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HomeMy WebLinkAboutApproving the financing by the City of South Bend of Economic Development Facilities for allied products corporation RESOLUTION No. 378-73 Passed by the Common Council of the City of South Bend, Indiana, JULY 23 , 19 73 Attest: e� City Clerk Atiest: President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana JULY 24 , 19 7 3 City Clerk Approved and signed by me 19 . Mayor RESOLUTION NO. A RESOLUTION OF THE CITY OF SOUTIi BEND, INDIANA APPROVING THE FINANCING BY THE CITY OF SOUTH BEND, INDIANA OF ECONOMIC DEVELOPMENT FACILITIES FOR ALLIED PRODUCTS CORPORATION. WHEREAS, the South Bend Development Commission (the "Commission") acting pursuant to IC 19715 18-6-4-1 to 18-6-4-28, inclusive, as amended by IC 19715 18-6-4.5-1 to 18-6-4.5-28, inclusive (the "Act") has (1) adopted a resolution no. 11-73 finding that because of existing insufficient employment opportunities and insufficient diversification of industry, the economic welfare of the City of South Bend, Indiana (the "City") would be benefited by the acquisition and leasing to Allied Products Corporation of economic development facilities and (2) made a report with respect to such facilities of certain findings and determinations required by the Act; and WHEREAS, such report has been submitted to the President and Executive Director of the Area Plan Commission of St. Joseph County, Indiana and the President of the Board of Trustees of the South Bend Community School Corporation; and WHEREAS in response to such report written comments from said Plan Commission and School Corporation have been filed with the Commission; and WHEREAS, after giving notice in accordance with the Act, the Commission held a public hearing on the proposed financing and adopted a resolution finding the proposed financing complies with the Act, approving the financing and approving the form and terms of the economic development revenue bonds proposed to be issued by the City to pay a portion of the cost of such facilities, lease and indenture, which resolution and other instruments and informa- tion pertaining to the proposed financing have been transmitted to the Common Council of the City by the Secretary of the Commission; and WHEREAS, the City has also caused a notice of a public hearing on the proposed financing to be given by publication on July a , 1973 in the a daily newspaper published and having a general circulation within said City and by posting of such notice in three public places within said City and has held a public hearing on the proposed financing at the time and place specified in such notice; NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. It is hereby found by the Common Council of the City of South Bend, Indiana that the proposed financing by the City for lease to Allied Products Corporation of economic development facilities described on Exhibits A and B to the hereinafter described Lease and Indenture will be of benefit to the economic welfare of the City. Section 2. The proposed financing involving the issuance of $3,900,000 principal amount of Economic Development Revenue Bonds, Series 1973 (Allied Products Corporation Project) of the City for the purpose of paying a portion of the cost of such economic development facilities is hereby approved and authorized. Section 3. The revenue bonds hereby authorized shall be payable solely from the sources, shall have such terms and provisions and shall be secured as provided by the Indenture of Trust (Security Agreement) dated as of July 1, 1973 between the City and The St. Joseph Bank and Trust Company, South Bend, Indiana, an Indiana Banking Institution, as Trustee, the Lease Agreement dated as of July 1, 1973 between the City and Allied Products Corporation, as lessee, and the Official Statement of the City describing the bonds and the financing, which documents are before this Common Council and are hereby approved. The form of the Bond Purchase Agreement -2- from the City to the Underwriters therein named and the form of the Indemnity Letter from Allied Products Corporation to the City and the Underwriters, copies of which are also before this Common Council, are also hereby approved. Section 4. 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 ounc man Adopted in Op n Council this z , day of July, 1973• Preside ATTEST: City Clerk Presented by me to the Mayor of the City of South Bend, Indiana, this .? �4 day of July, 1973. City Clerk Approved by me, the Mayor of the City of South Bend, Indiana, this aZ` day of July, 1973. 'Mayor ATTEST: City Clerk -3- STATE OF INDIANA COUNTY OF ST. JOSEPH I. the undersigned, hereby certify that I am the duly qualified and acting City Clerk of the City of South Bend, St. Joseph County, Indiana, and as such official I further certify that attached hereto is a true and correct copy of Resolution No. e ,7 e as adopted by the Common Council of said city on July 23 , 1973. WITNESS my official signature and the seal of said city this a`{ day of July, 1973. City Clerk (SEAL) �IL�D IN CLERK'S OFFICE J U'► 18 IM PRESENTED 7 - A 3- -3 Irene iOa,m man CITY CL�ltK, SWTH BM,,M D, NOT APPROVED -�- ADOPTED -7 - a 3- 3