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Home My WebLink AboutAuthorizing the City to Issue its Economic Development Revenue Bonds (Whiteford Nationallease Inc Project) $943,650.00ORDINANCE No. 7391 -84 Passed by the Common Council of the City of South Bend, Indiana Attest IRENE K. GAMMON City Clerk Presented by me to the Mayor of the City of South Bend, Indiana • of Common Council Ci ty Clerk IRENE K. GAMMON Approved and signed by me Q � 19 'V ORDINANCE NO. AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA (THE "CITY "), TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1984 (WHITEFORD NATIONALEASE, INC. PROJECT), IN THE AGGREGATE PRINCIPAL AMOUNT OF NINE HUNDRED FORTY -THREE THOUSAND SIX HUNDRED FIFTY DOLLARS ($943,650.00) AND APPROVING AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. WHEREAS, the City is a municipal corporation and po- litical subdivision of the State of Indiana, and by virtue of Title 35, Article 7, Chapter 12, of the Indiana Code, as amended (the "Act "), is authorized and empowerd to adopt this Ordinance and to carry out its provisions; and WHEREAS, the South Bend Economic Development Commis- sion (the "Commission ") has rendered its report concerning the proposed financing of economic development facilities for Whiteford NationaLease, Inc., an Indiana corporation, and the Area Plan Commission has commented favorably thereon; and WHEREAS, the Commission, after a public hearing held on October 5, 1984, has adopted a Resolution, which has been transmitted to this Council, (i) finding that the acquisition by Whiteford NationaLease, Inc. (the "Company ") of the proposed economic development facilities described in said Report will not have an adverse competitive effect on any similar facili- ties already constructed or operating in or about the City, (ii) further finding that the proposed 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 economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act, (iv) approving the economic devel- opment revenue bond financing of such facilities, including the NationaLease, Inc. Project) from the City to the bondholders, The Bond Purchase Agreement between the City and PACCAR Financial Corp. (the "Bank "), and this Ordinance, presented to the Commission, and (v) recommending that this Council find that the proposed economic development revenue bond 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 proisions of the Act, and that this Council adopt an ordi- nance 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 attached Equipment Loan and Security Agreement are "economic development facilities" within the meaning of the Act and that such facilities 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 pro- posed 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 pro- posed 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 economic development revenue bond financing of such facilities, including (i) the form and terms of the aforementioned Ectuip- ment Loan and Security Agreement, Promissory Note, Economic Development Revenue Bonds and Bond Purchase Agreement attached hereto and incorporated herein by reference (two (2) copies of the acquisition and construction of such facilities, such loan to be evidenced by said Promissory Note, (iv) the repayment of said loan by the Company pursuant to said Equipment Loan and Security Agreement, and said Promissory Note, and (v) the securing of said Economic Development Revenue Bonds by said Equipment Loan and Security Agreement and said Bond Purchase Agreement. Section 5. The City shall issue its Economic Develop- ment Revenue Bonds, Series 1984 (Whiteford NationaLease, Inc. Project), in the aggregate principal amount of Nine Hundred Forty -Three Thousand Six Hundred Fifty Dollars ($943,650.00) for the purpose of procuring funds to loan to the Company in order to finance the acquisition and construction of such facilities, as more particularly set out in said Equipment Loan and Security Agreement, which Economic Development Revenue Bonds shall be payable as to principal and interest solely from the payments made by the Company on its aforesaid Promissory Note in the principal amount of Nine Hundred Forty -Three Thou- sand Six Hundred Fifty Dollars ($943,650.00) which will be exe- cuted and delivered by the Company to evidence said loan, from other sources under said Equipment Loan and Security Agreement, and as otherwise provided in said documents. Said Economic Development Revenue Bonds shall never constitute general obli- gations of, indebtednesses of, or charges against the general credit of the City. Said Economic Development Revenue Bonds shall be executed by the manual or facsimile signatures of the Mayor and the Clerk of the City; shall be executed and deliv- ered on or about the date said bonds are purchased; shall be dated as of the date of purchase; shall be payable over approx- imately four years and nine months at an interest equal to issued in registered form; shall be registrable as provided therein; shall be payable in the medium and at the place or places provided therein; and shall be subject to optional and mandatory prepayment as provided therein. Section 6. The Mayor and /or the Clerk of the City are authorized and directed to sell said Economic Development Revenue Bonds to PACCAR Financial Corp. at a price not less than one hundred percent (100 %) of the principal amount thereof, plus accrued interest, if any. Section 7. The Mayor and the Clerk of the City are authorized and directed to execute and deliver the afore- mentioned documents for and on behalf of the City after making therein such changes permitted by the Act as they deem neces- sary or proper, as evidenced by their execution of such docu- ments, 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 consum- mation of such financing. The Mayor and the Clerk of the City are authorized to arrange for the delivery of said Economic Development Revenue Bonds to PACCAR Financial Corp., payment for which will be made to the Bank for the account of the City. Section 8. The provisions of this ordinance and the aforementioned documents shall constitute a contract binding between the City and the holders of said Economic Development Revenue Bonds, and after the issuance of said Economic Develop- ment Revenue 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 Econo- mic Development Revenue Bonds or the interest thereon remains Section 10. This Ordinance shall be in full force and effect from and after its passage by this Council and its sig- nature by the Mayor of the City. SOUTH BEND COMMON COUNCIL Me r BARNES & THORNBURG SUITE 500 1815 H STREET, N.W. WASHINGTON, D. C.20006 TO CALL WRITER DIRECT (202) 955 -4500 . ADMITTED IN D.C. BUT NOT INDIANA October 5, 1984 Ms. Irene Gammon City Clerk 4th Floor County -City South Bend, Building Indiana 46601 Dear Ms. Gammon: Please find enclosed herein_ for filing a copy of an ordinance approving the bond documents for an economic development bond to be issued by the City of South Bend for the Whiteford NationaLease, Inc. project. These documents have been approved this day by the Economic Development Commission. At the City Council meeting of October 8, 1984, we will request that this item be placed upon your agenda and a