Loading...
HomeMy WebLinkAboutAuthorizing Economic Development Refunding Revenue Bonds Michiana Telecasting CorpORDINANCE No. 7130 -82 Passed by the Common Council of the City of South Bend, FIRM Presented by me to the Mayor of the City of South Bend, Approved and signed by IRENE K. GAMMON November 9, l Z- Clerk Of Common Council rZ IRENE K. GAMMON Clerk `tl3o -Sa ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO ISSUE ITS "ECONOMIC DEVELOPMENT REFUNDING REVENUE BONDS (MICHIANA TELECASTING CORP. PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE OF INTENT The South Bend Economic Development Commission conducted a public hearing on November 5, 1982, and also adopted a Resolution on November 5, 1982, which Resolution has been transmitted hereto, finding that the refunding of the City of South Bend Economic Development Revenue Notes (Michiana Telecasting Corp. Project) dated as of April 1, 1981, issued for the financing of certain economic development facilities of Michiana Telecasting Corp. complies with the purposes and provisions of I.C. 36 -7 -12, and that such refunding will be of benefit to the health and welfare of the City of South Bend and its citizens. The South Bend Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the forms of and has transmitted for approval by the Common Council the Loan Agreement, Note, Trust Indenture, Guaranty Agreement and Offering Memorandum. BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. It is hereby found that the refunding of the City of South Bend Economic Development Revenue Notes (Michiana Telecasting Corp. Project) dated as of April 1, 1981 (the 111981 Notes ") by the issuance of City of South Bend Economic Development Refunding Revenue Bonds (Michiana Telecasting Corp. Project) referred to in the Loan Agreement approved by the South Bend Economic Development Commission and presented to this Common Council, the issuance and sale of revenue bonds, the loan of the proceeds of the revenue bonds to Michiana Telecasting Corp. for the refunding of the 1981 Notes, the payment of the revenue bonds by the Note payments of Michiana Telecasting Corp. under the Loan Agreement and Note, and the guaranty of payment of principal and interest on the revenue bonds by University of Notre Dame du Lac under the Guaranty Agreement, complies with the purposes and provisions of I.C. 36 -7 -12 and will be of benefit to the health and welfare of the City of South Bend and its citizens. Section 2. The substantially final forms of the Loan Agreement, Note, Bond Purchase Agreement and Trust Indenture approved by the South Bend Economic Development Commission are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in I.C. 36- 7 -12), and the substantially final forms of the Guaranty Agreement and Official Statement approved by the South Bend Economic Development Commission are hereby approved, and all such documents shall be incorporated herein by reference and shall be inserted in the Minutes of the Common Council and kept on file by the Clerk. In accordance with the provisions of I.C. 36- 1 -5 -4, two (2) copies of all such documents are on file in the Office of the Clerk for public inspection. Section 3. The City of South Bend shall issue its Economic Development Refunding Revenue Bonds (Michiana Telecasting Corp. Project), in the total principal amount not exceeding Three Million--- - - - - -- Dollars ($3,000,000.00) and maturing not later than 15 years from the date of the first principal payment, which in no event may exceed thirty (30) years, for the purpose of procuring funds to refund the - 2 - 1981 Notes as more particularly set out in the Trust Indenture and Loan Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the Note payments made by Michiana Telecasting Corp. under the Loan Agreement and Note or as otherwise provided in the above described Trust Indenture. The bonds may be issued in coupon or registered form, may be issued in denominations of $5,000.00 or a multiple thereof, may be fully registered, or in the case of coupon bonds, may be registrable as to principal only, and shall be redeemed as provided in Article III of the Trust Indenture. