09-14-99 Council Meeting Minutes

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REGULAR MEETING SEPTEMBER 14, 1999 SOUTH BEND, INDIANA ADJUSTABLE RATE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1999 (DYNAMIC R.E.H.C., INC. PROJECT); DESIGNATING THE BONDS AS LIMITED OBLIGATIONS OF THE CITY; APPROVING THE FORM OF, AND AUTHORIZING THE EXECUTION AND DELIVERY OF, THE TRUST INDENTURE, LOAN AGREEMENT AND OTHER DOCUMENTS RELATED TO THE ISSUANCE AND SALE OF THE BONDS; AND AUTHORIZING PROPER OFFICERS TO DO ALL OTHER THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION THEREWITH AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO Councilmember Ujdak made a motion to hear the substitute version of this bill. Councilmember Sniadecki seconded the motion which carried by a voice vote of seven (7) ayes. Councilmember Hosinski noted that he will recuse himself from voting on this bill as his law firm has represented one of the parties involved in this matter. Mr. Philip J. Faccenda, Jr., Barnes & Thornburg, 600 1St Source Bank Center, 100 North Michigan Street, South Bend, Indiana, made the presentation for this bill on behalf of Dynamic R.E.H.C., Inc. Mr. Faccenda noted that Mr. Jack Frepan of Dynamic Industries, Inc. was present as well. Mr. Faccenda noted that this is a one million four hundred ninety -five thousand dollar ($1,495,000.00) dollar bond issue. It is an Industrial Revenue Bond and there will be no liability to the City. The City is the issuer of the bond. The project consists of the acquisition of land and construction of a fifty thousand (50,000) square foot facility in the U.S. 31 Industrial Park that will serve as a machine shop and will manufacture machine tool components. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill, Council President Coleman made a motion for favorable recommendation to full Council concerning this bill. Councilmember Aranowski seconded the motion which carried by a voice vote of six (6) ayes, with Councilmember Hosinski recusing himself from voting on this matter. BILL NO. 71 -99 A BILL LEVYING TAXES AND FIXING THE RATE OF TAXATION FOR THE PURPOSE OF RAISING REVENUE TO MEET THE NECESSARY EXPENSES OF THE CIVIL CITY OF SOUTH BEND FOR THE FISCAL YEAR ENDING DECEMBER 31, 2000 BILL NO. 72-99 A BILL APPROPRIATING MONIES FOR THE PURPOSE OF DEFRAYING THE EXPENSES OF SEVERAL DEPARTMENTS OF THE CIVIL CITY OF SOUTH BEND, INDIANA FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2000, AND ENDING DECEMBER 31, 2000, INCLUDING ALL OUTSTANDING CLAIMS AND OBLIGATIONS, AND FIXING A TIME WHEN THE SAME SHALL TAKE EFFECT