HomeMy WebLinkAboutApproving and adopting the City of South Bend's Development Commissions' resolution passed December 14, 1973 RESOLUTION
No. 405-73
Passed by the Common Council of the City of South Bend, Indiana,
DECEMBER 17, 19 73
Attest: x- City Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
DECEMBER 18 , 19 73
City Clerk
Approved and signed by me f 19 ` 3
qd44,q Mayor
COMMON COUNCIL OF THE CITY OF SOUTH BEND
RESOLUTION NO. 1105--
WHEREAS, the South Bend Development Commission on
December 14 , 1973, adopted a resolution, a copy of which
is on file with the CityClerk; and
WHEREAS, it is in the best interests of the City of
South Bend, and the prosperity, economic development and
general welfare thereof, that said Resolution be approved
and that the financing arrangements under a Loan Agreement
for the acquisition, construction, and equiping of the
Economic Development Facility to be owned by American
Chain & Cable Company, Inc. , be implemented;
NOW, THEREFORE BE IT RESOLVED, that by the Common
Council of the City of South Bend that the Development
Commissions ' resolution adopted on December 14 , 1973 , be
approved, accepted and ordered filed.
BE IT FURTHER RESOLVED, that the Common Council of
the City of South Bend give its approval of and order
implementing the financing arrangements under a Loan Agreement
for the acquisition, construction and equiping of the Economic
Development facility to be owned by American Chain & Cable
Company, Inc. , under authority of the Indiana Code of 1971,
Title 18 , Article 6 , Chapter 4. 5.
ADOPTED, this 17th day of December, 1973.
11�j A4�*
Member of the 0,6mmon cil of the
City of South Yend
Approved:
"teste
e City of South Bend
Clerk ot the city of—Souffn (send
r
RESOLUTION OF THE
SOUTH BEND DEVELOPMENT COMMISSION
WHEREAS, the South Bend Development Commission has here-
tofore investigated, studied, surveyed and reported to the
Mayor and the Common Council of the City that a need exists
for additional job opportunities and industrial diversifica-
tion within the City; and that to improve and promote joky
opportunities and industrial diversification within the City
a financing agreement should be effected with the American
Chain & Cable Company, Inc. ; and
WHEREAS, the said Company is engaged in the manufacture
of metal products and will establish operations in an exist-
ing building which is now being vacated, if the Commission
and the City will agree to a financing agreement acceptable
to the Company pursuant to which land and a manufacturing
plant building are acquired and machinery, equipment and fa-
cilities incident thereto are acquired and installed in said
building in accordance with plans and specifications approved
by the Company with the proceeds of bonds to be issued by the
City in the approximate amount of $4 , 000 , 000 to be loaned to
the Company by the City on mutually acceptable terms; and
WHEREAS, to induce the Company to establish operations
in the City, the Commission desires to adopt this resolution;
and
WHEREAS, it appears clear that the Company' s proposed
new plant will increase job opportunities and industrial
diversification in the City resulting in a benefit to the
welfare of the City;
NOW THEREFORE, BE IT RESOLVED that the South Bend De-
velopment Commission approves of the proposal of American
Chain & Cable Company, Inc. , to establish operations in South
Bend at an estimated project cost of approximately $4,000, 000.
BE IT FURTHER RESOLVED that to induce the establishment
of operations in the City, the Commission will proceed to take
such action as may be necessary to prepare a loan agreement, a
trust indenture and such other documents. as may be necessary
to issue the City's Economic Development Revenue Bonds to pro-
vide funds to pay for said project,
th
BE IT FURTHER RESOLVED that any expenses incurred in con-
nection with said proceedings and the project shall be included
in the project costs and reimbursed from the proceeds of said
bonds.
BE IT FURTHER RESOLVED that the liability and obligation
of the Commission and the City shall be limited solely to the
good faith efforts to consummate said proceedings and issue
the bonds , and neither the Commission, the City, its officers
or agents shall incur any liability whatsoever if for any rea-
son the proposed issuance of the bonds is not consummated.
2 -
Dated this L_ day of actober, 1973.
SOUTH BEN D JOPMENT COMMISSION
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