HomeMy WebLinkAboutNo. 0213 addopted Res. No. 53 Chapin Street Project No. R29, Res. No. 118 LaSalle Park Project IND E-57, Res. No. 200 Ind. Expansion Project IND R-56 declared certain real estate in COSB Redevelopment District to be blightedRESOLUTION NO, 213
`
WHEREAS, this Commission adopted Resolution No. 53
On Nov
amber-15, 1962 (Chapin Street Project, Indiana R -29),
Resolu
Lion No. '118 on.January 3, 1966 (LaSalle Park Project,
' Indian
R -57), and Resolution No. 200 on October 5, 1967
t (Industrial
Expansion Project, Indiana R -66), which Resolu -
tions
eclared certain real estate in the South Bend Re-
develotgnent
District to be blighted areas; and
WHEREAS, this.Commission held a hearing and confirmed
t said determination
as to said Chapin Street Project on the
5th day
of February, 1963, by the adoption ofResolution
-:No. 55;-
t .
held a hearing and confirmed said determination
as to a
aid LaSalle-Park Project on the 14th day of February,
` 1966, ky
the adoption of.- Resolution No..124; and held' a
:hearing
and confirmed said determination as to said Industrial
Expansion
Project on the:5th day of December, 1967, by the
3
adoption
of Resolution No:. 205; and
WHEREAS, the..Common Council of the City of South Bend '
�.approved
said determination by the adoption of its Resolutions y.
- approving
the Urbane Renewal Plan and the Feasibility.of Re-
locatio
.for Project' No.'Indiana R -29 Cha
( pin Street Project)
on January
14,, 1963, . for Project No,',.Indiana R -57 (LaSalle
.. Park Project)
on January 24, 1966, and for Project No. Indiana
R -56 (=
duetrial $xpanafon Project) on•November 13, 1967;
and
.t
• ., r••,. .�
z i
to `4 <
y :� 1
1
4 „T yy.
' WHEREAS, said Chapin Street Project has been approved
by the South Bend Planning Commission on the 6th day of December,
.1962, the said'LaSalle Park Project has been approved by the
'
South Bend Planning Commission on the 18th day of January, 1966,:
and he said Industrial Expansion Project has been approved by ;
the St. Joseph County Area Plan Commission on the 17th day of
October, 1967; and
WHEREAS, a petition signed by more than fifty (50)
owners of taxable real estate located in the South Bend Re-
i
deve opment District and certified by the St. Joseph County
•� 1 , . I _
-Audi or requesting the South.-Bend Redevelopment Commission
1 �
fao
issue bonds .for the purpose of procuring funds to pay the
' cost of acquisition; clearance, rehabilitation, site improve-
ment and renewal of property described in said Resolutions
53, 318 and 200 and all expenses necessarily incurred in:
conne ction with such Projects, has been filed with the ?r
t, �_ Comm I scion; and .
" WHEREAS, the Commission finds that.in.order to provide
funds for the payment . of -'part of the costs of such Projects, it
will be necessary.to'issu4 bonds of the Redevelopment District
in the amount of Eight.hundred;seventy..thousand Dollars ($870,000)='
NOW THEREFORE, . I'P RESOL'V'ED by the South :$end Redevelop -
5
ment- C,, ission , that t F x
, JI rrts _
+ r f '.tl Yi' 7A! a4 -a , I yr rrt ? :i a BFI F
�'. �i r71ri t j t' t" i i I:. 1 1
js.stlt iyt � ii.a ti
• r Y r'�, r rii ,11 ' 5 ff ;y 1 i Si. )I1 ! + i �`
�'or tho purpose of proViding tunda to bo u004
' in
yang the acquisition, clearance, rehabilitation, site
improvement
and renewal of property described in Resolutions ;
530
118 and 200, and .incidental costs necessary to be incurred) ,
in
arrying out said Projects, the City of South Bend, acting
for
and on behalf of the South Bend Redevelopment District,
shall
make a loan in the amount of Eight hundred seventy
thousand
Dollars:'($870,000). In order to procure said loan,
the
City Contrdller is hereby authorized and directed to have
pre
red and tb'issue and sell the negotiable bonds of the
City"
payable - solely out of a special tax to be levied on
all
property)within: said District, to be designated as
` "Redevelopment
District Bonds of 1968" in the aggregate x
' pri
cipal amo�}r}t of Eight hundred-seventy thousand Dollars
t
t ; ($8.70,
which bonds shall be issued in the denomination f
of
One thousand Dollars ($1,000), shall be numbered con -
i
sec
tively from l to 870, shall be dated as of the first
day
of the month in which such bonds are sold, and shall
interest at a rate not exceeding five percent i•
per
annum (the exact rate or rates to be determined by
:bid
SO
ing) , which interest shall be payable on the first f
f
day
t
of January, 1969, and semi - annually thereafter on
L
January
1 and July 1 of.each year, and shall be evidenced
I by
coupons attached to said bonds. Both bonds and interest
i coupons
shall be payable in lawful money of the United States ;
�
1
• t { i
of
1 s'
hmerica at the .St. Joseph Bank and Trust Company, " South
Be
Indiana n +j Said bonds shall mature as follows:
,
$87,000 on each January 1 in
4
the years, 1970 to 1979 inclusive.
