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REGULAR MEETING JUNE 25 1979
<br />REGULAR MEETING RECONVENED (CONTINUED
<br />ORDINANCE NO. 6600 -79 AN ORDINANCE APPROPRIATING $7,000.00 FROM THE FEDERAL
<br />ASSISTANCE GRANT, COMMONLY REFERRED TO AS GENERAL REVENUE
<br />SHARING, FOR DEFRAYING THE EXPENSE OF PROVIDING A FIRE
<br />WORKS DISPLAY IN CONJUNCTION WITH THE ETHNIC FESTIVAL.
<br />THIS APPROPRIATION WILL BE ADMINISTERED BY THE CITY OF
<br />SOUTH BEND THROUGH ITS DEPARTMENT OF ADMINISTRATION AND
<br />FINANCE.
<br />This bill had second reading. Council Member Serge made a motion to pass this bill, seconded
<br />by Council Member Adams. The bill passed by a roll call vote of nine ayes.
<br />ORDINANCE NO. 6601 -79 AN ORDINANCE APPROVING THE FORM AND TERMS OF A LEASE AND
<br />TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS;
<br />AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
<br />DERBY, INC. PROJECT.
<br />This bill had second reading. Council Member Adams made a motion to pass this bill, seconded
<br />by Council Member Dombrowski. The bill passed by a roll call vote of nine ayes.
<br />RESOLUTIONS
<br />RESOLUTION NO. 705 -79 A RESOLUTION AUTHORIZING THE .EXECUTION OF.AN AGREEMENT
<br />WITH SIMON BROS, INCORPORATED, OR ANY SUBSIDIARY THEREOF,
<br />RELATING TO THE CONSTRUCTION AND INSTALLATION OF ECONOMIC
<br />DEVELOPMENT FACILITIES TO BE USED IN THE SALE OF VARIOUS
<br />TYPES OF FOODS, PAPER, SUPPLIES AND OTHER COMMODITIES,
<br />WITHIN THE BOUNDARIES OF THE CITY OF SOUTH BEND, INDIANA.
<br />WHEREAS, the City of South Bend, Indiana (the "Issuer "), by virtue of the laws of the
<br />State of Indiana, including the Municipal Economic Development Act of 1965, as amended,
<br />Indiana Code of 1971, Title 18, Article 6, Chapter 4.5 (the "Act "), is authorized and em-
<br />powered, among other things, (a) to provide funds to pay costs of economic development
<br />facilities within the boundaries of the Issuer, to be owned and used by Simon Bros., Incorporat
<br />or any subsidiary thereof (the "Company "), (b) to issue economic development revenue bonds
<br />for the purpose of paying the costs of such construction and finance costs, (c) to secure such
<br />economic development revenue bonds by an indenture, including the pledge and assignment of
<br />revenues derived from such economic development facilities to the payment of said revenue bonds
<br />and the granting of a mortgage on such facilities for the benefit of the bondholders, and (d)
<br />to enter into a loan agreement hereinafter mentioned; and
<br />WHEREAS, the Company is a corporation duly organized under the laws of the State of
<br />Indiana and desires to construct economic development facilities within the Issuer to be used
<br />in the sale of various types of foods, paper, supplies, and other commodities (the "Facility ");
<br />and
<br />WHEREAS, it is the desire of the members of the Common Council of the Issuer that the
<br />additional jobs and employment opportunities resulting from the Facility be provided at the
<br />earliest possible moment and that the economic improvement produced by the operation of the
<br />Facility within the Issuer occur at the earlies possible time; and
<br />WHEREAS, under the provisions of the Act it will be necessary for the South Bend Economic
<br />Development Commission (the "Commission ") and the Common Council of the Issuer to undertake
<br />certain proceedings and adopt certain legislation prior to the issuance of any economic
<br />Development revenue bonds to provide funds for the construction and installation of such
<br />Facility and prior to the execution of any loan agreement therefore; and
<br />WHEREAS, this Common Council desires to initiate certain formal steps necessary to secure
<br />the commitment of the Company to construct and.use the Facility and to provide for other
<br />matters incidental thereto;
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana th
<br />SECTION 1. It does hereby approve a finding and determination by the Commission that:
<br />a. The real and personal property to be included in the Facility will be an
<br />"economic development facility" within the meaning of those terms in the Act.
<br />b. That the utilization of such real and personal property in the creation and
<br />location of the Facility would be economically sound and will benefit the
<br />health, prosperity, economic stability and general welfare of the Issuer
<br />and that because of existing insufficient employment opportunities and
<br />.insufficient diversification of industry within the Issuer, the economic
<br />welfare of the Issuer would be benefited by the construction and use of
<br />the Facility by the Company.
<br />SECTION 2. In order to overcome insufficient employment opportunities and insufficient
<br />diversification of industry which the Common Council of the Issuer has heretofore found to
<br />exist in the Issuer, this Common Council determines to commence negotiations with the Company
<br />concerning the terms of a loan agreement and desires to initiate certain formal steps to secure
<br />the commitment of the Company to construct and use the Facility and to provide for other
<br />matters incidental thereto.
<br />SECTION 3. Upon the approval and execution by the Commission of an agreement containing
<br />substantially the same terms and conditions as Exhibit A attached hereto, the Mayor is authorize
<br />and directed to execute the Agreement in the form attached hereto as Exhibit A, and such Agree-
<br />ment as attached hereto is hereby in all respects approved.
<br />SECTION 4. This resolution shall be in full force and effect from and after its passage
<br />by the Common Council, signed by the President of theCommon Council and approved by the Mayor.
<br />/s /Terry S Miller
<br />Member of the Common Council
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