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Approving Industrial Development Revenue Bonds - Steel Warehouse of Indiana Inc
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Approving Industrial Development Revenue Bonds - Steel Warehouse of Indiana Inc
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/15/1979
Ord-Res Number
6693-79
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will not have an adverse competitive effect on similar facilities <br />already constructed and operating in the City of South Bend, Indiana. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council <br />of the City of South Bend, Indiana, that: <br />Section 1. The form and terms of the Lease and Trust <br />Indenture and Industrial Development Revenue Bonds attached as <br />exhibits thereto pertaining to the issuance of the Industrial <br />Development Revenue Bonds in accordance with the terms of the <br />Lease and Trust Indenture pertaining to the application of STEEL <br />WAREHOUSE OF INDIANA, INC., are hereby approved and adopted. <br />Section 2. Said forms of Lease and Trust Indenture and <br />Industrial Development Revenue Bonds which are on file with the <br />Commission are hereby incorporated by reference into this <br />Ordinance, and said forms shall be inserted into the minutes of <br />the Common Council of the City of South Bend, Indiana, and shall <br />be kept on file by the City Clerk of South Bend, Indiana. <br />Section 3. The Lease and Trust Indenture and Bonds <br />shall be executed on behalf of the City of South Bend, Indiana, <br />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 STEEL <br />WAREHOUSE OF INDIANA, INC. Project shall not be in any respect a <br />general obligation of the City, nor shall the Bonds be paid in <br />any manner from funds raised by taxation, and may be executed in <br />amounts not to exceed Six Hundred Forty -Eight Thousand ($648,000.00) <br />Dollars, repayable with interest thereon at a rate not to exceed <br />Eight and one -half (8 -1/20) percent per annum, payable in monthly <br />installments over a period of twelve (12) years after the date of <br />such Bonds, and that such Lease and Trust Indenture and such <br />Industrial Development Revenue Bonds shall be executed on behalf <br />of the City of South Bend, Indiana, by the Mayor and Clerk and <br />sealed with the corporate seal of such City. <br />Section 5. Resolution No. 37 -79 of the South Bend <br />Economic Development Commission, passed on November 2,.1979, is <br />hereby approved; and the Common Council of the City, of South Bend <br />-2- <br />
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