HomeMy WebLinkAboutInducement Resolution Relating to Whiteford NationaLease, Inc. Project RESOLUTION
NO. 1200-84
Passed by the Common Council of the City of South Bend, Indiana,
September 10 , 19 84 ,
Attest: K- City Clerk
Attest: ai .' i / , 41-1-1 President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
September 11, 19 84 ,
City Clerk
Approved and signed by me Ld /1, 19 0 q.
/it i/(.A (�/I/u/ Mayor
RESOLUTION NO. 150A -1N
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: Whiteford NationaLease, Inc. Project
WHEREAS , at the present time there are insufficient
employment opportunities and insufficient diversification of
business, commerce and industry in and near the City of South
Bend, Indiana (the "City") ; and
WHEREAS, the economic welfare of the City would be
benefited by the acquisition and construction of economic
development facilities in the corporate limits of the City pur-
suant to the provisions of Indiana Code 36-7-12 (the "Act") ; and
WHEREAS, Whiteford NationaLease, Inc. , which is an
Indiana corporation, proposes to acquire and construct economic
development facilities in South Bend, Indiana as defined in the
Act if the City will finance costs of such economic development
facilities pursuant to the Act; and
WHEREAS, the South Bend Economic Development Commis-
sion has received an application by Whiteford NationaLease,
Inc. , for the issuance of City of South Bend Industrial De-
velopment Revenue Bonds in the approximate principal amount of
Nine Hundred Ninety-Nine Thousand and no/100 Dollars
($999,000.00) , to be repaid with approximately 9.25% interest
over approximately four years and nine months, with the pro-
ceeds of the bonds being used to acquire economic development
facilities to be based and located in South Bend, Indiana,
which will result in the creation of new jobs in and near South
Bend, Indiana.
NOW, THEREFORE, the Common Council of the City of
South Bend, Indiana resolves as follows:
1. The project constitutes economic development
facilities which shall be financed by the City through the
issuance of revenue bonds pursuant to the Act and the City is
willing, upon compliance with all provisions of Indiana law, to
authorize approximately Nine Hundred Ninety Thousand and no/100
Dollars ($990 ,000 .00) of its revenue bonds, which bonds will
not be general obligations of the City but will be payable
solely from the limited sources authorized and permitted by the
Act.
2 . The proposed financing will be of benefit to the
economic welfare of the City and will comply with the purposes
and provisions of the Act.
3 . Whiteford NationaLease, Inc. may proceed with
acquisition and construction of the economic development facil-
ities in reliance upon this resolution.
4. That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
Council and the City of South Bend, Indiana, shall be limited
solely to the good faith efforts to consummate such proceedings
and issue such Bonds, and the South Bend Economic Development
Commission and the City of South Bend, Indiana, their officers
and agents, shall not incur any liability if for any reason the
proposed issuance of such Bonds is not consummated.
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This Inducement Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approval by the Mayor .
