden- ture and at a price equal to 100% of the aggregate principal amount thereof. Section 5. 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, the Trust Indenture 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 and the Trust Indenture which take place after the date of this Ordinance without further approval of this Common Council or the Carmel Economic Development Commission if such changes do not affect terms set forth in I.C. 36-7-12-27 (a) through (a)(ll); it being the express understanding of this Common Council that said Financing Agreements and Trust Indenture are 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. The slgnature 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 Trust Indenture, payment for the Bonds will be made to the Trustee named in the Trust Indenture 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 ordiancne. Section 6. The provisions of this ordinance and the Loan Agreement, Mortgage and Security Agreement securing the Bonds shall constitute a contract binding between the City of Carmel and the holders of the Economic Development Revenue Bonds, Series 1985 (Langston, Smith Partnership Project), and after the issuance of said Bonds, this Ordinance shall no~ be repealed or amended in any respect which would adversely long as any of said Bonds or the interest Section 7. This Ordiance shall be from and after its passage and signing by Passed and adopted affect the rights of such holders so thereon remains unpaid. in full force and effect the Mayor. this 16th day of December, 1985. CARMEL COMMON COUNCIL Presid~g' ~f fice~ Att~t: Cterk-Trea~t~er Presented by me to the Mayor of the City of Carmel, Indiana, on this /~ day of December, 1985, at the hour of ~.~ ~_M. Approved and 1985. signed by CTerk Tre~er~ me on this /~ day of December, a~or, C~ty' of Carmel