Laserfiche WebLink
ORDINANCE NO. is t Q d -77 <br />AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST <br />INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND <br />AUTHORIZING THE EXECUTION THEREOF PERTAINING TO RHOADES- <br />MARTIN ENTERPRISES, INC. <br />STATEMENT OF PURPOSE OF INTENT: <br />The Common Council of the City of South Bend, Indiana, heretofore <br />has created the South Bend Development Commission, hereinafter referred <br />to as "Commission ", pursuant to the provisions of the Public Law No. <br />182 of the Acts of the General Assembly of Indiana for 1973, as such <br />may be amended from time to time, including but not limited to IC <br />18- 6- 4.5 -2, through IC 18- 6- 4.5 -28, hereinafter referred to as the <br />"Act "; and <br />RHOADES- MARTIN ENTERPRISES, INC., has filed an application with <br />the Commission to finance the acquisition of real estate and the <br />construction thereof of an industrial and commercial building (facilities) <br />which will constitute economic development facilities resulting in a <br />substantial number of new jobs as well as other benefits; and <br />in connection therewith the Commission has prepared and placed on <br />file a report containing the subject matter as specified in Section 16 <br />of IC 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the <br />Area Plan Commission and to the Superintendent of the School Corporation <br />in the area of which the facilities will be located, and has timely <br />received favorable reports from each of them; and <br />the Commission held a public hearing on the proposed financing of <br />such facilities on July 25, 1977, after giving the required notice as <br />provided for in Section 17 of IC 18 -6 -4.5 and did find that the proposed <br />financing complies with the purposes and provisions of the applicable <br />Indiana statutes governing the issuance of Industrial Development <br />Revenue Bonds by the Commission and the Commission finds that the proposed <br />facility will not have an adverse competitive effect on similar facilities <br />already constructed and operating in the City of South Bend, Indiana; <br />and <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City <br />of South Bend, Indiana, that: <br />Section 1. The form and terms of the Lease and Trust Indenture <br />and Industrial Development Revenue Bonds pertaining to RHOADES- MARTIN <br />ENTERPRISES, INC., facilities and the issuance of the Industrial <br />Development Revenue Bond pursuant thereto are hereby approved and adopted. <br />Section 2. Said forms of Lease and Trust Indenture together with <br />Industrial Development Revenue Bonds which are on file with the Commission <br />are hereby incorporated by reference into this Ordinance, and said forms <br />shall be inserted into the minutes of the Common Council of the City of <br />South Bend, Indiana and shall be kept on file by the City Clerk of <br />South Bend, Indiana. <br />Section 3. The Lease and Trust Indenture shall be executed on <br />behalf of the City of South Bend, Indiana by the Mayor and City Clerk <br />and sealed with the corporate seal of such City. <br />Section 4. Said Industrial Development Revenue Bonds, payable <br />solely and only from the revenue derived from such RHOADES- MARTIN <br />ENTERPRISES, INC., facilities, may be issued in amounts not to exceed <br />One Hundred Seventy -Five Thousand ($175,000.00) Dollars for a period <br />not exceeding fifteen (15) years after the first monthly installment <br />