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HomeMy WebLinkAboutD-354 Econ.Dev.Bonds-Mohawk LORDINANCE D-354 ORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS, SERIES 1982 (MOHAWK LANDING COMPANY PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Carmel Economic Development Commission has rendered its Project Report for the Mohawk Landing Company Project regarding the financing of proposed economic develop- ment facilities for Mohawk Landing Company, the partnership formed by the original applicant, G. william Armstrong, to develop the facilities, and the Carmel Planning Commission has commented favorably thereon; and WHEREAS, the Carmel Economic Development Commission conducted a public hearing on October 25, 1982, and also adopted a resolution on October 25, 1982, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of Mohawk Landing Company com- plies 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 approving the agree- ments that exist between the Company and tenants of the economic development facilities; 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, Mortgage and Security Agreement, Noted Trust Indenture, Guaranty AgreementS, Conditional Assignment of Lease and Rentals, Official Statement and Letter of Credit; therefore, BE IT ORDAINED BY THE COMMON INDIANA THAT: Section 1. It is hereby found that the economic development facilities referred to now COUNCIL OF THE CITY OF CARMEL~ financing of the in the Loan Agree- ment, 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 Mohawk Landing Company for the acquisition and construction of such facilities and the equipping thereof, the payment of the revenue bonds by the note payments of Mohawk Landing Company under the Loan Agreement, Mortgage and Security Agreement and Note, 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 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 substantially final forms of the Loan Agreement, Mortgage and Security Agreement, Note, and Trust Indenture approved by the Carmel Economic Development Commis- sion are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in I.C. 36-7-12), and the substantially final forms of the Guaranty Agreements, Condi- tional Assignment of Lease and Rentals, Official Statement and Letter of Credit approved by the Carmel Economic Development - 2 - Commission are hereby approved, 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 issue its Economic Development First Mortgage Revenue Bonds, Series 1982 (Mohawk Landing Company Project), in the total principal amount not exceeding Eight Hundred Thousand Dollars ($800,000) and maturing not later than ten years from the date of the first principal payment, which in no event may exceed thirty (30) years. The 1982 Series Bonds shall be issued for the purpose of procuring funds to pay the costs of acquisition, construc- tion and equipping 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 Mohawk Landing Company under the Loan Agreement, Mortgage and Security Agreement and Note or as otherwise provided in the above described Trust Indenture. The bonds may be issued in coupon or registered form, may be issued in denominations of $5,000 or a multiple thereof, may be fully registered, or in the case of coupon bonds, may be registrable as to principal only, and shall be redeemed as provided in Article V of the Trust Indenture. Payments of principal and interest are - 3 - payable in lawful money of the United States of America at the principal office ~f the Trustee or its successor in trust or by check or draft mailed or delivered to the registered owner as provided in the Trust Indenture. The bonds shall never consti- tute a general obligation of, an indebtedness of, or a charge against the general credit of the City of Carmel, nor are the bonds payable in any manner from revenues raised by taxation. Section 4. The Mayor and Clerk-Treasurer are authorized and directed to sell such bonds to the purchasers thereof at rates of interest on the bonds not to exceed 10% as shown on the cover page of the Official Statement, and at a price not less than 96.75% of the 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 and the Official Statement 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 Official Statement which take place after the date of this Ordinance with the review and advice of the City Attorney; it being the express understanding of this Common Council that said Financing Agreement and the official Statement are in sub- stantially final form as of the date of this Ordinance. The - 4 - approval of said modifications or additions shall be conclu- sively evidenced by the execution and attestation thereof and the affixing of the seal thereto or the imprinting of the seal thereon; provided, however, that no such modification or addi- tion 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-Treasurer on the bonds and coupons, if any, may be either manual or fac- simile 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 ordinance. The bonds shall be dated as of November 1, 1982. 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 First Mortgage Revenue Bonds, Series 1982 (Mohawk Landing Company Project), and after the issuance of said bonds, this Ordinance shall not be repealed or amended in any respect which wQuld adversely affect the rights of such holders so long as any of said bonds or the interest thereon remains unpaid. - 5 - Section 7. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor, and any Ordinance or provision thereof in conflict herewith is hereby repealed. Passed and adopted this ~ day of CARMEL COMMON COUNCIL 1982. Attest: /~s i d i ng ~)f~ic~ Presented by me to on this / day of the Mayor of the City of Carmel, Indiana, , 1982, at the hour of ~P.~.m. Cl~rk-Treasu~er Approved and signed by me on this / day of ~- ., 1982. t~- of' Ca~rmel