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of the Trustee or its successor in trust or by check or draft mailed or delivered to the registered owner as provided in the Trust Indenture. The bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of South Bend, nor are the bonds payable in any manner from revenues raised by taxation. Section 4. The Mayor and Clerk are authorized and directed to sell such bonds to the purchasers thereof at a rate of interest on the bonds not to exceed Nine and one -half (9 1 /2)percent and at a price not less than 99.25 % of the principal amount thereof. Section 5. The Mayor and Clerk are authorized and directed to execute, attest, affix or imprint by any means the City Seal to the documents constituting the Financing Agreement approved herein on behalf of the City and any other document which may be necessary or desirable to consummate the transaction, including the bonds authorized herein. The - 3 - Mayor and Clerk are hereby expressly authorized to approve any modifications or additions to the documents constituting the Financing Agreement which take place after the date of this Ordinance with the review and advice of the City Attorney; it being the expressed understanding of this Common Council that said Financing Agreement is in substantially final form as of the date of this Ordinance. The approval of said modifications or additions shall be conclusively evidenced by the execution and attestation thereof and the affixing of the Seal thereto or the imprinting of the Seal thereon; provided, however, that no such modification or addition shall change the maximum principal amount of, interest rate on or term of the bonds as approved by the Common Council by this Ordinance without further consideration by the Common Council. The signatures of the Mayor and Clerk on the bonds and coupons, if any, may be either manual or facsimile signatures. The Clerk is authorized to arrange for delivery of such bonds to the Trustee named in the Trust Indenture, payment for the bonds will be made to the Trustee named in the Trust Indenture, and after such payment the bonds will be delivered by the Trustee to the purchasers thereof. The Mayor and Clerk shall execute and the Clerk shall deliver the bonds to the Trustee within ninety (90) days of the adoption of this Ordinance. The bonds shall be dated as of November 1,'1982 Section 6. The provisions of this Ordinance shall constitute a contract binding between the City of South Bend and the holder of the Economic Development Refunding Revenue Bonds (Michiana Telecasting Corp. Project), and after the issuance of said bonds, this Ordinance shall not be repealed - 4 - or amended in any respect which would adversely affect the rights of such holders so long as any of said bonds or the interest thereon remains unpaid. Section 7. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. em er of the Common Council FILED IM CLEM'S DFFICE NOV 31982 10 READING 1/ -Y -yo? - 5 PUBLIC HEARING //- p-r.' Irene Gammon 2nd READING / /_8_S.� CITY CLERK, SOUTH BEND, IND. NOT APPROVED REFERRED (� PASSED //-F-- 8' a � p�r.,,, � L✓�aaJC,c.¢J VOOR, ALLEN, FEDDER, HERENDEEN 8 KOWALS ATTORNEYS 8 COUNSELORS AT LAW WILLIAM E. VOOR 300 HRST BANK BUILDING LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E.HERENDEEN ANTHONY D. KOWALS DAVID M. McTIGUE November 5, 1982 Members of the South Bend Common Council County -City Building South Bend, IN 46601 AREA CODE 219 236 -6061 OF COUNSEL: WLLLIAM O. JACKSON GUY H. MCMICHAEL Re: Michiana Telecasting Corporation - Proposed Ordinance Dear Councilmen: The South Bend Economic Development Commission on November 5, 1982 received an application from Michiana Telecasting Corp., and by resolution approved the refunding of the City of South Bend Economic Development revenue notes (Michiana Telecasting Corp. Project) dated April 1, 1981, issued for the financing of certain economic development facilities of Michiana Telecasting Corp. The project is in full operation in St. Joseph County and the ordinance herein is to permit the refunding of the previously issued revenue bonds, which was permissible under the various financing documents and was anticipated by the parties. The total amount of the jobs created, as well as the anticipated payroll, remains constant as provided for and established through the previously passed ordinance of this Common Council. ec P. FEDDER KPF:ram FILED IN CLERK'S OFFICE Irene Gammon CITI WA 01H 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 MICHIANA TELECASTING CORP., AN INDIANA CORPORATION, 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 -4.5 -1 through I.C. 18- 6- 4.5 -30, hereinafter referred to as the "Act ": 1. A resolution adopted by the Commission on November 5, 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 finance the refunding of a previously issued revenue bond which was issued to finance the construction of a new facility for Michiana Telecasting Corp. in St. Joseph County, pursuant to the terms of a Note Purchase and Loan Agreement and Trust Indenture, and the issuance by the City of South Bend, Indiana, of Industrial Development Bonds in a total amount of Three Million ($3,000,000.00) Dollars, repayable with interest in accordance with the terms of the documents. Submitted this day of November, 1982. WALTER A. MUCHA, Secretary SOUTH BEND EOONOMIC DEVELOPMENT COMMISSION FRED IN CLERIC'S OFFICE NOV 31982 nCOK mammon