Loading...
HomeMy WebLinkAboutD-347 Carmel Care Center ORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1982 CARMEL CARE CENTER, INC. PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO WHEREAS, the Carmel Economic Development Commission has rendered its Project Report for the Carmel Care Center, Inc. Project regarding the financing of proposed economic develop- ment facilities for Carmel Care Center, Inc. and the Carmel Planning Commission has commented favorably thereon; and WHEREAS, the Carmel Economic Development Commission adopted an inducement resolution on May 13, 1981 finding and determin- ing that economic development revenue bonds in the amount of $1,350,000 should be issued and sold and said resolution was approved, ratified and confirmed by this Common Council on June , 1981; and WHEREAS, the Carmel Economic Development Commission con- ducted a public hearing on August 9, 1982, and also adopted a resolution on August 9, 1982, which Resolution has been trans- mitted hereto, finding that the financing of certain economic development facilities of Carmel Care Center, Inc. complies with the purposes and provisions of I.C. 36-7-12, that the amount of the financing should be increased to $1,900,000 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 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, Note, Trust Indenture, Guaranty Agreement and Official Statement and Trust Indenture; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA THAT: Section 1. It is hereby found that the financing of the economic development facilities referred to in the Loan Agree- ment 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 Carmel Care Center, Inc. for the acquisition and construction of such facilities and the equipping thereof, the payment of the revenue bonds by the note payments of Carmel Care Center, Inc. under the Loan Agreement, Mortgage and Security Agreement and Note, the guaranty of payment of the note payments by Robert C. Langston and Sue G. Langston, his wife, and Donald E. Smith and Nancy M. Smith, his wife, 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 Agreement and Official Statement approved by the Carmel Economic Development 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-~, 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 Revenue Bonds, Series 1982 (Carmel Care Center, Inc. Project), in the total principal amount not exceeding One Million Nine Hundred Thousand Dollars ($1,900,000) and maturing not later than fifteen years from the date of the first prin- cipal payment, which in no event may exceed thirty (30) years, for the purpose of procuring funds to pay the costs of acqui- sition, construction and equipping of the economic development facilities as more particularly set out in the Trust Indenture and Loan Agreement, Mortgage and Security Agreement incor- porated herein by reference, principal, premium, if any, made by Carmel Care Center, which bonds will be payable as to and interest from the note payments Inc. under the Loan Agreement, Mortgage and Security Agreement and Note or as otherwise pro- vided in the above described Trust Indenture. The bonds may be issued in coupon or registered form, may be issued in denomi- nations of $1,000 or any multiple thereof, may be fully regis- tered, or in the case of coupon bonds, may be registrable as to - 3 - principal only, and shall be redeemed as provided in Article V of the Trust Indenture. 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 or at the principal office of Centerre Trust Company of St. Louis, as paying agent, or by check or draft mailed or delivered to the registered owner as provided in the Trust Indenture. The bonds shall never constitute 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 ~axation. Section 4. The Mayor and Clerk-Treasurer are authorized and directed to sell such bonds to the purchasers thereof pur- suant to the terms of the Bond Purchase Agreement at a rate of interest on the bonds not to exceed 15 1/2~ and at a price not less than 94~ 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 substantially final form as of the date of this Ordinance. The 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 August 31, 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 Revenue Bonds, Series 1982 (Carmel Care Center, Inc. Project), and after the issuance of said bonds, this Ordinance shall not be repealed or - 5 - 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 7. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. Passed and adopted this 16th day of August, 1982. CARMEL COMMON COUNCIL Cl~erk-Tr~urer Presented by me to the Mayor of the City of Carmel, Indiana, on this /~ day of ~/~f~<~, 1982, at the hour Clerk-Tre~u~er Approved and signed by me on this __ 1982. r,' City of' Carmel - 6 - EXCERPTS FROM THE MINUTES OF A REGULAR MEETING OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA The Common Council of the City of Carmel met in a regular meeting in Council Chambers in the City Building in said City on the 16th day of August, 1982 at 7:00 p.m. The meeting was called to order by the Presiding Officer. On call of the roll, the members of the Common Council were shown to be present or absent as follows: Present: Absent: (other business) The Clerk-Treasurer presented to the Common Council a copy of the Carmel Economic Development Commission Resolution passed on August 9, 1982, and the substantially final forms of the Loan Agreement, Mortgage and Security Agreement, Note, Trust Indenture, Guaranty Agreement, Official Statement and a pro- posed form of Ordinance for passage by the Common Council. The proposed form of Ordinance was examined by members of the Common Council. Councilman moved that the proposed form of Ordinance, entitled "An Ordinance Authorizing the City of Carmel to Issue its 'City of Carmel Economic Development Revenue Bonds, Series 1982 (Carmel Care Center, Inc. Project)' and Approving and Authorizing Other Action in Respect Thereto" be read for the first time. This motion was seconded by Councilman and on call of the roll was carried by the following vote: Ayes: Nays: The proposed form of Ordinance was then read in its entirety after which Councilman moved that said Ordinance be passed upon its first reading. This motion was seconded by Councilman and on call of the roll was carried by the following vote: Ayes: Nays: Councilman then moved to suspend the rules and to read the proposed form of Ordinance for the second and third time by title only. Councilman seconded the motion and on call of the roll the motion was carried by a unanimous vote of two-thirds of the elected Councilmen. Said proposed form of Ordinance was then read a second and third time by title only after which Councilman moved that said proposed form of Ordinance be passed upon its second and third reading. This motion was seconded by Council- man the following vote: Ayes: and on call of the roll was carried by Nays: - 2 The presiding officer then declared said Ordinance to have been passed and adopted. (other business) On motion duly made, seconded and unanimously carried, the meeting was thereupon adjourned. Attest: Presiding Officer Clerk-Treasurer - 3