Member of the Common Council
PRESENTED 9 -/6
- 7
►CT APPROVED
ADOPTED Y- lG -1/
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BARNES & THORNBURG
OF COUNSEL
TON!SUE AX ALAN W.BOYD LESTER N.PONDER
JOHN JERRYw.HouGHToN PARKER SIXTH FLOOR,1ST SOURCE BANK CENTER CHARLES M.WELLS THOMAS L.MURRAY
RREN E.MCGILI NELSON J.VOGEL,JR. THOMAS M.SCANLON THOMAS P.JENKINS
..DEAHL ROGER W.BEHIND 100 NORTH MICHIGAN THORNBURG F.sMITH
JO ELTON• FREDERIC O.ANDERSON LIPTJ.FACCENDA
GEORGE.1.CAzAS J.LAKE SOUTH BEND, INDIANA 46601 ROBERT S.ASHBV pERRTIYALANA
JOHN R.HARMAN BRYAN G.TABLER LOUIS A.HIGHMARK A.JAMES RICHARDSON
HOWARD J I
RICHARDM.TTRECKELO PHEN KSM ITH
RIIRJ EE RICHARD W.MORGA ERNE ST J.SZARWARK KATHLEEN K s Rm KLEV
RCHADEDERMICHAEL PAUL LANK.MUi
EOwARO 0.BELANEY DAVID M.POWLEN JOSEPH W.RESONE
ROBERT E.HIGHFIELD CYM H.LOWELL E LUCAS RYAN M.FOUNTAIN•
DANIEL W.RUDV JERRY E.HYLAND (219) 233-1171 (2191 237-1125 NEER.MAWHINNEV EDWARD A.KEIRN
DONALD 0.EVEN50N• MARCUS B LE HAND R TIMOTHY J.RIVFLE
R
SAMUEL S.THOMPSON •LONG AESEBIER
C.ISNYDER,JR. DONALD E JOHNLM TIMOTHY T.CASADY
JAMES A.MCDERMOTT wAYNE.C.KREIJSCHER TWX 810-341-3427 B&T LAW INO JAMES A.COLES JANET D.NEuENscHwANDER
SHIRLEY SHIRLETA811mELER A WA LO J ANTHONY
REYNOLD S DEN MGILL JOHN OTHHAAR G .THOR T O
N
CHARLES E KENT DOUGLAS K-D IETER JOHN
WILLIAM R.COFFET MICHAEL 1313 MERCHANTS BANK BVILDNG SANDRAJ.LONG DOULAS D.SMALL
BRUCE CLAUDIA V.SWHER
CONNIE M.MCKEAx PAULAm.TAYLOR
JOHN T.MUWIHILL K.BELLAMY II SOUTH MERIDIAN STREET BRUCE B.MARK HOWARD E.KocHELL
CATHERINE L INDIANAPOLIS,INDIANA 46204 JEFFREY J.TONNER RONALD E.CHRISTIAN
STEPHEN A.SEALLE RICHARD D.CONARDE 13171 638-1313 GREGORY L
GORDON S.ESLICK LARRY J.STROBLE JAMES LOOTENS IC
B. N GILLENWATER•
BRONN LLO ANNE N.DCPREZ M-SUE MICHAEL
RICHARD
OHN A.BURGESS STEPHEN W 305 FIRST NATIONAL BANK BUILDING .COHEN III
ROBERT P.JOHNSTONE A.HAISTE O JAMES MCNEAL ER
TOM CHARLES HUSTON STANLEY C.FICKLE 301 SOUTH MAIN STREET NANCY L.ICKLER
JAMES A.STRAIN WILLIAM I.KOHN ELKHART,INDIANA 46516 KOSULLIVAN,JR. RICHARD A.REZEK
GEORGE H.BAKER 12191 293-0681 KENNETH R.BETRINI DAVID
KENNETH H.INSKEEP JAMES O.PERRINUE
SUITE 500
1815 H STREET,N.W.
T WASHINGTON,D.C.20006
o CALL WRITER DIRECT •ADMITTED IN D.C.BVT NOT INDIANA
September 4, 1984
Ms. Irene Gammon, Clerk
City of South Bend
County-City Building
South Bend, Indiana 46601
Re: Application for City of South Bend, Indiana,
Economic Development Revenue Bonds
(Whiteford NationaLease, Inc. Project)
Dear Ms. Gammon:
Please accept for filing a form of inducement
resolution to be adopted by the City Council of the City of
South Bend, Indiana, with respect to the issuance of its City
of South Bend, Indiana, economic development revenue bonds
(Whiteford NationaLease, Inc. Project) in the approximate
amount of $999, 000. The project in question consists of the
acquisition of 16 to 17 tractors (power units) to be based and
located within the City of South Bend, Indiana. In support of
this request for a favorable inducement resolution, the
applicant respectfully shows:
1. It will cause to be prepared and will present for
hearing before the City Council the appropriate forms of loan
agreement, mortgage, security agreement, financing statements,
and all other appropriate forms of economic development revenue
bonds, transmittal forms, ordinances, notices and resolutions
relating to such bond issue in compliance with the laws of the
State of Indiana, the Internal Revenue Code of the United
States, and applicable regulations.
