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HomeMy WebLinkAboutAuthorizing $300,000 Economic Development Revenue Bond (Marion W. Dunn Project)ORDINANCE NO. 7368 -84 Passed by the Common Council of the City of South Bend, Indiana _ - August 27, Yq 84 IRENE K. GAMMON Attest: Presented by me to the Mayor of the City of South Bend, Indiana August 28, �9 84 Clerk of Common Council IRENE K. GAMMON Approved and signed by me— "'� r- Clerk ORDINANCE NO. 73 ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF MARION W. DUNN UNDER THE $300,000 CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT REVENUE BOND (MARION W. DUNN PROJECT) TO MOBILE COMMUNICATIONS CORPORATION OF AMERICA, A DELAWARE CORPORATION STATEMENT OF PURPOSE OR INTENT The City of South Bend, Indiana has previously issued a $300,000.00 City of South Bend Economic Development Revenue Bond (Marion W. Dunn Project) (the "Bond ") pursuant to authority granted by Indiana law. Marion W. Dunn is current in his payment under the bond issue. Mobile Communications Corporation of America desires to assume.the right, title, interest, duties, liabilities and respons- ibilities of Marion W. Dunn under the bond. Such assumption is consistent with the provisions or_ preservation of employment opportunities and the other goals for which the bond was originally issued. Such assignment is allowed by law and has been consented to by the Trustee and Bondholder. The South Bend Economic Development Commission has approved such assumption on August 3, 1984. ­ 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 Marion W. Dunn under the terms and conditions of documents entitled "Loan Agreement" and "Indenture of Trust" executed on May 28, 1980, and all other documents executed in accordance by Marion W. Dunn of his right, title liability of Marion W.. Dunn. Section 2. The Mayor and City Clerk are hereby authorized to execute a Consent to Assignment in the form presented to this Council, which form is hereby approved, and to execute any and all other documents reasonably necessary to consumate and evidence this assignment. Two copies of this 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 §36- 1 -5 -4. Section 3.. To the extent the Bond or the documents hereunder 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 the City of South Bend, Indiana, finds that this assignment will advance the purposes for which the bond was originally approved in Ordance No. 6791 -80. Section 54. This ordinance shall be effective immediately.upon passage by the Common Council and approval by the Mayor. tuber of the Co n Co ncil AVU Vea�. Economic Development Commission Jerry Hammes, President Walter Szymkowiak, Vice President Walter A. Mucha, Secretary Kenneth P. Fedder, Counsel Alice Neddo, Asst. Sec. August 7, 1984 CITY of SOUTH BEND ROGER O. PARENT, Mayor Members of the Common Council County -City Building South Bend, Indiana 46601 Re: Marion W. Dunn Project Proposed Ordinance Dear Councilmen: Alice Neddo Staff Administrator 230 W. Jefferson Boulevard P.O. Box 1677 South Bend, Indiana 46634.1677 (219) 234.0051 The South Bend Economic Development Commission has approved the assignment of the outstanding bond obligation of Marion W. Dunn as a result of a City of South Bend economic development revenue bond issue dated May 28, 1980, in the original amount of $300,000.00. Mobile Communications Corporation of America, a Delaware Corporation authorized to transact business in Indiana, has agreed to continue the business operations conducted by Marion W. Dunn in the South Bend area to assure the continuation of employment. This assignment has been approved by the bondholders and trustee. Your passage of the Ordinance authorizing the assignment is hereby requested. Re,51,_(9(ctf ul ly, tto P .REDDER y for the South Bend c Development Commission n s %list tills KPF : ram �e �( 1 D TommttIrr Report (To toe Hammon (louarg of Or tai#; of 00* 11rub: Your Committee OF THE WHOLE to whom was referred 96 -84 A BILL AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF MARION W. DUNN UNDER THE $300,000 CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT REVENUE BOND (MARION DUNN PROJECT) TO MOBILE COMMUNICATIONS CORPORATION OF AMERICA, A DELAWARE CORPORATION. Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED TO THE COUNCIL FAVORABLE. JOSEPH T. SERGE Chairman FREE PRESS a@jeakW PUBLISHING CO.