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HomeMy WebLinkAboutAuthorizing $110,000 Economic Development Revenue Bond to Hohhman Brothers Auto Electric Inc ORDINANCE No. 7443-85 Passed by the Common Council of the City of South Bend, Indiana May 13, 85 z9_ Attest: City Clerk IRENE K. GAMMON Attest: a 41- President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana May 14, 85 19_ City Clerk IRENE K. GAMMON Approved and signed by me X6-ef-s_ 19 /77. /2/ Mayor ORDINANCE NO. 7 t 6/'3 -eY- ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF RUBIN HOFFMAN, DECEASED, SARA LILLIAN HOFFMAN, AND ELSIE HOFFMAN, UNDER THE $110,000 CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT REVENUE BOND TO HOFFMAN BROTHERS AUTO ELECTRIC, INC. STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana has previously issued a $110,000 City of South Bend, Indiana Economic Development Revenue Bond (Hoffman Brothers Sales & Service, Inc.) (the "Bond") pursuant to authority granted by Indiana law. The interest of Hoffman Brothers Sales & Service, Inc. in said bond was assigned to Rubin Hoffman, Sara Lillian Hoffman, and Elsie Hoffman, shareholders of Hoffman Brothers Sales & Service, Inc., on the 4th day of June, 1982, and the estate of Rubin Hoffman, Sara Lillian Hoffman, and Elsie Hoffman are current in their payments under the bond issue. Hoffman Brothers Auto Electric, Inc. desires to assume the right, title, interest, duties, liabilities, and responsibilities of the estate of Rubin Hoffmann, Sara Lillian Hoffman, and Elsie Hoffman under the bonds. Such assumption is consistent with the provision or preservation of employment opportunities and the other goals for which the bond was originally issued. Such an assignment is allowed by law and by the terms of the bond and the instruments executed in connection therewith. The South Bend Economic Development Commission has approved and consented to such assumption. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: Section 1. The City of South Bend, Indiana hereby consents to the assignment of the right, title, interest, duties, liabilities, and responsibilities of Rubin Hoffman, Sara Lillian Hoffman, and Elsie Hoffman, as Assignees of Hoffman Brothers Sales & Service, Inc. , under in connection with the bonds to Hoffman Brothers Auto Electric, Inc., and of the transfer by the Estate of Rubin Hoffman, Sara Lillian Hoffman, and Elsie Hoffman of their right, title and interest therein. Section 2. The Mayor and City Clerk having executed a consent to said assignment, which was approved by the Economic Development Commission, same is now approved by this ordinance, and the Mayor and City Clerk are further authorized to execute any further documents deemed necessary to consummate the assignment. Two (2) copies of the Consent to Assignment have been and are on file in the Office of the Clerk of the City of South Bend, Indiana, for public inspection pursuant to Indiana Code Section 36-1-5-4. Section 3. To the extent the bonds or the documents thereunder may be deemed to require amendment to consummate said assignment, the City of South Bend, Indiana hereby gives its consent. Section 4. The Common Council of South Bend, Indiana hereby finds that this assignment will advance the purposes for which the bonds were originally approved in Resolution No. 337-72. Section 5. This ordinance shall be effective immediately upon passage by the Common Council and approval by the Mayor. Member of the . , . Council SLED tN CIERK'S Of fitE APR 2 4 1985 IRENE GAr'�;ii'CAN �1 CITY CLERK, SO ®®�pt]T#18 v 144 s .'d s H \\ '�:x °s CITY of SOUTH END i U �`e∎'.': E� do ROGER O. PARENT, Mayor 444 r :X866}e° ®aas°® Economic Development Commission Alice Neddo Staff Administrator Jerry Hammes,President April 24, 1985 230 W. Jefferson Boulevard Walter Szymkowiak, Vice President P.O.Box 1677 Walter A.Mucha,Secretary South Bend,Indiana Kenneth P. Fedder,Counsel 46634-1677 Alice Neddo, Asst.Sec. (219) 234-0051 Members of the South Bend Common Council County-City Building South Bend, IN46601 Re : Hoffman Brothers Auto Electric, Inc . - Proposed Ordinance Dear Councilmen: On December 14, 1972, the Economic Development Commission and the South Bend Common Council caused to be issued a City of South Bend Revenue Bond in the amount of $110, 000 . 00 . This Bond was subsequently assigned with the approval of the Commission and the Council to Rubin Hoffman, Sara Lillian Hoffman and Elsie Hoffman, the original Guarantors on the Bond. The purpose of this Ordinance is to further assign this Bond, which is on a current basis as to payment to Bondholders , to Hoffman Brothers Auto Electric, Inc . , who has assured the continuation of the business activities originally contemplated by the Bond in our Community. The Commission and the Bondholders have already given their consent to the Assignment. Youyfavorable action on the passage of the Ordinance will be appreciated. R- -pectfu 4 , Or ) 1 4 / N T P . FEDDER Aktorn-y for the South Bend Ec. .' is Development Commission FILED IN CLERK'S OFFICE KPF :ram APR 2 4 1985 IRENE GAMMON CITY CLERK, SO. BEND, IN li// A/o 30-2 CONSENT TO ASSIGNMENT The South Bend Economic Development Commission and the • City of South Bend hereby consent to the assignment of the right, title, interest, duties, liabilities and responsibilities of Hoffman Brothers Sales and Service, Inc. , under the terms and conditions of a document entitled "Lease and Trust Indenture" executed on December 14, 1972, and all other documents executed in connection with a $110, 000 City of South Bend, Indiana Economic Development Revenue Bond (Hoffman Brothers Sales and Service, Inc. , an Indiana corporation, 1972 project) , to Hoffman Brothers Auto Electric, Inc. , and the transfer by the Estate of Rubin Hoffman, Sara Lillian Hoffman, and Elsie Hoffman of their right, title and interest therein. SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION By®. By if gleA BY Q .1l >t 1' -�`'u . (Seal) ' CITY OF SOUTH BEND, INDIANA By C2271 Roger O Par-nt, Mayor ATTEST: City Clerk DATED: 1114/ /3� /% F QIummtttrr Noon aJo the Tontmnn Tonnrit of tip (Iitg of*until Brad: Your Committee of the Whole to whom was referred BILL NO. 30-85 A BILL AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF RUBIN HOFFMAN, DECEASED, SARA LILLIAN HOFFMAN, AND ELSIE HOFFMAN, UNDER THE $110, 000 CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT REVENUE BONDS TO HOFFMAN BROTHERS AUTO ELECTRIC, INC. Respectfully report that they have examined the matter and that in their opinion This bill should be recommended to the Council favorable Joseph T. SergOhairman FREE PRESS ageakyo PUBLISHING CO.