HomeMy WebLinkAboutD-429 AFNB/Nationwide BondORDinANCE
WHEREAS, certain economic development facilities located in
the City of Carmel, Indiana (the "City"), were originally
financed by the issuance of $1,670,000 of City of Carmel Economic
Development Revenue Bond (4000 East 96th Street Project) (the
"Bond"), and the loan of the proceeds thereof to 4000 East 96th
Street (the "Company") pursuant to a Loan Agreement between the
City and the Company, dated as of June 1, 1983 (the "Agreement");
and
WHEREAS, the Bond was issued pursuant to a Bond Purchase
Agreement between the City and American Fletcher National Bank
and Trust Company ("AFNB"), dated as of June 1, 1983 (the "Bond
Purchase Agreement"); and
WHEREAS, AFNB assigned its rights under the Agreement and
the Bond Purchase Agreement to Nationwide Life Insurance Company
by an Assignment, dated December 22, 1983; and
WHEREAS, the Company will prepay $250,000 under the Note
which will be applied to the partial redemption of the Bond; and
WHEREAS, after the prepayment, the monthly payments on the
Bond are to be adjusted to amortize the outstanding balance over
the original amortization period; and
WHEREAS, the final form of the Supplement to Bond Purchase
Agreement to accomplish such adjustment has been presented to
this Council for approval; now, therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA:
Section 1. The form of the Supplement to Bond Purchase
Agreement submitted to this meeting is hereby approved and shall
Attest:
be inserted in the minutes of the Common Council and kept on file
by the Clerk-Treasurer. In accordance with provisions of I.C. 36-
1-5-3, two (2) copies of such documents are on file in the office
of the Clerk-Treasurer for public inspection.
Section 2. The Mayor and Clerk-Treasurer are authorized
and directed to execute, attest, affix or imprint by any means
the City's seal to the Supplement to Bond Purchase Agreement
approved herein on behalf of the City and any other document
which may be necessary or desirable to consummate the transac-
tion. The Mayor and Clerk-Treasurer are hereby expressly
authorized to approve any modifications or additions to the
Supplement to Bond Purchase Agreement which take place after the
date of this Ordinance with the review and advice of a city
Attorney; it being the express understanding of this Common
Council that said Supplement to Bond Purchase Agreement is 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 affixing
of the seal thereto or the imprinting of the seai thereon.
Section 3. 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 December, 1984.
CARMEL COMMON COUNCIL
siding Officer
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Presented by me to the Mayor of the City of Carmel, Indiana,
on this /~ day of December, 1984, at the hour of ~: _ m.
Approved and signed by me on this /7 day of December,
1984.
M~, City of Camel
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