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HomeMy WebLinkAboutFinding and adjudging the refinancing of facilities for Ironwood Partnership RESOLUTION No. 414-74 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 19 Mayor RESOLUTION NO. {/ A RESOLUTION FINDING AND ADJUDGING THAT THE REFINANCING OF FACILITIES FOR IRONWOOD PARTNERSHIP 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 REFINANC- -ING 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 WHEREAS, Ironwood Partnership, has filed a 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. 5583-73 in the amount of $300 , 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 $350 , 000 . 00 to complete the project, an to redeem in full the previously issued bond. WHEREAS, in connection therewith the Commission has prepared and placed on file a report containing the subject matter as spceified 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 which the facilities will be located, and has received favorable reports from each of them; and WHEREAS, the Commission held a public hearing on the proposed refinancing of such facilities on March 8 , 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 Ironwood Partnership, 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 Ironwood Partnership, 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 Councilman Passed and adopted by the Common Council of the City of South Bend, Indiana, on the a day of 1974 . Attest: President of PunciI City Clerk Presented by me to the Mayor of the City of South Bend, Indiana, in the 3 day of C-(�z , 1974 , at the hour of PM. City Clerk This resolution approved and signed by me on the o33 day of 1974 , at the hour of o3 00 M. Ma o Attest: FILED IN CLERK'S OFFICE PRESENTED - a 7 ".?R 10 1974 NOT APPROVED Irene Gammon ADOPTED 44 a a q CITY CLERK, SOUTH BEND, IND.