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HomeMy WebLinkAboutIndustrial Development Revenue Bonds Schilling's Sales Co IncORDINANCE No 6845 -80 Passed by the Common Council of the City of South Bend, Indiana.. Attest: October 27, 19 80 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana October 28 1980 /11�- Clerk Of Common Council IRENE K. GAMMON Approved and signed by me (f -P- 19 = - Clerk BILL NO. ORDINANCE NO AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, INDENTURE OF TRUST, SECURITY AGREEMENT AND INDUSTRIAL DEVEL- OPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 20 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE SCHILLING'S SALES CO., INC., AN INDIANA CORPORATION, PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana heretofore has created the South Bend Economic Development Com- mission, hereinafter referred to as "Commission ", pursuant to the provisions of the Public Law No. 182 of the Acts of the Gen- eral Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and Schilling's Sales Co., Inc., an Indiana corporation, has filed an application with the Commission to finance the ex- pansion and remodeling of the company's business facility located at 329 South Lafayette Blvd., South Bend, Indiana, which will constitute economic development facilities (facilities) resulting in a number of new jobs as well as other benefits; and in connec- tion therewith the Commission has prepared and placed on file a report containing the subject matter as specified in IC 18- 6 -4.5- 16 and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Super- intendent 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, and adopted a resolution finding that such proposed financing complies with the purposes and provisions of all applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds, including but not limited to the Act and approved the form and terms of the Loan Agreement, Indenture of Trust, Note, Security Agreement, and Industrial Development Revenue Bonds, and further approved this form of ordinance authorizing the execution thereof, and that such economic development facil- ities 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, Indenture of Trust, Security Agreement and Industrial Development Revenue Bonds attached as exhibits thereto pertaining to the is- suance of the Industrial Development Revenue Bonds in accordance with the terms of the Indenture of Trust and Loan Agreement per- taining to the application of Schilling's Sales Co., Inc., an Indiana corporation, are hereby approved and adopted. Section 2. Said forms of Loan Agreement, Indenture of Trust, Note, Security Agreement and Industrial Development Rev- enue Bonds which are on file with the Commission are hereby in- corporated 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, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Loan Agreement, Indenture of Trust, Security Agreement and Industrial Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and the City Clerk. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such Schilling' Sales Co., Inc., an Indiana corporation, Project pursuant to the aforementioned Indenture of Trust and Loan Agreement shall not be in any respect a general obligation of the City, nor shall the bonds be paid in any manner from funds raised by taxation, -2- and may be executed in amounts not to exceed Two Hundred Fifty Thousand Dollars ($2505000.00), repayable with interest thereon at a rate not to exceed eight and seven - eighths percent (8 -7/8 %) per annum, payable in installments over a period not to exceed fifteen (15) years after the date of such bonds, and that such Indenture of Trust and Loan Agreement and such Industrial Devel- opment Revenue Bonds and shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and Clerk and sealed with the corporate seal of such City. Section 5. Resolution No. 20 -80 of the South Bend Economic Development Commission passed on September 26, 1980, is hereby approved; and the Common Council of the City of South Bend 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 IC 18- 6 -4.5, as amended and supplanted. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and ap- proval by the Mayor. r Member of the South Bend Common Council FILED IN CLERK'S OFFICE OCT 6 1980 Irene Gammon lsf READING i O -1 S -C40 CITY CLERK, SOUTH BEND, IND. PUBLIC HEAR;NG / 2nd READING /0 _.P7_ e,:p, NOT APPROVED REFERRED PASSED -3- VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW GUY H. M�MICHAEL 300 FIRST BANK BUILDING LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E. HERENDEEN ANTHONY D. KOWALS October 6, 1980 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 Re: Revenue Bond Application Shilling's Sales Company, Inc. Dear Councilmen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON FILED IN CLERK'S OFFICE OCT 619^x? Irene Gammon CITY CLERK, SOUTH BEND, IND. The South Bend Economic Development Commission has received an application from Shilling's Sales Company, Inc. for a Revenue Bond in the amount of Two Hundred Fifty Thousand Dollars ($250,000.00), to finance the expansion and remodeling of the corporation's facility located at 329 South Lafayette Boulevard, South Bend, Indiana. It is anticipated that the new facility will create additional employment of approximately 2 jobs with an estimated payroll of $30,000.00 per year. It is properly zoned and it will be a further expan- sion of business facilities in our South Bend area. e ectful� et fie. h P! Fedder ttoiney for the South Bend cpilomic Development Commission KPF /cn