Loading...
HomeMy WebLinkAboutApproving Economic Development Revenue Bonds Realting to the John A Levy, Timothy Mathis and Charles C Davis ProjectORDINANCE No 7142 -82 Passed by the Common Council of the City of South Bend, Indiana December 6, Attest: 19 82 K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana December 7 ig 82 City Clerk of Common Council IRENE K. GAMMON Approved and signed by me I 19 6P 4 Clerk ORDINANCE NO. 71�e;? -,?.R AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, INDENTURE OF TRUST, AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXE- CUTION THEREOF, AND APPROVING THE RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE JOHN A. LEVY, TIMOTHY MATHIAS, AND CHARLES C. DAVIS "PROJECT. 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 "). John A. Levy, Timothy Mathias, and Charles C. Davis 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 pre- pared 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, In- diana, and to the Superintendent of the South Bend Community School Corporation, being the area in which the proposed facilities will be located, and has timely received favorable reports from each of them. The Commission held public hearings on the proposed financing of such economic development facilities in accordance with the Act after giving the required notices as provided in the Act, and adopted a resolution finding that such proposed financing complies with the purposes and provisions of 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, In- denture of Trust, and Bonds, and further approving this form of Ordin- ance, 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. The Commission has amended said Resolution. 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, Indenture of Trust, and Economic Development Revenue Bonds pertaining to the John A. Levy, Timothy Mathias and Charles C. Davis Project and the issuance of the Economic Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Indenture of Trust 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; two (2) copies of the documents are on file in the Offices of the Clerk in accordance with I.C. 36- 1 -5 -4. Section 3. Said Loan Agreement and Indenture of Trust 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 Indenture of Trust 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 taxation, and may be issued in an aggregate amount not to exceed $350,000.00, as registered bonds in denominations of $1,000.00 or multiples thereof payable in lawful money of the United States of America at the principal office of lst Source Bank in the City of South Bend, Indiana. Such Bonds shall be repayable with interest thereon at a rate not to exceed 14.5% per annum, over a term of not less than 8 years, and subject to redemption, all in accordance with the terms of said Bonds, Loan Agreement and Indenture of Trust. Such Bonds shall be dated as of the date of exe- cution and delivery, and shall be executed on behalf of the City of South Bend, Indiana, by the manual 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 February 28, 1983. Section 5. The Mayor and City Clerk may approve changes and amendments to the Loan Agreement, Indenture of Trust, Economic Development Revenue Bonds, Note, Mortgage, and other related documents which do not affect terms contained in this Ordinance. - 2 - Section 6. The Resolution of the South Bend Economic Development Commission, passed on September 3, 1982, and amended on November 5, 1982, 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. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. 1st READING // -,7 . _ S, @k PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PASSED / - _ G 'e�� 44eirk5& of the C Q2fton Council RED x ALE S OFFICE 1 1982 Irene Gammo SOUTH BEND, 10. 1' VOOR, ALLEN, FEDDER, HERENDEEN & KOWALS November 17, 1982 Members of the South Bend Common Council County -City Building South Bend, IN 46601 AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON GUY H. McMICHAEL Re: John A. Levy, Timothy Mathias and Charles C. Davis - Proposed Ordinance Dear Councilmen: The South Bend Economic Development Commission has received an application from John A. Levy, Timothy Mathias and Charles C. Davis for a revenue bond in the amount of $350,000.00 for the purpose of the purchase of land, the purchase, renovation and the moving of a structure to the land, and the purchase of equipment, furnishings and fixtures, to be located at the Southeast corner of Washington and Williams Streets in the City of South Bend, Indiana. The facility, when renovated, will be leased to General Microcomputer, Inc. for its Corporate Offices. The facility will be placed on the tax roles. It is anticipated that approximately 6 -7 new jobs will be created immediately, such as a controller, sales personnel and clerical help. This facility will be a further development of the West Washington Historical District. pectful - / F11ED IN CC'S OFFICE TH EDDER ram Irene Gammon CITY CLERK, SOUTH BEND, IND. ATTORNEYS 8 COUNSELORS AT LAW WILLIAM E. VOOR 300 FIRST BANK BUILDING LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E.HERENDEEN ANTHONY D. KOWALS LARRY L. AMBLER FRED R.HAIN5 DAVID M. McTIGUE November 17, 1982 Members of the South Bend Common Council County -City Building South Bend, IN 46601 AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON GUY H. McMICHAEL Re: John A. Levy, Timothy Mathias and Charles C. Davis - Proposed Ordinance Dear Councilmen: The South Bend Economic Development Commission has received an application from John A. Levy, Timothy Mathias and Charles C. Davis for a revenue bond in the amount of $350,000.00 for the purpose of the purchase of land, the purchase, renovation and the moving of a structure to the land, and the purchase of equipment, furnishings and fixtures, to be located at the Southeast corner of Washington and Williams Streets in the City of South Bend, Indiana. The facility, when renovated, will be leased to General Microcomputer, Inc. for its Corporate Offices. The facility will be placed on the tax roles. It is anticipated that approximately 6 -7 new jobs will be created immediately, such as a controller, sales personnel and clerical help. This facility will be a further development of the West Washington Historical District. pectful - / F11ED IN CC'S OFFICE TH EDDER ram Irene Gammon CITY CLERK, SOUTH BEND, IND. TRANSMITTAL OF ADOPTED COMMISSION RESOLUTION AND PROPOSED ORDINANCE FOR ADOPTION BY THE SOUTH BEND COMMON COUNCIL AND APPROVAL BY THE MAYOR PERTAINING TO THE FINANCING OF FACILITIES FOR JOHN A. LEVY, TIMOTHY MATHIAS AND CHARLES C. DAVIS, BY THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA, OF ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS TO: Irene K. Gammon City Clerk City of South Bend County -City Building South Bend, Indiana 46601 The South Bend Economic Development Commission (Commission) hereby transmits to you in accordance with the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to I.C. 18 -6 -415 -1 through I.C. 18- 6- 4.5 -30, hereinafter referred to as the "Act ": 1. A resolution adopted by the Commission on September 3, 1982, as called for by the Act; 2. Proposed ordinance for adoption by the Common Council of the City of South Bend, Indiana, as called for by the Act. You will note from a perusal of the body of these documents that the purpose thereof is to purchase the land, the purchase and renovation and moving of a structure to the land, and the purchase of equipment, furnishings and fixtures, to be located at the Southeast corner of Washington and Williams Streets in the City of South Bend, Indiana, and the facility, when renovated, will be leased to General Microcomputer, Inc., for its Corporate Offices, and the issuance by the City of South Bend, Indiana, of Industrial Development Bonds in a total amount of Three Hundred and Fifty Thousand ($350,000.00) Dollars, repayable with interest in accordance with the terms of the documents. Submitted this . day of November, 1982. WALTER A. MUCHA, Secretary SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION FILED IN CLEM'S OFFICE v�:' 1 . 1982 Irene Gammon CITY CLERK, SUUifI BEND, IND.