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REGULAR MEETING SEPTEMBER 12, 1983
<br />WHEREAS, said Lock Joint Tube Company, Inc. desires to expand its existing facilities
<br />and to acquire equipment for use in the manufacturing of steel tubing at its plant
<br />located at 1400 Riverside Drive, South Bend, Indiana 46616, which expansion and equipment
<br />will constitute economic development facilities; and
<br />WHEREAS, the South Bend Economic Development Commission has heretofore received,
<br />investigated, studied, and approved an application of Lock Joint Tube Company, Inc.,
<br />and Indiana corporation, relating to such Lock Joint Tube Company, Inc. 1983 Project
<br />in order that Industrial Development Bonds may be issued to acquire such economic
<br />development facialities in an amount not exceeding One Million Two Hundred fifty
<br />Thousand Dollars ($1,250,000.00) payable with interest thereon at a rate which does
<br />not exceed the prime rate recognized by South Bend Indiana, financial institutions
<br />adjusted on a periodic basis with the principal and interest on such Bonds being paid
<br />on a periodic basis over a period of not exceeding twelve (12) years after the issuance
<br />thereof.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana, as follows:
<br />1. That the expansion of existing facilities and acquisition of the equipment
<br />relating to such Lock Joint Tube Company, Inc. 1983 Project constitutes economic
<br />development facilities which should be financed by the City of South Bend, Indiana,
<br />through the issuance of Industrial Develpment Bonds pursuant to the provisions of
<br />Indiana Code Section 36- 7 -12 =; et seq., hereinafter referred to as the "Act," which
<br />Bonds will not be general obligation Bonds of the City of South Bend, Indiana, but
<br />will be payable solely from the sources authorized and permitted by the Act.
<br />2. That it is hereby determined that the issuance of such Industrial Development
<br />Bonds to pay a portion of the costs for the expansion of existing facilties and acquisition
<br />of equipment relating to such Lock Joint Tube company, Inc. 1983 Project is determined
<br />to be in the best interests of the City of South Bend, Indiana, and the Common Council
<br />of South Bend, Indiana hereby declares its intention to issue such Industrial Development
<br />Bonds and hereby approves the application relating to such Lock Joint Tube.company,
<br />Inc. Project.
<br />3. That it is hereby determined that
<br />to such Lock Joint Tube Company, Inc. 1983
<br />welfare of the City of South Bend, Indiana,
<br />provisions of the Act.
<br />the economic development facilities relating
<br />Project will be of benefit to the economic
<br />and will comply with the purposes and
<br />4. That this Bond issue will not have adverse competitive effects as the nearest
<br />competitor to Lock Joint Tube Company, Inc. is located in Ohio.
<br />5. That the South Bend Economic Development Commission be and it hereby is
<br />authorized and directed to pursue the completion of such Lock Joint Tube Company,
<br />Inc. 1983 Project as referred to in said application of Lock Joint Tube Company, Inc.
<br />and as approved by this Inducement Resolution.
<br />6. That the liability and obligation
<br />be limited solely to the good faith efforts
<br />Inc. 1983 Project, and the issuance of such
<br />Bend, Indiana, nor its officers or agents,
<br />virtue of the issuance of any such Bonds.
<br />of the City of South Bend, Indiana, shall
<br />to consummate such Lock Joint Tube company,
<br />bonds, and neither the City of South
<br />shall incur any personal liability by
<br />/s/ Joseph T.Serge
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Ernest Szarwark, attorney
<br />for the petitioners, indicated they were planning to expand their existing facilities
<br />and to purchase new cutting machine equipment. He indicated with the expansion, they
<br />hoped to employ between twelve to twenty new employees. Council Member Serge made a
<br />motion to adopt this resolution, seconded by Council Member Taylor. The resolution
<br />was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1085 -83 A RESOLUTION OF THE COMMON COUNCIL AUTHORIZING THE PRESIDENT
<br />OF THE BOARD OF PARK COMMISSIONERS TO SUBMIT A GRANT APPLICATION
<br />TO THE INDIANA DEPARTMENT OF NATURAL RESOURCES FOR LAND AND
<br />WATER CONSERVATION FUNDS.
<br />WHEREAS, Land and Water Conservation Funds are available through the Indiana
<br />Department of Natural Resources to be used to help finance land acquisition and park
<br />development through the State of Indiana and,
<br />WHEREAS, the South Bend, Indiana Board of Park Commissioners have been left
<br />funds in the will of the late Arthur A. Fredrickson to be used to construct a park in
<br />the City of South Bend to be known as Fredrickson Park,
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana as follows:
<br />Section I. The President of the Board of Park Commissioners has the authority
<br />to file a grant application with the Indiana Department of Natural Resources for Land
<br />
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