My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
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
sbend
>
Public
>
Common Council
>
Legislation
>
Ordinances
>
1998
>
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
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/13/2010 10:38:57 AM
Creation date
6/23/2009 2:23:27 PM
Metadata
Fields
Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/24/1998
Ord-Res Number
8929-98
Bill Number
59-98
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
6
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
The City, as requested by the Borrower, has determined to issue, sell and deliver City of <br />South Bend, Indiana, Multi-Mode Variable Rate Economic Development Revenue Bonds, Series <br />1998 (SGW Realty LLC Project) in an aggregate principal amount not to exceed $1,500,000 to <br />make funds available for the Project (the "Bonds"). <br />There have been submitted to this Common Council (the "Council") proposed forms of: <br />(i) the Trust Indenture (the "Irwiertture") between the City and National City <br />Bank of Indiana, as trustee (the "Trustee"), pursuant to which the Bonds will be issued; <br />and <br />(11) the Loan Agreement (the "Loan Agreement") between the City and the <br />Borrower. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA AS FOLLOWS: <br />SECTION 1. Incorporation of Recitals. The recitals contained in this Ordinance are true <br />and correct and are incorporated in this Ordinance by this reference. <br />SECTION 2. Findings: Public Benefits. This Council finds that the facilities to be <br />financed as described in said Loan Agreement are "economic development facilities" within the <br />meaning of the Act and that such facilities will not have an adverse competitive effect on any <br />similar facilities already constructed or operating in or about the City. This Council further finds <br />that the proposed financing of such facilities will be of benefit to the health and general welfare <br />of the City and its citizens. This Council further finds that the proposed financing of such <br />facilities complies with the purposes and provisions of the Act. <br />SECTION 3. Issuance of the Bonds. The Council hereby authorizes the issuance of an <br />aggregate principal amount not to exceed $1,500,000 of the Bonds by the City, for the purpose <br />of procuring funds to loan to the Borrower in order to finance the Project, costs of issuance of the <br />Bonds, and expenses related thereto. The Bonds shall be dated the date of issuance, and shall be <br />fully registered without coupons. The Bonds shall be payable in the medium and at the place or <br />places, shall bear interest, shall have maturities not exceeding twenty (20) years from the date of <br />issuance and shall have redemption terms as set forth in the Indenture approved by the Mayor (the <br />"Executive") and the City Clerk (the "Clerk"). <br />The Bonds shall be executed on behalf of the City by, and bear the manual or facsimile <br />signature of, the Executive and Clerk, and the seal of the City shall be thereunto affixed (or <br />imprinted or engraved if in facsimile). <br />The Bonds shall be in the form set forth in the final form of the Indenture. <br />SECTION 4, jimited Obligation. THE BONDS AND THE IINTERFST THEREON DO <br />NOT AND SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF, OR A CHARGE <br />-2- <br />
The URL can be used to link to this page
Your browser does not support the video tag.