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HomeMy WebLinkAboutD-405 Econ Dev.Bond/Paramore ORDINANCE AUTHORIZING CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1984 (DRS. W. D. PARAMORE AND R. E. NIX PROJECT)" AND APPROVING OTHER, ACTIONS IN RESPECT THER,ETO WHEREAS, the City of Carmel Economic Development Commission has rendered its Project Report for the Drs. W. D. Puramore & R. E. Nix Project regarding the financing of the completion of the economic development facilities for Drs. W. D. Paramore & R. E. Nix and the City of Carmel Planting Cmnmission has commented favorably thereon; and WHEREAS, the City of Curmel Economic Development Commission conducted a public hearing' on December 15, 1983, and adopted a resolution on that date after which this Common Council adopted an Ordinance authorizing the issuance of Bonds in 1983; and WHEREAS, Drs. W. D. Paramore and R. E. Nix advised the City of Carmel Economic Development Commission that additional funds were needed to complete the construction of the facilities; and WHEREAS, the City of Carmel Economic Development Commission conducted a second public hearing on J~me 18, 1984, and also adopted a resolution on June 18, 1984, which Resolution has been transmitted hereto, finding that the financing of the completion of the economic development facilities of Drs. W. D. Paramore & R.E. Nix complies with the purposes and provisions of I.C. 36-7-12 and that such financing will be of benefit to the health and welfare of the City of Carmel and its citizens; and WHEREAS, the City of Carmel Economic Development Commission has heretofore approved ~md recommended the adoption of this form of Ordinance by this Common Coancil and has approved the forms of and has transmitted for approval by the Common Com~cil the First Supple~ne~ta[ Loan Agreeme~t, Note, First Supplemental Mortgage and [ndentare of Trust; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF CITY OF CARMEL, INDIANA THAT: Section 1. It is hereby found that the financing of the completion of the economic deveiopment facilities referred to in the First Supplemental Loan Agreement approved by the City of Carmel Economic Development Commission and presented to this Common Council, the issuance a~d sale of revenue bonds, the loan of the proceeds of the revenue bonds to Drs. W. D. Paramore & R.E. Nix for the emnpletion of the acquisition and construction of such facilities and the equipping thereof, the payment of the revenue bonds by the note payments of Drs. W.D. Paramore & R.E. Nix under the First Supplemental Loan Agreement and Note and the securing of said bonds by the mortgaging of such facilities to the Trustee under the First Supplemental Mortgage azid Indenture of Trust complies with the purposes and provisions 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 facilities will consist of the aeqaisition and eonstruetiun of a 5,000 square foot boarding and grooming kennel for dogs and eats and other pets to be located on a one-acre tract of ground at 410 Gradle Drive in Gradle Industriai Park, Carmel, Indiana. Section 3. At the public hearing held by the City of Carmel Economic Development Cmmnission, the Commission considered whether the economic development facilities would have a~ adverse competitive effect on any similar facilities located in City of Carmel, and found, based on special findings of fart set forth in the l~esointion transmitted hereto, that the facilities would not have an adverse competitive effect. This Colnlnou Council hereby confirms the findings set ~orth in tile Commission's Resointion, and concludes that the economic development facilities will uot have an adverse competitive effect on any other similar facilities in City of Carmel, and the facilities will be of benefit to the health and weffare of the citizens of City of Carmel. Section 4. The substantially final forms of the First Supplemental Loan Agreement, Note, and First Supplemental Mortgage and Indenture of Trust approved by the City of Carmel Economic Development Commission are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in I.C. 36-7-12), 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. [n 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 5. City of Carmel shall issue its Economic Development l{evenue Bonds, Series 1984 (Des. W. D. Paramore & a. E. Nix Project), in the total principal amount of approximately One Hundred Ten Thousand Dollars ($110,000) and maturing on December 1, 1989, for the purpose of procaring funds to pay the costs of completing the acquisition, construction and equipping of the economic development facilities as more particularly set out in the First Supplemental Mortgage and Indenture of Trust and First Supplemental Loan Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, a~d interest from the note payments made by Drs. W.D. Paramore & t{. E. Nix andec the First Supplemental Loan Agreement and Note or as otherwise provided in the above described First Supplemental Mortgage and Indenture of Trust. The bonds shall be issued in fully registered form, may be issued in denominations of $5,000 or a multiple thereof, and shall be redeemed as provided in Article III of the First Supplemental Mortgage and Indenture of Trust. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of the Trustee or its successor in trust oc by check oc draft mai[ed or delivered to the registered ow~er as provided in the First Supplemental Mortgage and indenture of Trust. The bo~ds shall never constitute a general obligation of, an indebtedness of, oca charge against the -2- general credit of the City of Carmel, nor ace the bonds payable in any mmmer from revenues raised by taxation. Section 6. The Mayor and Cl&ck-Treasurer ace authorized and directed to sell such l;onds to the purchasers thereof at a rate of interest on the bonds not to exceed 10 1/2% per annum, and at a price not less than 100%.of the principal amount thereof. Section 7. The Mayor and Clerk-Tceasacer ace authorized and directed to execute, attest, affix or imprint by any means the City seal to the documents constituting the Financing Agreement 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 CIeck-Tceasarer are hereby expressly authorized to approve any modifications or additions to the documents constituting the Financing Agreement which take place after the date or' this Ordinance with the review and advice of the City Attorney; it being the express understanding of this Common Council that said Financing 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 m~d the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term of the bonds as approved by the Common Council by this Ordinance without further consideration by the Common Council. The signatures of the Mayor and Clerk-Tceastrcer on the bonds may be either manual or facsimile signatures. The Clerk-Treasurer is authorized to arrtmge for delivery of such bonds to the Trustee named in the First Supp[e~nental Mortgage and Indenture of Trust, payment for the bonds will be ~nade to the Trustee ~mmed in the First Supplemental Mortgage and indenture of Trast and after snch 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 -3- adoption of this ordinance. The bonds shall be dated June 1, 1984, but shall bear interest from the date of delivery. Section 8. The provisions of thi~ Ordinance and the First Supplemental Mortgage and Indent-.ce of Trust securing the bonds shall constitut~ a contract binding between the City of Carmel and the holder of the Economic Development First Mortgage Revenue Bonds, Series 1984 (Drs. W.D. Paramore & R. E. Nix Project), and after the issuance of said bonds, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holders so long as any of said bonds or the interest thereon remains unpaid. Section 9. This Ordinance shall be in full force and effect from and after its passage and signing by the Presiding Officer. Passed and adopted this c~j day of June, 1984, Att~: ~ / Clerk-Treasurer~/~ CITY OF CARMEL Presented by me to the City of Carmet, [ndiana, on the ~-~ day of t~k/~'~ , 1984, at the hour of _~_:/~o'clock~_.M. /- Approved and signed by me this ~o~ o~ _~:/~o'e~oe~. day of ~ yo~, the--Ci~y of Caramel= ,1984, at the -5-