Loading...
HomeMy WebLinkAboutAmend its Economic Development Revenue Bond South Bend Forge Inc Project ORDINANCE No. 7609-86 Passed by the Common Council of the City of South Bend, Indiana_ March 10 , z986 Attest: c< -`- City Clerk IRENE K. GAMMON Attest: AZ, VP' President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana March 11, ig 86 City Clerk IRENE K. GAMMON Approved and signed by me �1l` l���-�+t I I ig '41 L i Mayor ORDINANCE NO. 716 Q,_ Q4, AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA (THE "CITY") , TO AMEND ITS ECONOMIC DEVELOPMENT REVENUE BOND, SERIES 1979 AND SERIES 1980 (SOUTH BEND FORGE, INC. PROJECT) , (THE "BONDS") IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF NINE MILLION DOLLARS ($9 , 000 ,000. 00) AND APPROVING AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. STATEMENT OF PURPOSE AND INTENT: The City is a municipal corporation and political subdivision of the State of Indiana, and by virtue of Title 36 , Article 7 , Chapter 12 , of the Indiana Code , as amended (the "Act") , is authorized and empowered to adopt this Ordinance and to carry out its provisions ; and The South Bend Economic Development Commission (the "Commission") has rendered its report concerning the proposed financing of economic development facilities for ABS Indus- tries , Inc. (the "Company") ; and The Commission, after a public hearing held on February 7 , 1986 , has adopted a Resolution, which has been transmitted to this Council, (i) finding that the South Bend Forge, Inc. Project does not and will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the City, (ii) further finding that the proposed amendments to the existing economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens , (iii) further finding that the proposed amendments to the existing economic development revenue bond financing of such facil- ities complies with the purposes and provisions of the Act, (iv) approving the proposed amendments to the existing economic development revenue bond financing of such facil- ities , including the form and terms of the Bonds , the Third Supplemental Trust Indenture and Third Supplemental Loan Agreement and this Ordinance. presented to the Commission, financing of such facilities will,be of benefit to the health and welfare of the City and its citizens , and complies with the purposes and provisions of the Act , and that this Council adopt an ordinance approving such financing. - NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. This Council finds that the facilities described in said report and in the Loan Agreement , as supplemented, are "economic development facilities" within the meaning of the Act , and that such facilities do not and will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the City. Section 2. This Council further finds that the proposed amendments to the existing economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens . Section 3 . This Council further finds that the proposed amendments to the existing economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act. Section 4 . This Council hereby approves the proposed amendments to the existing economic development revenue bond financing of such facilities , including (i) the form and terms of the aforementioned Bonds and Third Supplemental Trust Indenture and Third Supplemental Loan Agreement (two (2) copies of which are on file in the Office of the Clerk of the City for public inspection) , (ii) the issuance and sale of said amended Bonds , (iii) the assumption by the Company of the obligation of South Bend Forge, Inc. under the terms of the Bonds , as amended, and (iv) the purchase by the Company from South Bend Forge , Inc. of substantially all of the aforementioned documents for and on behalf of the City after making therein such changes permitted by the Act as they may deem necessary or proper, as evidenced by their execution of such documents , and are further authorized and directed to execute and deliver such other documents for and on behalf of the City, and to take such other actions for and on behalf of the City, as they deem necessary or proper in connection with the consummation of such financing. The Mayor and the Clerk of the City are authorized to arrange for the delivery of said amended Bonds to 1st Source Bank. Section 6. The provisions of this ordinance and the aforementioned documents shall constitute a contract binding between the City and the holders of said amended Bonds , and after the issuance of said amended Bonds this Ordinance shall not be repealed or amended in any respect which would adversely affect the rights of said holders so long as any of the principal of said amended Bonds or the interest thereon remains unpaid. Section 7. All ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 8. This Ordinance shall be in full force and effect from and after its passage by this Council and its signature by the Mayor of the City. SOUTH BEND COMMON COUNCIL ■ 4- e er KRAMER & MURPHY PROFESSIONAL CORPORATION ATTORNEYS AT LAW SUITE 200 F. RICHARD KRAMER 205 W.JEFFERSON BLVD. MICHAEL C. MURPHY SOUTH BEND, RN-DIANA 466071 219-233-8275 DEAN A.COLVIN February 19 , 1986 City of South Bend Common Council 4th Floor County-City Building South Bend, IN 46601 Re: South Bend Forge , Inc. Project Members of the Common Council: Enclosed please find a proposed form of ordinance amending the series 1979 and 1980 City of South Bend Economic Development First Mortgage Revenue Bonds , the Third Supplemental Trust Indenture and Third Supplemental Loan Agreement, the amended forms of series 1979 bonds (R1 - R5) and the amended form of series 1980 bond. Please put this item on your agenda for your meeting on February 24 , 1986 . Thank you for your attention in this matter. Very ,, ru your 7 (7s /4, Michael C. Murphy MCM:kls Enclosure