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HomeMy WebLinkAboutEconomic Development Revenue Bonds Romana R Primus M.D. ProjectORDINANCE No. 6844 -80 Passed by the Common Council of the City of South Bend, October 27, rq 80 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Approved and signed by Clerk of Common Council l� ' City Clerk IRENE K. GAMMON Fr FM BILL NO. �ir� ORDINANCE NO. -- �v AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, INDENTURE OF TRUST, AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE ROMANA R. PRIMUS, M.D. PROJECT STATEMENT OF PURPOSE AND INTENT: The Common Council of heretofore has created the sion, hereinafter referred provisions of Indiana Code referred to as the "Act ". Romana R. Primus, M.D the City of South Bend, Indiana, South Bend Economic Development Commis - to as the "Commission" pursuant to the 18- 6 -4.5, as amended, hereinafter ., has filed an application with the Commission to finance certain economic development facilities result- ing in a substantial number of new jobs as well as other benefits, and in connection therewith, the Commission has prepared and placed on file a report containing the subject matter as specified in Indi- ana Code 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of the St. Joseph County Area Plan Commission of St. Joseph County, Indiana, 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, and the Commission held a public hearing on the proposed financing of such economic development facilities in accordance with the Act after giving the required notice 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, inclu- ding but not limited to the Act and approving the form and terms of the Loan Agreement, Indenture of Trust, and Bonds, and further approving this form of Ordinance 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. 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, Inden- ture of Trust, and Economic Development Revenue Bonds pertaining to the Romana R. Primus, M.D. 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 Agree- ment, 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. 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 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 ainounts not to exceed $331,000.00 repayable with interest thereon at the rate of 9 -3/4% per annum, over a term of 15 years, in accordance with the terms of said Loan Agreement and Indenture of Trust and that such Bonds 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 said City. Section 5. The Resolution of the South Bend Economic Develop- ment Commission, passed on September 26, 1980, 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 wel- fare of the City of South Bend, and that it complies with the pur- poses and provisions of the Act. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. k'a2 , 146. Member of the Common Council 1st READING 16 - j _q _ 0 PUBLIC HEARING /4> 2 - S-0 2nd READING / ) - S-0 NOT APPROVED REFERRED PASSED FILED IN CLERK'S OFFICE OCT 6 1989 Trade Gammon CITY CLERK, SOUTH BEND, INO. WILLIAM E.VOOR GUY H.M�MICHAEL LLOYD M. ALLEN KENNETH P. FEDDER GEORGE E. HERENDEEN ANTHONY D. KOWALS VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN ATTORNEYS 8 COUNSELORS AT LAW 300 FIRST BANK BUILDING SOUTH BEND, INDIANA 46601 October 6, 1980 Members of the South Bend Common Council County -City Building South Bend, Indiana Re: Revenue Bond Application Romana R. Primus, M.D., Project Dear Councilmen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM 0. JACKSON FILED IN CLERK'S OFFICE OCT 6 1990 Irene Gammon CITY CLERK, SOUTH BEND, IND. The South Bend Economic Development Commission has received an application from Romana R. Primus, M.D., Project for a Revenue Bond in the amount of Three Hundred Thirty,One Thousand Dollars ($331,000.00), for the purchase of real estate and construction and equipping of a new medical facility to be located at 121 -127 North St. Peters Street, South Bend, Indiana. It is anticipated that the new facility will create additional employment of approximately 4 jobs with an estimated payroll of $40,000.00 per year. It is properly zoned and it will be a further expansion of business facilities in our South Bend area. spectf,Ailly, I<e eth P. Fedder - At orney for the South Bend E onomic Development Commission KPF /cn STATE OF INDIANA ) ) ss: COUNTY OF ST. JOSEPH ) The South Bend Economic Development Commission, South Bend, St. Joseph-County, _ Indiana, met in public session in the County - City Building in the City of South Bend, Indiana at 11:30 o'clock a.m. on September 26, 1980, with the following members present: Frank Horvath Walter A. Mucha Absent: Gerald Hammes (Other Business) The following Resolution was introduced in written form by Walter A. Mucha , was read in full, and, after due discussion, pursuant to motion made by Walter A. Mucha , was seconded by Frank Horvath , and was adopted by the following vote: Aye: Frank Horvath Walter A. Mucha Nay: A RESOLUTION approving the- forms-of basic documents in:connection with the financing of economic development facilities by the City of South Bend, Indiana; the loan of the proceeds of its revenue bonds issued in rela- tion thereto to Romana R. Primus, M.D.; approv- ing the issuance of $331,000.00 principal amount of Economic Development Revenue Bonds, Series 1980 ( Romana R. Primus, M.D. Project) of the City for the purpose of paying the costs of the economic development facilities -and of paying - necessary expenses incidental thereto; approving the execution and delivery of an Indenture of Trust and a Loan Agreement; and approving other matters pertaining thereto. WHEREAS, the City of South Bend, Indiana (the "Issuer "), has created the South Bend Economic Development Commission (the "Commission ") pursuant to the provisions of Chapter 4.5 of Article 6 of Title 18 of the Indiana Code, as- amended - (the "Act "); and WHEREAS, the Commission has approved a report regarding the financing of certain economic development facilities (the "Project ") to be located in the City; and WHEREAS,_the