14-20 Cedar Glen Bond Ordinance - Laserfiche WebLink

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WHEREAS, the Commission has determined that the Project will not have an adverse competitive effect or impact on any similar facility or facilities of the same kind already constructed or operating in the same market area or in or about the City; and WHEREAS, pursuant to Indiana Code 36-7-12-24, as amended, and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the Commission published notice of a public hearing (the "Public Hearing") on the proposed issuance of the Bonds to finance all or a portion of the Project, and on March 23, 2020, prior in time to the adoption of this Ordinance, the Commission held the Public Hearing for the purpose of receiving evidence and testimony on the Project and matters related to the proposed financing thereof and heard all persons interested in the proceedings and considered written comments, remonstrances and objections, if any; and WHEREAS, following such Public Hearing, the Commission adopted a resolution (the "EDC Resolution") making findings that the financing of the Project complies with the purposes and provisions of the Act and that such financing will be of benefit to the health and welfare of the City, will provide affordable housing; and WHEREAS, pursuant to and in accordance with the Act, the City desires to issue the Bonds to assist in financing all or a portion of the Project by issuing the Bonds; and WHEREAS, the City intends to issue one or more series of Bonds consistent with the terms of this Ordinance pursuant to (a) a Trust Indenture (the "Indenture"), between the City and a corporate trustee to be selected by the Borrower (the "Trustee"), in order to obtain funds to lend to the Borrower pursuant to a Loan Agreement (the "Loan Agreement"), between the City and the Borrower, and (b) a Bond Purchase and Loan Agreement (the "Bond Purchase and Loan Agreement"), among the City, the Borrower and the purchaser of the series of Bonds being issued thereunder, in order to obtain funds to lend to the Borrower(the Bond Purchase and Loan Agreement, the Indenture, the Loan Agreement, the Regulatory Agreement and Declarations of Restrictive Covenants among the City, the Trustee, the Borrower, and the forms of the Bonds, collectively, the "Financing Agreements"), for the purpose of financing of all or a portion of the costs of the acquisition, construction, renovation, installation and equipping of the Project in accordance with the terms of Financing Agreements, to be dated as of the first day of the month in which the Bonds are sold or delivered (or such other date as the officers of the City may hereafter approve); and WHEREAS, pursuant to the Financing Agreements, the Borrower will make representations, warranties and commitments with respect to the Project and the use of the proceeds of the Bonds to be provided to the Borrower in accordance with the terms thereof; and WHEREAS, no member of the Common Council of the City (the "Council") has any pecuniary interest in the Financing Agreements or any employment or other contract made under the provisions of the Act and related to the Bonds authorized herein, which pecuniary interest has not been fully disclosed to the Council and no such member has voted on any such matter, all in accordance with the provisions of Indiana Code 36-7-12-16; and WHEREAS, there has previously been submitted to the Commission for its approval the forms of the Financing Agreements and a form of this proposed Ordinance, which were US 126992461 02