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REGULAR MEETING OCTOBER 14, 1985
<br />SECTION II. The City Controller is hereby authorized to execute for the City,
<br />individual participation agreements with each said employee requesting same, and to
<br />act as the "Administrator" of the Plan representing the City, and to execute such
<br />agreements and contracts as are necessary to implement the program. It is
<br />implicitly understood that, other than the incidental expenses of collecting and
<br />disbursing the employees' deferrals and other minor administrative matters, there be
<br />no cost or contribution by the City to the Plan.
<br />SECTION III. This resolution shall be in full force and effect from and after
<br />its passage by the Council, 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. Carol Sanders, deputy
<br />controller, indicated earlier this year the council passed an ordinance supporting a
<br />deferred compensation program for the employees of the City. She indicated PEBSC
<br />was selected as they offered a plan modeled after that of the U. S. Conference of
<br />Mayors which was deemed to be the plan that offered the most flexible and lowest
<br />fees. She indicated this resolution confirms that choice. Council Member
<br />Zakrzewski made a motion to adopt this resolution, seconded by Council Member
<br />Taylor. The resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1358 -85 AMENDMENT OF INDUCEMENT RESOLUTION: THE CITY OF SOUTH
<br />BEND, INDIANA, RELATING TO: AUTOMATIC MOLDED PLASTICS,
<br />INC. AND AQUARIUS PLASTIC FINISHERS, INC. PROJECT.
<br />WHEREAS, on September 9, 1985, this Common Council of the City of South Bend,
<br />Indiana ( "Council ") adopted Resolution No. 1338 -85, Inducement Resolution, the City
<br />of South Bend, Indiana, relating to: Automatic Molded Plastics, Inc. and Aquarius
<br />Plastic Finishers, Inc. project ( "Resolution "); and
<br />WHEREAS, the Resolution included a request by Aquarius Plastic Finishers, Inc.
<br />to acquire certain economic development facilities in South Bend, Indiana; and
<br />WHEREAS, the Resolution defined the economic development facilities ( "Project ")
<br />as follows:
<br />A. Automatic Molded Plastics, Inc. will acquire:
<br />One (1) building addition consisting of an additional
<br />20,000 square feet which would bring the building to a
<br />total of 107,000 square feet
<br />Six (6)200 ton molding machines
<br />Two (2) 300 ton molding machines
<br />Two (2) 400 ton molding machines
<br />B. Aquarius Plastic Finishers, Inc will acquire:
<br />Two (2) 1,200 ton injection molding machines
<br />One (1) 700 ton injection molding machine; and
<br />WHEREAS, in reliance on Resolution No. 1338 -85, Automatic Molded Plastics, Inc.
<br />started construction on the building addition; and
<br />WHEREAS, Automatic Molded Plastics, Inc desires to acquire all of the equipment
<br />and building addition in its own name and eliminate Aquarius Plastic Finishers, Inc
<br />from this acquisition; and
<br />WHEREAS, this Common Council finds that the acquisition of the building addition
<br />and equipment by only Automatic Molded Plastics, Inc. satisfies the qualifications
<br />and declarations of Resolution No. 1338 -85, and that Resolution should be amended.
<br />NOW, THEREFORE, the Common Council moves as follows:
<br />1. Resolution No. 1338 -85 is amended, nunc pro tunc, eliminating all reference
<br />to Aquarius Plastic Finishers, Inc. and further amended so that the following
<br />language:
<br />WHEREAS, Automatic Molded Plastics, Inc. and Aquarius Plastic Finishers, Inc.
<br />desire to acquire certain economic development facilities in South Bend,
<br />Indiana, provided that the City will finance a portion of the costs of such
<br />facilities, pursuant to the Act, which facilities will constitute economic
<br />development facilities, as defined in the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an
<br />application by Automatic Molded Plastics, Inc. and Aquarius Plastic Inc. for the
<br />issuance of City of South Bend Economic Development Revenue Bonds in the total
<br />amount of Three Million and No /100 Dollars ($3,000,000.00), with One Million
<br />Nine Hundred Forty -five Thousand and No /100 Dollars ($1,945,000.00), for
<br />Automatic Molded Plastics, Inc. and One Million Fifty -five Thousand and No /100
<br />Dollars ($1,055,000.00) for Aquarius Plastic Finishers, Inc., for the following
<br />economic development facilities, ( "Project "):
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