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HomeMy WebLinkAboutRevenue Bonds Maple Lane Associates Phase VIII $6,500 ORDINANCE No. 7798-87 Passed by the Common Council of the City of South Bend, Indiana September 14, z9 87 Attest: City Clerk IRENE K. GAMMON Attes President of Common Council 1 ' 1 Presented by me to the Mayor of the City of South Bend, Indiana September 15, 87 City Clerk IRENE K. GAMMON Approved and sired by me S N 8 /5 19 37 /11111 �/ Mayor • • ORDINANCE NO. 779g -' 7 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF $6,500,000 MULTI-FAMILY HOUSING ADJUSTABLE RATE DEMAND REVENUE REFUNDING BONDS OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF MAKING A LOAN TO MAPLE LANE ASSOCIATES, PHASE VIII, IN ORDER TO FINANCE THE REFUNDING AND REDEMPTION OF THE $6,500,000 MULTI- FAMILY HOUSING REVENUE BONDS (MAPLE LANE ASSOCIATES PROJECT) ISSUED BY THE CITY OF SOUTH BEND, INDIANA, IN 1984, RELATED TO ECONOMIC DEVELOPMENT FACILITIES LOCATED IN THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA; AUTHORIZING EXECUTION OF THE DOCUMENTS RELATED TO THE ISSUANCE OF SAID BONDS; AND RELATED MATTERS. STATEMENT OF PURPOSE AND INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission (hereinafter referred to as the "Commission" ) pursuant to the provisions of Indiana Code 36-7-12, as amended (hereinafter referred to as the "Act" ) . In connection with the issuance by the City of South Bend, Indiana of its $6,500,000 Multi-Family Housing Revenue Bonds (the "Series 1984 Bonds" ) Maple Lane Associates, Phase VIII, an Indiana limited partnership (the "Borrower" ) , previously filed an application with the Commission to finance certain economic development facilities resulting in a substantial number of new jobs as well as other benefits, and in connection therewith, the Commission has prepared and placed on file a report containing the subject matter as specified in Section 23 of the Act and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Superintendent of the South Bend Community School Corporation, being the area in which the facilities are located, and timely received favorable reports from each of them. Maple Lane Associates has filed an application requesting the City of South Bend, Indiana to issue its $6,500,000 Multi- Family Housing Adjustable Rate Demand Revenue Refunding Bonds for the purpose of loaning the proceeds to the Borrower to assist it in refunding the Series 1984 Bonds (the "Proposed Financing" ) . The Commission held a public hearing on the Proposed Financing in • all applicable Indiana statutes governing the issuance of Economic Development Revenue Bonds, including but not limited to the Act, and approving the form and terms of the Loan Agreement, Trust Indenture, and Bonds, authorizing the execution thereof, and further finding that such economic development facilities will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana. NOW, THEREFORE, BE IT ORDAINED BY THE Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Loan Agreement, Trust Indenture, and Economic Development Revenue Bonds pertaining to the Maple Lane Associates Project and the issuance of the Economic Development Revenue Bonds pursuant thereto are hereby approved and adopted with such modifications and amendments as shall be approved by the Mayor and the execution thereof shall be conclusive evidence of such approval. Section 2. Said forms of Trust Indenture and Loan Agreement, together with the Note and Mortgage attached as an exhibit thereto, and the Economic Development Revenue Bonds which are on file with the Commission, are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana. Section 3. Said Loan Agreement and Trust Indenture shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana, and sealed with the corporate seal of such City. Section 4. Said Economic Development Revenue Bonds, payable solely and only from the revenues derived from such Project pursuant to the aforementioned Loan Agreement and Trust Indenture will not be in any respect a general obligation of the City, nor may the Bonds be paid in any manner from funds raised by America. Such Bonds shall be repayable with interest thereon at such rates and subject to redemption, all in accordance with the terms of said Bonds, Loan Agreement and Trust Indenture. Such Bonds shall be dated as of the date of execution and delivery, and shall be executed on behalf of the City of South Bend, Indiana, by the manual or facsimile signatures of the Mayor and City Clerk of the City, and sealed with the corporate seal of the City, and executed and delivered to the purchasers of the Bonds on or before October 20, 1987 . Section 5. The Mayor and City Clerk may approve changes and amendments to the Loan Agreement, Trust Indenture, Economic Development Revenue Bonds, Note, Mortgage, and other related documents which do not affect terms contained in this Ordinance. Section 6. The Resolution of the South Bend Economic Development Commission, passed on September 4, 1987, is hereby approved, and the Common Council of the City of South Bend, Indiana, hereby finds that the proposed financing for the issuance of the Economic Development Revenue Bonds would be of benefit to the health and welfare of the City of South. Bend, and that it complies with the purposes and provisions of the Act. Section 7 . Pursuant to the provisions of Indiana Code 36- 1-5-4, two copies of all documents incorporated in this Ordinance by reference are on file in the office of the City Clerk for public inspection. Section 8. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. / '"ember/ of t e Commo. ouncil BUTLER, SIMERI, KONOPA AND LADERER ATTORNEYS AT LAW ONE NZICHIANA SQUARE 100 EAST WAYNE STREET SOUTH BEND, INDIANA 46601 JOSEPH V.SIMERI 219 233-3303 KEVIN J.BUTLER ROBERT S.KONOPA LEWIS C.LADERER.JR. MARK D.BOVERI September 9, 1987 South Bend Common Council 4th Floor, County-City Building South Bend, Indiana 46601 Attention: Ms. Irene K. Gammon South Bend City Clerk Re: South Bend Economic Deveopment Commission Revenue Bonds Maple Lane Associates, Phase VIII Project Ladies and Gentlemen: Enclosed is the proposed Bond Ordinance for the above project which we ask that the Common Council have introduced at its meeting on September 14, 1987. We ask that said Ordinance be given a first reading by the Common Council at that time and will request that the Council suspend its rules and provide for the second reading of the Ordinance on that same date. The Bond Ordinance will authorize the issuance and sale of bonds in the amount of $6 ,500,000 for the above project. The proceeds will provide for the financing of the refunding and redemption of the $6,500,000 Multi-Family Housing Revenue Bonds (Maple Lane Associates Project) issued by the City in 1984. The apartment project has been completed and is fully occupied. We thank you for your consideration of this matter. Very _ yours, Kevin Butler KJB:blb Enclosure cc: Mr. Kenneth P. Fedder Mr. John T. Phair