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Issue its Economic Development Revenue Bonds (Industrial Fuels & Resources Inc Project) $750,000.00
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Issue its Economic Development Revenue Bonds (Industrial Fuels & Resources Inc Project) $750,000.00
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Last modified
3/13/2013 2:04:59 PM
Creation date
3/13/2013 2:04:57 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/16/1985
Ord-Res Number
7570-85
Bill Number
160-85
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BARNES a THORNBURG <br /> 1313 MERCHANTS BANK BUILDING 600 (ST SOURCE BANK CENTER FEDERAL BAR BUILDING <br /> II SOUTH MERIDIAN STREET 100 NORTH MICHIGAN 1815 H STREET, N.W. <br /> INDIANAPOLIS,INDIANA 46204 WASHINGTON,D.C.20006 <br /> 13171638-1313 SOUTH BEND, INDIANA 46601 <br /> 12021 955-4500 <br /> (219) 233-1171 <br /> 305 FIRST NATIONAL BANK BUILDING <br /> 301 SOUTH MAIN STREET <br /> ELKHART,INDIANA 46516 TWX 810-341-3427 B&T LAW IND <br /> 12191 293-0681 TELECOPIER (219) 237-1125 <br /> TO CALL WRITER <br /> November 22, 1985 <br /> Ms. Irene Gammon HAND DELIVERED <br /> City Clerk <br /> 4th Floor <br /> County-City Building <br /> South Bend, Indiana 46601 <br /> Dear Ms. Gammon: <br /> Please find enclosed herein a form of Ordinance by <br /> which the City of South Bend, Indiana, would approve the <br /> issuance of its Economic Development Revenue Bonds in the <br /> original principal amount of approximately $750, 000. 00 in <br /> connection with Industrial Fuels & Resources, Inc. Project. The <br /> proceeds of the bond would be used to enable the partnership to <br /> purchase and construct economic development facilities in South <br /> Bend, Indiana. We would request that you place this on the <br /> agenda for a first hearing on December 2, 1985, and a second <br /> hearing on December 16, 1985. The South Bend Economic <br /> Development Commission will consider this at its December 16, <br /> 1985, meeting. We are taking the unusual step of requesting a <br /> first reading on this Ordinance prior to approval by the South <br /> Bend Economic Development Commission in order that we may obtain <br /> two hearings as required by Council rules prior to the end of <br /> 1985. <br /> The project will save 2 existing jobs with an annual <br /> payroll of approximately $31, 200 and is anticipated to create 19 <br /> new jobs with an annual payroll increase of $416,000. The bonds <br /> would be amortized over 10 years, and would be payable at a <br /> fixed rate of 10 percent per annum. The purchaser of the bonds <br /> will be Valley American Bank and Trust Company. <br /> In conclusion, we wish to thank you for your kind <br /> cooperation and assistance. <br /> Sincerely yours, ____7,r; <br /> ,,,,,,,..,2_67,, ,,,,,,c„ <br /> v, <br /> Ernest J. Szarwark <br /> EJS: slr <br /> Enclosure <br /> cc: Kenneth Fedder, Esquire <br /> Richard W. Morgan, Esquire <br />
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