1
P,7;7,77
!1 � � �
` I .. � .. �
B t4 principal and'interoot of this bond are
payable i" lawful money of the United States of
Company,
AmericaT at the St. Joseph Bank and Trust
South'Bend; Indiana.
;i...
f
This1b6hd is one of an authorized issue of
Eight! htthdked seventy (870) bonds of like date
i
and tenor, except as to numbering , and dates of
'
maturity, in the total amount of Eight hundred ,
`
seventy thousand Dollars ($870,000), issued by ;
the South Bend Redevelopment District pursuant
i
5
to a, resolution adopted by the South Bend Re-
-:'
'
developpgnt Commission on March 21, 1968, and
i
in strict, , compliance with Chapter 176 of the
Acts,of 1953,.as supplemented by Chapter 187
of the Acts of 1955, and Chapter 318 of the
Acts of 1963, for the purpose of providing
funds to pay the cost of acquisition, clear -
ance, rehtLhilitation, site improvement and
renewal of property described in Resolution
53 ad'opteU'by the South Bend Redevelopment
Commission on November 15, 1962 (Chapin Street . .
Project), Resolution 118 adopted by the South
Bend Redevelopment Commission on January 3,:
1966 (LaSalle Park Project), and Resolution
X200 adopted by the South Bend Redevelopment
s
commission on October 5, 1967 (Industrial
i
Expansion Project) , and all expenses
necessarily incurred in connection with I
said proceedings.
This bond does not constitute a corporate
obligation or indebtedness of the City of South
Bend, but the same is an obligation of the South
Hend Redevelopment District and is payable only
out of the special taxes to be levied upon all
of the property within said District and deposited
'
in the Redevelopment District Bond Fund of said
Distr ict. Under the.provisions of the authorizing
statute, this bond is negotiable as an.inland bill
Of :oxchange .
Zt is hereby_ certified and' recited that all ...
acts,,.conditions' and things required by law and
`
the. Constitution of the State of Indiana to, be
1 ,
tk
.1
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...: 7"x^2 .......... .... _.7, . *. ..... _ _ ...,�. .. ... , . _
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.. ... .. .. .. .....
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..1. . -r .. .. FY•.auw.. r� w .. ..f. .4.F IYl�s.w ai., l.a
Js
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i
'
District,' will pay to bearer at- the office of !
the St. Joseph Bank and Trust Company, South
Bend, Indiana, out of the Redevelopment District
Bond Fund;
Dollars ; -being the interest then due on its Re-
'
developmea�t� District Bond of 19�_. dated the
l
No:'
1
CITY OF SOUTH BEND, INDIANA
By (Facsimile)
City Controller
i
3. As-86oAlas. may be done after the adoption of this
resolution,
the Executive Director shall give notice of the
`
filing
of the petition for and determination to issue bonds
by Section 64 -1910 and Section '64 -1915 of Burns'
as r
quired
Indi
na Statutes,,,1961 Replacement. Said notice shall be
published
once each week for two weeks in the two newspapers �.•
of genera
circulation in the District, and said notice shall ..
"alsc
be posted in three (3) public places in the -District.
4. prioi'td the sale of said bonds, the City Controller i
sha
cause to be published a notice of such sale once each week
L.
for
two weeks in two newspapers published and of general circula-
in the Distriet,.and at least one time in The Indianapolis
.';tio
i
Commercial,
a financial .journal, published in the City of Indiana -
pol
s, Indiana.:: The date fixed for the sale shall not be earlier
than
seven (7) days .after the last of'such publications. Said
bon
sale -notice. shall state the time1and place o1; sale, the
PurPo
se for which .the ' bonds are being issued, the total amount
N
, i
r
thereof,
the maximum rate of interest thereon, the time and
place of
payment, the terms and conditions upon which bids
will b
received and the sale made, and such other information
as the
City Controller shall deem necessary. The notice of
said sale
shall.not, however, be published prior to the „
expira
ion 'of the period ' during which taxpayers may file
i
,
remonstrances-or
objecting petitions to the issuance of
said bonds.
In the event'.a remonstrance shall be filed
r
by owners
of taxable real'estate under the provisions of
Sectio
64 -1910 of Burns' Indiana Statutes, 1961 Replacement,'
then t
e bond sale notice shall not be published unless and
`
until
the Redevelopment'Commission shall have determined
that such
remonstrance is.insufficient.' In the event an
r.t
`•
objecting
petition or petitions are filed by taxpayers'
under
he provisions of Section 64 -1915 of Burns' Indiana•.;,
°
Statutes,
1961 Replacement, then the bond - sale notice shall
`:not
be
published unless and until the State Board of Tax
I
Commissioners
shall issue its order approving the issuance 'l
of said
I
bonds. In the event it shall be determined by the, <<,
-State
Board
of Tax. Commissioners, or otherwise, that the
j
whole
mount of the bonds-herein authorized shall not be.
