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HomeMy WebLinkAboutD-93 $170,000 EDC Bond/Ice Skatium 490 ORDINANCE NO. AN ORDINANCE AUTHORIZING THE CITY OF CARMEL TO ISSUE ITS 1976 ECONOMIC DEVELOPMENT REVENUE BOND (ICE MANAGEMENT, INC. PROJECT) AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT~ THERETO. WHEREAS, the Carmel Economic Development Commission has rendered its Project Report for the Ice Management, Inc. Project regarding the financing of proposed economic development facilities for Ice Management, Inc., and the Chairman of the Carmel Plan Commzssion has commented favorably thereon; and WHEREAS, the ,Carmel Economic Development Commission conducted a public hearing on ~ ~ , 1976, and also adopted Resolution No. 7~-/~ ~n / ~ 7 , 1976, which Resolution has been transmitted her~o, ~inding that the financ- ing of certain economic development facilities for Ice Manage- ment, Inc. complies with the purposes and provisions of I.C., 18-6-4.5 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 this Common Council the Amendment to therefore Lease and the Amendment 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 Supplemental Lease approved by the Carmel Economic Development Commission and presented to this Common Council, the issuance and sale of a reve- nue bond, 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 Ice Management, Inc., the pay- ment of the revenue bond by the rent payments of Ice Management, Inc., under the Amendment to Lease, and the securing of said bond by the mortgaging of such facilities to the Trustee under the Amendment to Trust Indenture 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 Amendment to Lease and the Amendment to Trust Indenture approved by the Carmel Economic Development Commission are hereby approved and such documents (herein collectively 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 records of the Common Council and kept on file by the Clerk-Treasurer. Section 3. The City of Carmel shall issue its 1976 Economic Development Revenue Bond (Ice Management, Inc. Project), in the total principal amount of One Hundred Seventy Thousand Dollars 149 PAG 273,, ($170,000) for the purpose of procuring funds to apply on the costs of acquisition, construction and equipping of the economic development facilities, as more particularly set out in the Amend- ment to Trust Indenture and the Amendment to Lease incorporated herein by reference, which bond will be payable as to principal, premium, if any, and interest from the rental payments made by Ice Management, Inc., under the Amendment to Lease and from other revenues and income realized under the Amendment to Lease, or as otherwise provided in the above described Amendment to Trust Indenture. The bond shall never constitute a general obli- gation 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 bond to the purchaser thereof at a rate or rates of interest on the bond not to exceed 7-1/2% 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 Financing Agreement approved herein on behalf of the City of Carmel and any other documents which may be necessary or desirable to con- summate the transaction, including the bond authorized herein. The Mayor and Clerk-Treasurer are further authorized to approve by their execution the selection of the Trustee and such modifi- cations, insertions or amendments in the Financing Agreement as may be deemed appropriate and approved by the City Attorney. - 3 - 274 The bond and the documents constituting the Financing Agreement shall all be dated as of the first day of the month of the issu- ance of the bond. The Clerk-Treasurer is authorized to arrange for delivery of such bond to the Trustee named in the Amendment to Trust Indenture, payment for which will be made to the Trustee named in the Amendment to Trust Indenture and delivered by the Trustee to the purchaser thereof. Section 6. The provisions of this Ordinance and the Financing Documents securing the bond shall constitute a contract binding between the City of Carmel and the holder of the 1976 Economic Development Revenue Bond (Ice Management, Inc. Project), and after the issuance of said bond, this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of such holder so long as said bond 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. Clerk Treasurer - P~esidi~g Of fic~r - 4 - ~ 149 ~^.~ 275 · · Presented by me to the M~the City of Carmel, Indiana, on this /~ day of ~/-~, 1976. ~ 1976. Approved and signed by me on this ,/,~day of~~~ ~a~or, Ci~ty o-f C~rmel, I~iana - 5 - CARMEL ECONOMIC DEVELOPMENT cOMMISSION CARMEL, INDIANA BE IT RESOLVED BY THE CARMEL ECONOMIC DEVELOPMENT cOMMISSION THAT: Section 1. It finds that the proposed financing of economic development facilities referred to in the form of the Amendment to Lease and Amendment to Trust Indenture presented to this meeting for Ice Management, Inc., complies with the purposes and provisions of I.C., 18-6-4.5 and will be of benefit to the health and welfare of the City of Carmel and its citizens. Section 2. The final forms of the Amendment to Lease, the Amendment to Tr~st Indenture and the proposed form of ordi- nance presented to this meeting are hereby approved. Section 3. The Secretary shall initial and then insert a copy of the forms of documents approved by this Resolution in the records of this commission. Section 4. A copy of this Resolution and the other forms of documents approved by this Resolution shall be presented in their final form by the Secretary of the Commission to the Clerk- Treasurer for presentation to the common council. Adopted this ~. ~.coNo~c DEvE~.oP~N~ 111i$ Instrument Reco~'d~, JUNE M. H~GE$, RECOR~I~R, - 2 -