second reading of the same be waived. We beg your indulgence for the late filing (the result of confusion between us and Mr. Fedder's office). Sincerely yours, BARNES & THORNBU_RG ; ice= Ernest J. Szarwark EJS : kav Enclosure OF COUNSEL JERRY P. BELKNAP TONI SUE AX SIXTH FLOOR, iST SOURCE BANK CENTER ALAN W.BOYD LE STER M.PONDER JOHN W. HOUGHTON R. MICHAEL PARKER CHARLES M. WELLS THOMAS L.MURRAY WARREN E. MCGILL NELSON J.VOGEL,JR. 100 NORTH MICHIGAN THOMAS M.SCANLON THOMAS P.JENKINS WARREN A. DEAHL ROGER W. BENKO JAMES F.THORNBURG EVERET F. SMITH JOHN L.CAREY DAVID R. MELTON SOUTH BEND, INDIANA 46601 FR EDERIC D.ANDERSON PHILIP J. FACCENDA GEORGE J. ZAZAS BRIAN J. LAKE ROBERT S.A5HBY PERRY PALAN. JOHN R.HARMAN BRYAN G.TABLER LOUIS A. HIGHMARK A.JAMES RICHARDSON HOWARD J.COFIELO DANIEL H. FITZGIBBON RICHARD M.TRECKELO STEPHEN K.SMITH WILLIAM J.REINKE RICHARD W. MORGAN ERNEST J.SZARWARK KATHLEEN K. BRICKLEY RICHARD E. DEER MICHAEL R. FRUEHWALD TELEPHONE TELECOPIER PAUL E.BECHER ALAN K. MILLS EDWARD J.GRAY EDWARD O. DELANEY DAVID M. POWLEN JOSEPH W.REBONE ROBERT E. HIGHFIELD CYM H. LOWELL MICHAEL P. LUCAS RYAN -.FOUNTAIN . DANIEL W.RUDY JERRY E. HYLANO 1219) 233 -1171 1219) 237 -1125 RENEE R.MAWHINNEY EDWARD A. KEIRN JACK C. DUNFEEIJR. DONALD D. EVENSON . MARCUS B.CHANDLER TIMOTHY J.RIFFLE HENRY J. PRICE SAMUEL S.THOMPSON DOUGLAS P. LONG CAROL C. KAESEBIER HERBERT C.SNYDER,JR. DONALD E.KNEBEL JOHN M.KYLE III TIMOTHY T. CASADY JAMES A. MCDERMOTT WAYNE C.KREUSCHER TWX 810 -341 -3427 B &T LAW IND JAMES A. COLES JANET D.NEUENSCHWANDER SHIRLEY A. SHIDELER KRISTIN G. FRUEHWALD MILDRED L.CALHOUN ANTHONY NIMMO ROBERT H. REYNOLDS DANIEL W. MCGILL JOHN C.ROTHHAAR STEVEN W.THORNTON CHARLES E.BRUESS KENT E.AGNESS DOUGLAS K.DIETERLY JOHN C. BINKLEY WILLIAM R. COFFEY MICHAEL R.CONNER 1313 MERCHANTS BANK BUILDING SANDRAJ.LONG DOUGLAS D.SMALL BRUCE R. BANCROFT CLAU DIA V. SWH I ER II SOUTH MERIDIAN STREET CONNIE M.MCKEAN PAULA - .TAYLOR JOHN T. MULVIHILL ROBERT K.BELLAMY BRUCE B. MARR HOWARD E. KOCHELL FRANKLIN A.MORSE II CATHERINE L.BRIDGE INDIANAPOLIS INDIANA 46204 I JEFFREY J.TONNER RONALD E.CHRISTIAN STEPHEN A.SEALL RICHARD D.CONARD 13171 638 -1313 GREGORY L. KELLY MARK C.KRCMARIC GORDON S.ESUCK LARRY J.STROBLE JAMES B. LOOTENS B.BRIAN GILLENWATER RICHARD E.STEINBRONN MICHAEL ROSIELLO ANNE N.DLPREZ ..SUE MICHAEL JOHN A. BURGESS STEPHEN W.LEE 305 FIRST NATIONAL BANK BUILDING RICHARD A.COHEN ROLAND A.FULLER III ROBERT P.JOHNSTONE DAVID A. HAIST 301 SOUTH MAIN STREET EVICTOR INDIANO JAMES MCNEAL TOM CHARLES HUSTON STANLEY C. FICKLE ELKHART, INDIANA 46516 ALAN A. LEVIN NANCY L.ICKLER JAMES A. STRAIN WILLIAM I. KOHN 12191 293-0681 FRANK SU RICHARD GEORGE H. BAKER R.PET,JR. KENNETH R. PETRINI AR HAU DAVID R. WARSHAU ER KENNETH H.INSKEEP JAMES O. PERRIN SUITE 500 1815 H STREET, N.W. WASHINGTON, D. C.20006 TO CALL WRITER DIRECT (202) 955 -4500 . ADMITTED IN D.C. BUT NOT INDIANA October 5, 1984 Ms. Irene Gammon City Clerk 4th Floor County -City South Bend, Building Indiana 46601 Dear Ms. Gammon: Please find enclosed herein_ for filing a copy of an ordinance approving the bond documents for an economic development bond to be issued by the City of South Bend for the Whiteford NationaLease, Inc. project. These documents have been approved this day by the Economic Development Commission. At the City Council meeting of October 8, 1984, we will request that this item be placed upon your agenda and a second reading of the same be waived. We beg your indulgence for the late filing (the result of confusion between us and Mr. Fedder's office). Sincerely yours, BARNES & THORNBU_RG ; ice= Ernest J. Szarwark EJS : kav Enclosure