Resolution 13-2021 - Approving the Issuance of Refunding Bonds by the Town of Mooresville Redevelopment Commission, and Addressing Other Matters Related Thereto

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RESOLUTION NO. 13-2021 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF MOORESVILLE, INDIANA, APPROVING THE ISSUANCE OF REFUNDING BONDS BY THE TOWN OF MOORESVILLE REDEVELOPMENT COMMISSION, AND ADDRESSING OTHER MATTERS RELATED THERETO WHEREAS, the Town of Mooresville Redevelopment Commission (the "Commission") proposes to issue tax increment refunding revenue bonds (the "Refunding Bonds") pursuant to IC 36-7-14, as amended (the "Act"), for purposes of refunding the outstanding "Town of Mooresville, Indiana, Redevelopment District Tax Increment Revenue fonds, Series 2014" previously issued to finance certain capital projects in the Town (the "2014 Bonds"), in order to generate debt service savings; and WHEREAS, the 2014 Bonds are now outstanding in the principal amount of Ten Million Seven Hundred Sixty Thousand Dollars ($10,760,000); and WHEREAS, the Town Council desires to approve the issuance of the Refunding Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF MOORESVILLE, INDIANA, as follows: Section 1. Approval of Refunding Bonds. The Town Council hereby approves the issuance by the Commission of not to exceed Twelve Million Dollars ($12,000,000) in aggregate principal amount of its tax increment refunding revenue bonds to provide for the refunding of the 2014 Bonds and related costs. The interest rate on the Refunding Bonds to be issued by the Commission shall not exceed six percent (6.0%) per annum. The final maturity date of the Refunding Bonds shall be not later than July 15, 2039. The Refunding Bonds may be subject to redemption prior to maturity on terms determined by the Commission prior to the sale of the Refunding Bonds, with the advice of the Commission's municipal advisor. The Refunding Bonds shall be payable solely from taxes on real property located in the Consolidated Mooresville Economic Development Area Allocation Area (the "Allocation Area") allocated and deposited in the related allocation fund pursuant to Section 39 of the Act and proceeds from the sale or leasing of property in the Allocation Area under Section 22 of the Act deposited into the related allocation fund as required by Section 26 of the Act, which Refunding Bonds shall be issued in the name of the Town. Section 2. Authorization of Other Actions. The President of the Town Council, any member of the Town Council, and the Clerk -Treasurer of the Town, and any other officer, employee or agent of the Town, is hereby authorized and directed, for and on behalf of the Town, to execute and deliver any contract, agreement, certificate, instrument or other document and to take any action as such person determines to be necessary or appropriate to accomplish the purposes of this Resolution, such determination to be conclusively evidenced by such person's execution of such contract, agreement, certificate, instrument or other document or such person's taking of such action. Section 3. Effective Date. This Resolution shall be in full force and effect from and after its passage by the Town Council as required by law.