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HomeMy WebLinkAboutD-174 $1M EDC/Carmel Care BondAN ORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS "ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS (CARMEL CARE PROJECT)" AND APPROVING AND AUTHOR- IZING 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 WHEREAS, the Carmel Economic Development Commission con- ducted a public hearing on August ~;~ 1978, and also adopted Resolution No. /~ ~/ on August _~,~1978, which Resolution has been transmitted hereto, finding that the iinanclng of the eco- nomic development facilities for Carmel Care Center, Inc. com- plies with the purposes and provisions of I.C. 18-6-4.5 and that such financing will be of benefit to the health and wel- fare 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 this Common Council the Lease and Mortgage and Indenture of Trust for said financing; now therefore BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, THAT: Section 1. It is hereby found that the iinancing of the economic development facilities referred to in the Lease approved by the Carmel Economic Development Commission and pre- sented to this Common Council, the issuance and sale of revenue bonds, the use of the net proceeds thereof for the acquisition and construction of such facilities and the equipping thereof, the lease of said facilities to Carmel Care Center, Inc., the payment of the revenue bonds by the rent payments of Carmel Care Center, Inc. under the Lease, and the securing of said bonds by the mortgaging of such facilities to the Trustee under the Mortgage and Indenture of Trust will be of benefit to the health and welfare of the City of Carmel and its citizens and complies with the purposes and provIsions of I.C. 18-6-4.5. Section 2. The forms of the Lease and Mortgage and Inden- ture of Trust approved by the Carmel Economic Development Com- mission are hereby approved and such documents (herein collec- tively referred to as the "Financing Agreement" referred to in I.C. 18-6-4.5), 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- Section 3. The City of Carmel shall issue its Economic Development First Mortgage Revenue Bonds (Carmel Care Project), in the total principal amount of One Million Dollars ($1,000,000) for the purpose of procuring funds to pay the costs of acquisi- tion, construction and equipping of the economic development -2- facilities, as more particularly set out in the Mortgage and Indenture of Trust and Lease incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the rental payments made by Carmel Care Center, Inc., under the Lease and from other revenues and income realized under the Lease, or as otherwise provided in the above described Mortgage and Indenture of Trust. The bonds will never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of Carmel. Section 4. The Clerk-Treasurer is authorized and directed to sell such bonds to the purchasers thereof at a rate or rates of interest on the bonds not to exceed 8% per annum and at a price of 100% of the principal amount thereof. Section 5. The Mayor and Clerk-Treasurer are authorized and directed to execute the documents constituting the Financ- ing Agreement approved herein on behalf of the City of Carmel and any other documents which may be necessary or desirable to consummate the transaction, including the bonds authorized herein. The Mayor and Clerk-Treasurer are further authorized to approve by their execution the selection of the Trustee and such modifications, insertions or amendments in the Financing Agreement as may be deemed appropriate. The bonds and the docu- ments constituting the Financing Agreement shall all be dated as of the date of delivery or the first day of the month of -3- the issuance of the bonds. The signatures of the Mayor and Clerk-Treasurer on the bonds and coupons may be facsimile sig- natures. The Clerk-Treasurer is authorized to arrange for delivery of such bonds to the Trustee named in the Mortgage and Indenture of Trust, payment for which will be made to the Trus- tee named in the Mortgage and Indenture of Trust and delivered by the Trustee to the purchasers thereof. Section 6. The provisions of this ordinance and the Mort- gage and Indenture of Trust securing the bonds shall constitute a contract binding between the City of Carmel and the holders of t~e Economic Development First Mortgage Revenue Bonds (Carmel Care 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. ~.~ - p fie ~i~Tin~/O f f ic ~/ -4- Presented by me to the Mayo~of the City of Carmel, -- ~ C2erk-Trea~urer Approved and signed by me this y~ day of~ t978. -5-