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Authorizing the issuance and sale of an aggregate principal amount not to exceed one million five hundred thousand dollars ($1,500,000), Indiana variable rate Economic Development
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Authorizing the issuance and sale of an aggregate principal amount not to exceed one million five hundred thousand dollars ($1,500,000), Indiana variable rate Economic Development
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/24/1998
Ord-Res Number
8929-98
Bill Number
59-98
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ORDINANCE NO. ! ~~ ~~~ <br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF AN AGGREGATE <br />PRINCIPAL AMOUNT NOT TO EXCEID ONE MILLION FIVE HUNDRID THOUSAND <br />DOLLARS ($1,500,000) OF CITY OF SOUTH BEND, INDIANA VARIABLE RATE <br />ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1998 (SGW REALTY LLC <br />PR03ECT); DESIGNATING THE BONDS AS LIlVIITED OBLIGATIONS OF THE CITY; <br />APPROVING THE FORM OF, AND AUTHORIZING THE EXECUTION AND <br />DELIVERY OF, THE TRUST INDENTURE, LOAN AGREEMENT AND OTHER <br />DOCUMENTS RELATED TO THE ISSUANCE AND SALE OF THE BONDS; AND <br />AUTHORIZING PROPER OFFICERS TO DO ALL OTHER THINGS DEEMED <br />NECESSARY OR ADVISABLE IN CONNECTION THEREWITH AND APPROVING AND <br />AUTHORIZING OTHER ACTIONS IN RESPECT THERETO. <br />STATEMENT OF PURPOSE AND INTENT <br />The City is a political subdivision of the State of Indiana, and by virtue of Title 36, Article <br />7, Chapters 11.9 and 12, of the Indiana Code, as amended (the "dam"), is authorized and <br />empowered to adopt this Ordinance and to carry out its provisions. <br />The South Bend Economic Development Commission (the "Commission") has rendered <br />its report concerning the proposed financing of economic development facilities for SGW Realty <br />LLC (the "Borrower"). <br />The Commission, after a public hearing held on August 21, 1998, has adopted a <br />Resolution, which has been transmitted to this Council, (i) finding that the acquisition, <br />construction and equipping by the Borrower of the proposed economic development facilities to <br />be financed (the "PrQi~GI") will not have an adverse competitive effect on any similar facilities <br />already constructed or operating in or about the City, (ii) further finding that the proposed <br />financing of such facilities will be of benefit to the health and general welfare of the City and its <br />citizens, (iii) further finding that the proposed financing of such facilities complies with the <br />purposes and provisions of the Act, (iv) approving the financing of such facilities, including the <br />form and terms of the Loan Agreement, the Bonds from the City to the bondholders and the Trust <br />Indenture, more fully described below, and this Ordinance, presented to the Commission, and (v) <br />recommending that this Council find that the proposed financing of such facilities will be of <br />benefit to the health and general welfare of the City and its citizens, and complies with the <br />purposes and provisions of the Act, and that this Council adopt an ordinance approving such <br />financing. <br />This Council believes it is in the best interests of the City and its citizens to provide a <br />program for financing economic development facilities for developers or users thereof through the <br />issuance of taxable or tax-exempt bonds. <br />
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