WHEREAS, the Town of Plainfield Town Council (the "Council") adopted Ordinance No. 13-2003 on June 23, 2003, (the "Bond Ordinance"), which Bond Ordinance authorized the issuance of the Town's Taxable Economic Development Revenue Bonds, Series 2003 (Galyan's Project) (the "Bonds"), in an amount not to exceed $9,035,000; and
WHEREAS, on June 9, 2003 the Plainfield Economic Development Commission adopted a resolution inducing the Borrower (as defined in the Bond Ordinance) to construct the Project (as defined in the Bond Resolution) and proposed the issuance of the Bonds by the Town in an amount not to exceed $9,250,000; and
WHEREAS, the Commission published notice of a public hearing on the Bonds pursuant to IC 36-7-12-24 to be issued in an amount not to exceed $9,250,000 on June 12, 2003 and no public comments objecting to the Bonds were received, therefore an additional notice and public hearing is not required for the issuance of Bonds in an amount not exceeding $9,250,000; and
WHEREAS, based upon increasing costs for the project, the Bonds will now be issued in the principal amount of $9,250,000; and
WHEREAS, the Council has been advised that the Bond Ordinance will need to be amended to increase the maximum amount authorized under the Bond Ordinance to $9,250,000.
The Issuer shall issue its Bonds in the total principal amount not to exceed $9,250,000 and maturing no later than February 1, 2022. The Bonds are to be issued for the purpose of procuring funds to pay a portion of the costs of the construction of the Project, capitalized interest and the payment of certain costs of issuance, all as more particularly set out in the Trust Indenture (including form of Bonds) and Loan Agreement, which Bonds will be payable solely and only from payments made by the Borrower under the Loan Agreement and TIF Revenues, and the payment of certain costs of issuance. The Bonds shall be issued in fully registered form in the denomination of $5,000 or integral multiples thereof and shall be redeemable on any date, beginning August 1, 2012, at a maximum price of 101% of the principal amount outstanding plus interest accrued to the redemption date as further set forth in the Trust Indenture. Payments on the Bonds are payable in lawful money of the United States of America by check mailed or delivered to the registered owners. The Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the Town of Plainfield, nor are the Bonds payable in any manner from revenues raised by taxation except for TIF Revenues.
Sec. 2. All other provisions of the Bond Ordinance shall remain in full force and effect.
Sec. 3. This ordinance shall be in full force and effect from and after its passage.
Passed and adopted by the Town of Plainfield, Indiana Town Council on the 28th day of July, 2003.
TOWN COUNCIL, TOWN OF PLAINFIELD
HENDRICKS COUNTY, INDIANA:
Robin G. Brandgard
Robert M. Ward
Dan P. Young
Kent McPhail
Bill Kirchoff
ATTESTED BY:
Juliana M. Mitchell, Clerk-Treasurer of the
Town of Plainfield, Indiana
Ordinance Authorizing Plainfield To Issue Its "Taxable Economic Development Revenue Bonds, Series 2003 (Galyan's Project)" And Approving And Authorizing Other Actions In Respect Thereto
An Ordinance Annexing Certain Territory Contiguous To The Town Of Plainfield, Indiana, Placing The Same Within The Corporate Boundaries Thereof And Making The Same As Part Of The Town Of Plainfield And Redefining The Corporate Boundaries Of The Town Of Pl
Resolution Setting Forth Final Action In Determining That The Qualifications For An Economic Revitalization Area Have Been Met And Confirming Resolution No. 2003-03 Of January 27, 2003
