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HomeMy WebLinkAboutD-335 Econ. Devel.Bonds-Kartes ORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BON~S, SERIES 1982 (KARTES VIDEO COMMUNICATIONS, INC. PROJECT)" APPROVING OTHER ACTIONS AND IN RESPECT THERETO WHEREAS, the Carmel Economic Development Commission has rendered its Project Report for the Kartes Video Communications, Inc. Project regarding the financing of proposed economic development facilities for Kartes Video Communications, Inc. and the Carmel Planning Commission has commented favorably thereon; and WHEREAS, the Carmel Economic Development Commission conducted a public hearing on July 7, 1982, and also adopted a resolution on July 7, 1982, which Resolution has been trans- mitted hereto, finding that the financing of certain economic development facilities of Kartes Video Communications, Inc. 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 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; 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, 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 Kartes Video Communica- tions, Inc. for the acquisition and construction of such facilities and the equipping thereof, the payment of the revenue bonds by the note payments of Kartes Video Communi- cations, Inc. 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 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 provi- sions 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. - 2 Section 3. The City of Carmel shall issue its Economic Development First Mortgage Revenue Bonds, Series 1982 (Kartes Video Communications, Inc. Project), in the total principal amount not exceeding Two Million Six Hundred Thousand Dollars ($2,600,000) and maturing not later than ten years from the date of the first principal payment, which in no event may exceed thirty (30) years, for t~e purpose of procuring funds to pay the costs of acquisition, construction 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 Kartes Video Communications, Inc. 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 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 payable in lawful money of the United States of America at the principal office of the Trustee or its successor in trust or by check or draft mailed or delivered to the regis- tered 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 - 3 - Carmel, nor are the bonds payable in any manner from revenues raised by taxation. Section ~. The Mayor and Clerk-Treasurer are authorized and directed to sell such bonds to the purchasers thereof at a rate of interest on the bonds not to exceed 70% of the prime commercial lending rate quoted and announced by The Indiana National Bank, Indianapolis, Indiana, at its principal office from time to time (except in the event interest on the bonds becomes taxable in which event the interest rate on the bonds shall be 110~ of the prime commercial lending rate quoted and announced by The Indiana National Bank, Indianapolis, Indiana, as such rate changes from day to day, provided, however that such rate shall not exceed one and one-half percent over said prime commercial lending rate) and at a price not less than 100% 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 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 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 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 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 prin- cipal 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 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 The bonds shall be dated as of as of the date this ordinance. of delivery. 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 holder of the Economic Development First Mortgage Revenue Bonds, Serie~ 1982 (Kartes Video Communications, Inc. 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 7. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. Passed and adopted this 12th day of July, 1982. CARMEL COMMON COUNCIL P~dfng Officer A~e st: C 1 erk-Tr~a~s~drer Presented by me on this /~ day of to the Mayor of the City of Carmel, Indiana, ~.~ 1982, at the hour of ~'~_~.m. Clerk-TreasUrer Approved and signed by me on this /~ day of ~ 1982. MaYUity -of Carmel - 6 - ORDINANCE NO. J~ AN ORDINANCE AMENDING CARMEL CITY CODE, CHAPTER 41 - TRAFFIC - WEIGHT LIMITS SECTION 41.21 WEIGHT LIMITS. (a) No person shall drive a freight carrying pneumatic tired vehicle with a gross weight of over 5,000 pounds on the following streets of the City of Carmel. 1. Hawthorn Drive from East Main Street (State Road 234) to the municipal limits of the City of Carmel, Indiana. 2. Ironwood Drive from Hawthorn Drive to the municipal limits of the City of Carmel, Indiana. 3. Smokey Row Lane from Tulip Poplar Crest to Hawthorne Drive 4. 126th Street between Keystone Avenue and Rangeline Road. 5. Lake Shore Drive East, from 106th Street to the south line of the Briar Creek Subdivision, Section II, and which south line is located 175 feet south of Partridge Place. 6. Dayton Drive. ,AD.~: 7. Carmel Drive from Keystone Avenue to 126th Street. SECTION 41.21 (b) IS HEREBY AMENDED TO READ: The provisiions of this section shall not be applicable to any such vehicle described in subsection (a) hereof, when its purpose is to make local deliveries of any kind for and to any property and persons on such street; provided, however, that in any case such vehicle shall travel over the shortest possible route upon said street from the point of entry, and shall then leave same at the nearest available point of exit. This Ordinance shall be in full force and effect from and after its passage. COUNCIL OF THE CITY OF ALL OF WHICH IS ORDAINED BY THE COMM?N CARMEL this ~ day of ~ 1982. Attest: "Dorothy ~q Hancock Clerk-Treasurer