Ms. Irene Gammon
September 4, 1984
Page 2
2. Applicant desires that the bonds be issued in the
total principal amount of $990, 000, payable at approximately
9. 25 percent interest over approximately four years and nine
months.
3. The proceeds of the bond will be utilized to pay
the costs of acquiring 16 to 17 new tractors (power units) to
be based and located within the City of South Bend, Indiana.
4. Applicant needs to commence commitment to and
acquisition of the project forthwith.
5. There are no contracts, covenants or prohibitions
to the knowledge of applicant which would preclude the issuance
of such economic development revenue bonds and the acquisition
of the project.
6. It is anticipated that the economic development
facility will result in the generation of 20 new employment
opportunities within the City of South Bend, Indiana, and will
increase the existing payroll of the company by approximately
$600, 000.
We would deeply appreciate your placing this matter
on the agenda of the City Council for its next regularly
scheduled meeting.
Thank you for your kind cooperation and assistance.
Sincerely yours,
BARNES & THORNBURG
Ernest J. Szarwark
EJS:kav
Enclosure
cc: Kenneth Fedder, Esq.
Warren E. McGill, Esq.
BARNES $ THORNBURG
RESOLUTION NO.
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
Relating to: Whiteford NationLease, Inc. Project
WHEREAS, at the present time there are insufficient
employment opportunities and insufficient diversification of
business, commerce and industry in and near the City of South
Bend, Indiana (the "City") ; and
WHEREAS, the economic welfare of the City would be
benefited by the acquisition and construction of economic
development facilities in the corporate limits of the City pur-
suant to the provisions of Indiana Code 36-7-12 (the "Act") ; and
WHEREAS, Whiteford NationLease, Inc. , which is an
Indiana corporation, proposes to acquire and construct economic
development facilities in South Bend, Indiana as defined in the
Act if the City will finance costs of such economic development
facilities pursuant to the Act; and
WHEREAS, the South Bend Economic Development Commis-
sion has received an application by Whiteford NationLease,
Inc. , for the issuance of City of South Bend Industrial De-
velopment Revenue Bonds in the approximate principal amount of
Nine Hundred Ninety-Nine Thousand and no/100 Dollars
($999,000.00) , to be repaid with approximately 9 .25% interest
over approximately four years and nine months, with the pro-
ceeds of the bonds being used to acquire economic development
facilities to be based and located in South Bend, Indiana,
which will result in the creation of new jobs in and near South
Bend, Indiana.
NOW, THEREFORE, the Common Council of the City of
South Bend, Indiana resolves as follows:
1. The project constitutes economic development
facilities which shall be financed by the City through the
issuance of revenue bonds pursuant to the Act and the City is
willing, upon compliance with all provisions of Indiana law, to
authorize approximately Nine Hundred Ninety Thousand and no/100
Dollars ($990 ,000 .00) of its revenue bonds, which bonds will
not be general obligations of the City but will be payable
solely from the limited sources authorized and permitted by the
Act.
2. The proposed financing will be of benefit to the
economic welfare of the City and will comply with the purposes
and provisions of the Act.
3 . Whiteford NationLease, Inc. may proceed with
acquisition and construction of the economic development facil-
ities in reliance upon this resolution.
4. That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
Council and the City of South Bend, Indiana, shall be limited
solely to the good faith efforts to consummate such proceedings
and issue such Bonds, and the South Bend Economic Development
Commission and the City of South Bend, Indiana, their officers
and agents, shall not incur any liability if for any reason the
proposed issuance of such Bonds is not consummated.
-2-
This Inducement Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approval by the Mayor.
•
Member of the Cc) on Council
FILED IN CLEM 'S OFFICE
s : ' 1984
PRESENTED ?- /o -s'Y Irene Gammon
CITY CLERK,SOUTH BEND,IND,
NOT APPROVED.
ADOPTED
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