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Authorizing the issuance and sale of an aggregate principal amount not to exceed one million five hundred thousand dollars ($1,500,000), Indiana variable rate Economic Development
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Authorizing the issuance and sale of an aggregate principal amount not to exceed one million five hundred thousand dollars ($1,500,000), Indiana variable rate Economic Development
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12/13/2010 10:38:57 AM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/24/1998
Ord-Res Number
8929-98
Bill Number
59-98
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AGAINST THE GENERAL CREDIT OR TAXING POWER OF, THE CITY, BUT ARE <br />LIMITED OBLIGATIONS OF THE CITY PAYABLE SOLELY FROM REVENUES AND <br />OTHER AMOUNTS DERIVED FROM THE LOAN AGREEMENT. <br />SECTION 5. A~nroval_ of Fin~n_cing Documents. The Indenture and the Loan Agreement <br />are hereby approved in the forms submitted to this meeting, and a copy of each such document <br />shall be kept on file by the Clerk. The Executive and the Clerk are hereby authorized and directed <br />to execute and deliver such documents without further approval of the Council in substantially the <br />forms herein approved with such additions, deletions and modifications thereto as may be <br />approved under the Act, the execution thereof being conclusive evidence of such approval and of <br />the approval of the Council; and the Clerk, or any authorized representative of the City, is hereby <br />authorized and directed to affix the seal of the City to such documents and to attest the same. <br />Two copies of the Indenture and the Loan Agreement, hereby incorporated into this Ordinance, <br />were duly filed in the Office of the Clerk and are available for public inspection in accordance <br />with Section 36-1-5-4 of the Indiana Code. <br />SECTION 6. Trustee. National City Bank of Indiana is hereby appointed as the initial <br />Trustee under the Indenture. <br />SECTION 7. Delivery of Bonds. After execution on behalf of the Executive and the <br />Clerk, the Bonds shall be delivered to the Trustee, which is hereby authorized and requested to <br />authenticate and deliver the Bonds to or upon the order of the purchaser thereof, or to any <br />depository, in accordance with and upon compliance with the provisions of the Indenture. <br />SECTION 8. State Securities Law Actions. The Executive and the Clerk are hereby <br />authorized in the name and on behalf of the City to take any and all action which the Executive <br />and the Clerk may deem necessary or advisable with the advice of counsel for the City in order <br />to effect the registration or qualification (or exemption therefrom) of the Bonds for issue, offer, <br />sale or trade under the Blue Sky or securities laws of any of the states of the United States of <br />America and in connection therewith, to execute, acknowledge, verify, deliver, file or cause to <br />be published any applications, reports, consents to service of process and other papers and <br />instruments which may be required under such laws, and to take any and all further action which <br />such official of the City may deem necessary or advisable in order to maintain any such <br />registration or qualification for as long as the Executive and the Clerk deem necessary or as <br />required by law, provided, however, the Executive and the Clerk need not consent to service of <br />process in any jurisdiction other than the State of Indiana. <br />SECTION 9. Other Action. The Executive and the Clerk are hereby authorized and <br />directed to execute and deliver, in the name and on behalf of the City, any and all additional <br />documents and instruments necessary or proper and to do and cause to be done any and all acts <br />and things necessary or proper for carrying out the transactions contemplated by this Ordinance <br />(including the recitals hereto and the documents mentioned herein) and the issuance and sale of <br />the Bonds, including without limitation the execution of a purchase contract with NatCity <br />Investments, Inc. to underwrite the sale of the Bonds, and deeming final the portions of an official <br />-3- <br />
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