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Approving Industrial Development Revenue Bonds - L.L. Johnson Lumber MFG. Co Project
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Approving Industrial Development Revenue Bonds - L.L. Johnson Lumber MFG. Co Project
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5/22/2013 10:20:32 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/27/1980
Ord-Res Number
6782-80
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approved this form of Ordinance authorizing the execution thereof, <br />and that such economic development facilities will not have an <br />adverse competitive effect on similar facilities already con- <br />structed and operating in the City of South Bend, Indiana. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of <br />the City of South Bend, Indiana, that: <br />Section 1. The form and terms of the Trust Indenture <br />and User Agreement, real estate mortgages and Industrial Development <br />Revenue Bond attached as exhibits thereto pertaining to the issu- <br />ance of the Industrial Development Revenue Bonds in accordance with <br />the terms of the Trust Indenture and User Agreement pertaining to <br />the application of L. L. Johnson Lumber Mfg. Co., are hereby <br />approved and adopted. <br />Section 2. Said forms of Trust Indenture and User <br />Agreement, real estate mortgages and Industrial Development Revenue <br />Bond which are on file with the Commission are hereby incorporated <br />by reference into this Ordinance, and said forms shall be inserted <br />into the minutes of the Common Council of the City of South Bend, <br />Indiana, and shall be kept on file by the City Clerk of South Bend, <br />Indiana. <br />Section 3. The Trust Indenture and User Agreement and <br />Bond shall be executed on behalf of the City of South Bend, Indi- <br />ana by the Mayor and the City Clerk. <br />Section 4. Said Industrial Development Revenue Bonds, <br />payable solely and only from the revenues derived from such L. L. <br />Johnson Lumber Mfg. Co. Project pursuant to the aforementioned Trust <br />Indenture and User Agreement, shall not be in any respect a general <br />obligation of the City, nor shall the bonds be paid in any manner <br />from funds raised by taxation and may be executed in amounts not <br />to exceed Three Hundred Eighty Thousand Dollars ($380,000.00) <br />repayable with interest over a period of sixteen (16) years in <br />accordance with the terms set forth in such Trust Indenture and <br />User Agreement, and that such Trust Indenture and User Agreement <br />and such Industrial Development Revenue Bonds shall be executed <br />on behalf of the City of South Bend, Indiana, by the Mayor and <br />Clerk and sealed with the corporate seal of such City. <br />-2- <br />
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