Commission has submitted the report to the South Bend Community School Corporation, South Bend, Indiana, and the St. Joseph County Area Plan Commission, South Bend, Indiana; and WHEREAS, the Commission has held a public hearing on the financing of the Project; and WHEREAS, the Commission finds that the proposed financing complies with the-purposes and provisions of all applicable Indi- ana statutes, including the_Act, -and that_the_Project_ will_ -not - have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend; and WHEREAS, it is now necessary, in connection with the financing,, that the Commission approve the financing, the forms and terms of the basic documents, and the $331,000.00 Economic Development Revenue Bonds, Series 1980 (Romana R. Primus, M.D. Project) _(the _ "Bonds " -)-, . proposed -to -be_issuecl_to _finance the Project: NOW, THEREFORE, Be It Resolved by the South Bend Economic Development Commission of the City of South Bend, Indiana, as follows: Section 1. The financing and completion of the Project in accordance with the Indenture of Trust (the "Indenture ") from the Issuer to First Bank and Trust Company of South Bend, South Bend, Indiana, as Trustee, for the benefit of the bondholders (the "Trustee "), the loan of the proceeds derived from the sale of the Bonds to Romana R. Primus,. M.D. (the "Borrower "), and the financ- ing of the Project through the issuance of the Bonds, are hereby approved, determined and found to be in the - public interest and in furtherance of the -- public purposes - contemplated by - -the Act, in compliance - with the --provisions-,of- the Act -, -- and -of -- direct benefit to the health and welfare of the Issuer and its citizens. Section 2. For the purpose of financing the Project, includ- ing necessary expenses incidental- thereto, the Bonds are hereby approved in the -form and with the terms and provisions provided in- the- - indenture . Section 3. The Indenture, in substantially the form now before this meeting, is hereby in all respects approved and incorporated by reference and made a part hereof. Section 4. The Loan Agreement, in substantially the form now before this meeting, is hereby in all respects approved and incor- porated by reference and made a part hereof. Section 5. The sale of the Bonds to First Bank and Trust Company of- -South Bend, South Bend, Indiana- (the "Bond Purchaser "), at a price of $331,000.00, pursuant to an agreement by and between the Issuer and the Bond Purchaser Cthe "Bond Purchase Agreement "), is hereby approved, and adoption by the Issuer of an ordinance approving the terms and provisions of the financing, the forms of the financing documents, and authorizing the issuance of the Bonds is hereby recommended. Section 6. The President of the Commission for and on behalf of the Commission is hereby authorized and directed to do any and all things necessary to effect the execution and delivery of the Loan Agreement, the Indenture, the Bond Purchase Agreement, the Bonds, and the acceptance thereof by the Issuer, the Borrower, the Trustee and the Bond Purchaser, respectively. Section 7. The Secretary of the Commission, for and on behalf of the Commission, is hereby authorized and directed to transmit this Resolution to the Common Council of the Issuer pursuant to a form of transmittal now before this meeting. Section 8. The provisions of this Resolution are hereby de- clared -to be separable, and if any section, phrase or provision is for any reason declared by a court of competent jurisdiction to be invalid or unenforceable, such declaration will not - affect the va- lidity of the remainder of the sections, phrases, and provisions hereof. THIS RESOLUTION IS ADOPTED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION OF THE CITY OF SOUTH BEND, INDIANA, ON SEPTEMBER 26, 1980. Gerald Hammes xe.4� ' /Z. t' �' , - Frank Horvath Ina J Walter A. Mucha (Other Business) R CERTIFICATE I, Walter A. Mucha, Secretary of the South Bend Economic Development Commission, South Bend, Indiana, do hereby certify that I am the keeper of the records -and minutes of the proceedings of said Commission and further certify as follows: That the attached is a Resolution adopted by the Commission at its public meeting on September 26, 1980, approving the docu- ments and financing for the Romana.R. Primus, M.D. Project. IN WITNESS WHEREOF, I have hereunto set my hand as Secretary of said Commission on September 26, 1980. Wa ter A. cha, Secretary TRANSMITTAL OF AN ADOPTED RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION TO THE CITY OF SOUTH BEND COMMON COUNCIL PERTAINING TO THE FINANCING OF FACILITIES FOR ROMANA R. PRIMUS, M.D. BY THE ISSUANCE OF THE CITY OF SOUTH BEND, INDIANA OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS To: South Bend Common Council c/o Irene K. Gammon, City Clerk City of South Bend County -City Building South Bend, Indiana 46601 The South Bend Economic Development Commission (the "Commission ") hereby transmits to you in accordance with the provisions of Chapter 4.5 of Article 6 of Title 18 of the Indiana Code, as amended (the "Act "), a resolution adopted by the Commis- sion on September 26, 1980, as called for by the Act. You will note from perusal of the body of the resolution and documents that the purpose thereof is to provide for the financing by the City of certain economic development facilities to be located in the City of South Bend, Indiana, for Romana R. Primus, M.D., by the execution of a Loan Agreement and an Inden- ture of Trust, and the issuance of Economic Development Revenue Bonds of the City of South Bend, Indiana, in a total amount not to exceed $331,000.00, repayable over a term not to exceed 15 years. As to the recommended ordinance, you are respectfully asked to present such ordinance upon its submission to the Common Council of the City of South Bend, Indiana for passage. Submitted September,26, 1980. SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION By: la &A,.I�J a ter A. Mucha, ecretary FILER IN CLERK'S OFFICE OCT 6 1980 Irene Gammon CITY CLERK, SOUTH BEND, IND.