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REGULAR MEETING
<br />6
<br />RESOLUTION NO. 1263 -85
<br />FEBRUARY 25, 1985
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, RELATING TO AN APPLICATION BY INLAND
<br />DISTRIBUTING CORPORATION FOR THE ISSUANCE OF CITY OF
<br />SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS.
<br />WHEREAS, at the preent time there are insufficient employment opportunities and
<br />insufficient diversification of business, commerce and industry in and near the city
<br />of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />of economic development facilities in the corporate limits of the City pursuant to
<br />the provisions of Indiana Code 36 -7 -12 (the "Act "); and
<br />WHEREAS, Inland Distributing Corporation, an Indiana corporation ( "Murphy ")
<br />doing business in the City, proposes to acquire economic development facilities in
<br />South Bend, Indiana as defined in the Act if the City will finance costs of such
<br />economic development facilities pursuant to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an
<br />application by Inland for the issuance of City of South Bend Economic Development
<br />Revenue Bonds in the approximate principal amount of Eight Hundred and Fifty
<br />Thousand ($850,000.00) with terms of repayment at a rate of interest not to exceed
<br />ten (10 %) percent, and to be amortized over a period not to exceed fifteen (15)
<br />years. The proceeds of the bonds will be used to acquire, remodel, expand and equip
<br />manufacturing and office facilities for use by Inland Distributing Corporation,
<br />located at 1145 Prairie Avenue, South Bend, Indiana, resulting in approximately five
<br />(5) new full time jobs added to Inland's payroll with an increase in its annual
<br />payroll of approximately One Hundred Thousand ($100,000.00) Dollars.
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves
<br />as follows:
<br />1. The project constitutes economic development facilities which shall be
<br />financed by the City through the issuance of revenue bonds pursuant to the Act and
<br />the City is willing, upon compliance with all provisions of Indiana law, to
<br />authorize approximately Eight Hundred and Fifty Thousand ($850,000.00) of its
<br />revenue bonds, which bonds will not be general obligations of the City but will be
<br />payable solely from the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the
<br />City and will comply with the purposes and provisions of the Act.
<br />3. The Company may proceed with acquisition and construction of the economic
<br />development facility in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend Economic Development
<br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall
<br />be limited solely to the good faith efforts to consummate such proceedings and issue
<br />such Bonds, and the South Bend Economic Development Commission and the City of South
<br />Bend, Indiana, their officers and agents, shall not incur any liability if for any
<br />reason the proposed issuance of such Bonds is not consummated.
<br />This Inducement Resolution shall be in full force and effect from and after its
<br />adoption by the Common Council and approval by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Kenneth Fedder, attorney
<br />for the Economic Development Commission indicated this $850,000 bond issue would be
<br />used to acquire, remodel, expand and equip manufacturing and office facilities
<br />located at 1145 Prairie. He indicated five new full -time jobs will be created.
<br />Council Member Serge made a motion to adopt this resolution, seconded by Council
<br />Member Puzzello. The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1264 -85
<br />A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER OF IDLE
<br />FUNDS OF THE CITY OF SOUTH BEND, INDIANA, FROM VARIOUS
<br />FUNDS TO VARIOUS FUNDS WITHIN THE CIVIL CITY OF SOUTH
<br />BEND, INDIANA.
<br />WHEREAS, it is necessary to provide funds for the Corporation Genera, Park
<br />Maintenance, Police Pension, Fire Pension, and Century Center Board of Managers
<br />Operating funds prior to the receipt of taxes in the year 1985 in order to meet the
<br />current operating expenses of the City, provided for in the budget adopted for the
<br />year 1985; and
<br />WHEREAS, there are monies on deposit to the credit of various funds of the City,
<br />to wit: Cumulative Sewer Building and Sinking, Sewage Works Sinking, Sewage Works
<br />Depreciation, Sewage Works Insurance Fund, Water Works Depreciation, Cumulative
<br />Capital Improvement, Sewers Repair, and Liability Insurance and Premium Reserve
<br />Funds which can be temporarily advanced or transferred to the various funds already
<br />mentioned; and
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