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HomeMy WebLinkAboutEconomic Development First Mortgage Revenue Bonds - Timberline Trace ProjectORDINANCE No. 7047 -82 Passed by the Common Council of the City of South Bend, Indiana May 10, 19 82 e. Clerk K. GAMMON Presented by me to the Mayor of the City of South Bend, Of Common Council May 11, __ 82 IRENE K. GAMMON Approved and signed by me Clerk ORDINANCE NO. %Oy %-J'a AN ORDINANCE CONSENTING TO CERTAIN ACTION APPLICABLE TO THE CITY OF SOUTH BEND ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS, SERIES 1980 (TIMBERLINE TRACE PROJECT) AND OTHER DOCUMENTS RELATED THERETO WHEREAS, the Common Council of the City of South Bend, (the "Common Council ") has heretofore adopted Ordinance No. 6784 -80, on May 28, 1980, authorizing the issuance of the City of South Bend Economic Development Revenue Bonds, Series 1980 (Timberline Trace Project) (the "Bonds "), and the entering into by the City of South Bend (the "Issuer ") in a Loan Agreement dated as of April 1, 1980, between the Issuer and Timberline Trace, an Indiana Partnership (the "Company ") (the "Loan Agreement "), and a Mortgage and Indenture of Trust, dated as of April 1, 1980, among the Issuer, the Company and St. Joseph Bank and Trust Company, South Bend, Indiana, as Trustee (the "Trustee ") (the "Indenture "); and WHEREAS, the Company and the holders of the Bonds are requesting the Issuer and the Trustee to approve such transfer and to waive the event of default under the Loan Agreement and Indenture resulting from such transfer; and WHEREAS, the Issuer is willing to consent to such transfer if the Company is able to secure the consent of the holders of all outstanding Bonds; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL, THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. The Issuer approves the transfer of the Company's interest in the Loan Agreement, the Project, the Note and Indenture, and the termination of the Lease, subject to the terms and provisions of the Assignment and Assumption attached hereto, and waives the event of default resulting therefrom subject to the receipt of the unanimous consent from the holders of all outstanding Bonds so provided in the Waivers attached hereto. Section 2. Upon receipt by the Trustee of the unanimous consent of the holders of all outstanding Bonds, the Trustee may waive the default under the terms and provisions of the Loan Agreement, the Indenture, and the Bonds resulting from such transfer. Section 3, The Mayor and Clerk be and they are hereby authorized and directed in the name of and on behalf of the Issuer, to execute any and all instruments, perform any and all acts, approve any and all matters, and do any and all things deemed by them, or any of them, to be necessary or desirable in order to carry out the purposes of this Ordinance (including the preambles hereto). Section 4. This Ordinance shall be in force and effect from and after its adoption and approval as provided by law. This Ordinance shall constitute a contract between the Issuer and the holders of the Bonds. 1st RENDING PUBLIC HEARING 2nd READING NOT APPROVED REFERRED FA&SED -, 0 - 8a Member o the Common Council I 1 1 - 2 - APR 2 7.198`2 at an, Soo BEND, W. VOOR, ALLEN, FEDDER, HERENDEEN 8 KOWALS April 20, 1982 Members of the South Bend Common Council County -City Building South Bend, IN 46601 Re: Timberline Trace Partnership - Proposed Ordinance Dear Councilmen: On May 28, 1980, the Common Council adopted Ordinance 6784 -80, authorizing the issuance of revenue bonds for the Timberline Trace Project, which was the construction of an economic development facility in St. Joseph County, Indiana. This proposed Ordinance is requesting the City to approve the transfer of the interest of Timberline Trace Partnership and the assignment a assumption of that bond obligation. The Trustee and the ndholders have all acquiesced in this procedure. ) spectfully, I i�NETH P. F DDER KPF:ram FILED IM CLERS'S OFFICE APR 21 1 °S? Irene Gammon CITY CLERK, SOUTH BEND, IND. ATTORNEYS & COUNSELORS AT LAW AREA CODE 219 WILLIAM E. VOOR 300 FIRST BANK BUILDING 294 -6061 LLOYD M.ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 OF COUNSEL: GEORGE E. HERENDEEN WILLIAM O. JACKSON ANTHONY D. KOWALS GUY H. McMICHAEL DAVID M.McTIGUE April 20, 1982 Members of the South Bend Common Council County -City Building South Bend, IN 46601 Re: Timberline Trace Partnership - Proposed Ordinance Dear Councilmen: On May 28, 1980, the Common Council adopted Ordinance 6784 -80, authorizing the issuance of revenue bonds for the Timberline Trace Project, which was the construction of an economic development facility in St. Joseph County, Indiana. This proposed Ordinance is requesting the City to approve the transfer of the interest of Timberline Trace Partnership and the assignment a assumption of that bond obligation. The Trustee and the ndholders have all acquiesced in this procedure. ) spectfully, I i�NETH P. F DDER KPF:ram FILED IM CLERS'S OFFICE APR 21 1 °S? Irene Gammon CITY CLERK, SOUTH BEND, IND. (gamuttart Irpar# ign fbe (gammon (gounrd of tht (ng of B+M# send: Your Committee OF THE WHOLE to whom was referred RT T.T. Tin 40 -82 A BILL CONSENTING TO CERTAIN ACTION APPLICABLE TO THE CITY OF SOUTH BEND ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS, SERIES 1980 (TIMBERLINE TRACE PROJECT) AND OTHER DOCUMENTS RELATED THERETO. Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED TO THE COUNCIL FAVORABLE. JOHN VOORDE Chairman PR6[ I.... 11ISS&I 1..U.M .M CO.