'
;.;
issued
then the City Controller shall be ' authorized to F
'
advertise,
and .sell �► lesser .amount of bonds and the bonds
L
f : +I
j
/
not-issued
ued and sold shall be the bonds of the latest maturity
.
-
.. c( : t t.tt 1 I.E� - 1 •t 3r 2rr r' v i.
—
or maturities'
Ll
•
i ♦ f , t , Ir 1 5i' ,p t
� 1 1 iJ ! r. 1 l 1 t
1` fl y k t tl t 1
S. All bids. for said bonds shall be sealed and shall' '
` .�rbe
presented
to the City Controller at his office. Bidders
for said
bonds shall be required to name the rate or rates
of interest
which the bonds are to bear, not exceeding five
pence
t (596) per annum, and such interest rate or rates shall
be in
multiples,. pf ' one - eighth. (1/8) of • one percent (1%) and .
>`
not m
re than three (3) interest rates shall be named by each
bidde
. Sids..specifying more than one interest rate shall
'
also specify,thd
amount-and maturities of the bonds bearing,
`
each rate,
but p1l bonds maturing on the date shall bear the
same
ate. The::Controller shall award the bonds to the '
highs st
qualified bidder. The highest bidder shall be the
'
one w
o net' interest cost to the Commission, '
=t
.offers .the..lowest
to be
.
determinedbp computing the total interest on all of the
a t .bonds
to their maturities •and deducting therefrom the, premuu�1„ ,.
bid, if
any. No: bid for less than the par value of said bonds,
!
F
,
including
accrued, interest at the rate named to the date of "
I
delivery,
shall, I The Controller shall have {
t•
,be.:considered.
= .'full
right
to reject. any and. all bids. In the event no
satisfactory
bids are received on the day named in said
r
notic
the Controller shall be authorized to continue the
,
sale from
day to day thereafter for a period of thirty (30)
-.
days
ithoutreadvertisement; provided,' however,: that if
said sale
be continued' no bid• shall be. accepted .;which ' is
lower
than the highest- bid received at:'the�'time; fixed for.
said `
ale in the bond sale notice. ` �,,
i r 1 l y 1
I
`
I•I
• -
� �
1 ` r t- t l . y � c
The City Controller•is hereby authorized and directed
to obtain legal opinion as to the validity of said bonds from
Ice, miller, Donadio & Ryan, bond counsel of Indianapolis, and
to furnish such opinion to•the purchaser of said bonds. The
+.`cost of said opinion shall be considered a part of the cost of
said rojects'and shall be paid out of the proceeds of said bonds.
6.''The Mayor is hereby authorized to execute said bonds`
and the City Controller,is hereby authorized and directed to
ti have said bonds and coupons prepared, attest the bonds, affix
his se al, and execute the interest coupons to be attached there
to in the form and mannet herein provided. After said bonds shall
have een properly.executed, the City Controller shall deliver
,{ the same to the S,t. Joseph County Treasurer, ex officio Treasurer
of the City of South Bend and of the Redevelopment Commission,
and sh all take his receipt therefor; and upon consummation
of the sale of said bonds, the City Controller shall then c y
to,the Treasurer.the amount which the purchaser is to pay for the
5 ;same; thereupon, said Treasurer shall be authorized to receive
from the purchaser the amount so certified by the Controller and:
to deliver the bonds to such purchaser..
7.. tSubject to the hearing hereinafter mentioned, the
proce ds.of. the said bonds shall.be appropriated.for application
on the cost of;acquisition,f clearance,:,rehabilitation, site; '
impr ement and renewal of property 'described in' Resolution 53 -
M ( h }
( v
t '+. 1
it
`, • �
i
• . i
,
r•
r
f
adopted
by the South.Bend Redevelopment Commission on
r
Novemb
er 15, 1962 (Chapin Street Project), Resolution
r
118 a4
opted by the *South Bend Redevelopment Commission
on Jar
uary 38 1966 (LaSalle Park Project), and Resolution
200 adopted
by thw,South Bend Redevelopment Commission on
October
5, 1967 (Industrial Expansion Project) , and all ,';
expen
es necessarily incurred in connection with said
r . ' �: proceedings,
,
c
The President and Executive Director are hereby
autho
ized to call 'a meeting of the Commission at which
a p'�
1c' hearin• 'shall be held to hear all tax '
g taxpayers and
inter
sted persons within the South Bend Redevelopment
' District
on the matter of said appropriation.
The Executive Director of the Commission is hereby,
Owl-
f
` order
d to give notice of such hearing as required by law' 1,
r
x` in tv►
.hewspapeks.and' by posting.
Adopted.-this ?;2lot.-day of March, 1968.
r i
;
rr 1IIUtj III � I
1 r i L.,• f 1 1.
1 1.t President,. S h Bend
Redevelopment Commission
ATTES
s
,�.
r "
Executive Di cto
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