HomeMy WebLinkAboutFinding and adjudging the refinancing of facilities for Koszegi Leather & Vinyl Products, Inc. i -
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RESOLUTION
No. 415-74
Passed by the Common Council of the City of South Bend, Indiana,
APRIL 22, 19 74
Attest: City Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
APRIL 23, 19 74
/ City Clerk
Approved and signed by me
Mayor
V VVI
r- -
RESOLUTION NO• -1y / S -
A RESOLUTION FINDING AND ADJUDGING THAT THE REFINANCING
OF FACILITIES FOR KOSZE GI LEATHER & VINYL PRODUCTS ,INC. ,
BY THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA, OF
ITS ECONOMIC DEVELOPMENT REVENUE BOND PERTAINING TO SUCH
FACILITIES FOR SUCH ENTITY WILL BE OF BENEFIT TO THE
HEALTH OR WELFARE OF THIS MUNICIPALITY, AND APPROVING
THE REFINANCING THEREFOR
WHEREAS , the Common Council of the City of South Bend,
Indiana, heretofore has created the South Bend Development
Commission, hereinafter referred to as "Commission" , pursuant
to the provisions of the Municipal Economic Development Act
of 1965 , as amended, supplemented or added to, including but
not limited to the amendments, supplements or additions of
P.L. 182 , IC-1973 , 18-6-4 . 5 , or any other amendments, supplements
or additions thereto, hereinafter referred to as the "Act" ; and
WHREAS , Koszegi Leather & Vinyl Products , Inc . , has filed
an application with:-.the Commission to refinance the acquisition
of real estate and the construction thereon of an industrial and
commercial facilities which will constitute economic development
facilities resulting in a substantial number of new jobs as well
as other benefits; and
WHEREAS, the City of South Bend, Indiana, has previously issued
a bond to finance the project pursuant to Ordinance No. 5495-73
in the amount of $220 ,000 .00 but said amount is not sufficient
to complete the project and it is therefore necessary to issue an
additional Economic Development Revenue Bond in the amount of
$161 ,000 . 00 to complete the project; and
WHEREAS , in connection therewith the Commission has prepared
and placed on file a report containing the subject matter as
specified in Section 16 of P.L. 182 , IC-1973, 18-6-4 .5 and has
forwarded copies thereof to the Chairman of the Area Plan Commission
and to the Superintendent of the School Corporation in the area of
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which the facilities will be located, and has timely received
favorable reports from each of them; and
WHEREAS , the Commission held a public hearing on the proposed
refinancing of such facilities on March 29th , 1974 ,
after giving the required notice as provided for in Section 14 of
P.L. 182, IC-1973, 18-6-4 .5 ; and
WHEREAS , the Commission at such meeting by a duly adopted
written resolution, incorporated herein by reference, found that
the proposed refinancing complies with the purposes and provisions
of the Act , and approved such refinancing, including, but not limited
to , the forms and terms of the financing agreement consisting of
the Lease Financing Agreement and Trust Indenture and the Bond;
and
WHEREAS , this Common Council of the City of South Bend, Indiana,
now finds that the proposed refinancing of such facilities for
Koszegi Leather & Vinly Products , Inc. , will be of benefit to the
health or welfare of the City of South Bend , Indiana, and that,
accordingly, this resolution should be adopted.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of
the City of South Bend, Indiana,that :
Section 1. Such refinancing for Koszegi Leather & Vinyl Products ,
Inc. , under the Act be and the same is hereby approved.
Section 2 . This resolution shall be in full force and effect
from and after its passage by the Common Council and approval by
the Mayor.
PRESENTED BY
C unci.lman
Passed and adopted by the Common Council of the City of
South Bend, Indiana, on the a a day of ,1974.
Attest :
President of nci
City C er
Presented by me to the Mayor of the City of South Bend,
Indiana, on the � 3 day of e„� , 1974 at the
hour of a M.
City Clerk
This resolution approved and signed by me on the o`? S day
of 19 74 , at the hour of M.
M
Attest :