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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds Smith White Co. ProjectORDINANCE No. 6832 -80 Passed by the Common Council of the City of South Bend, Indiana_ Clerk IRENE K. GAMMON Attest: President of Common Council Presented by me to the Mayor of the City of South Bend, Ind'ana OCTOBER 14 19 80 IRENE K. GAMMON Approved and signed by me c) & 1 S 19 d Clerk BILL NO. ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST INDENTURE AND USER AGREEMENT, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 18 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE SMITH WHITE CO. PROJECT. STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commis- sion, hereinafter referred to as "Commission ", pursuant to the pro- visions of 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 IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and SMITH WHITE CO., a partnership, has filed an application with the Commission to finance the acquisition, improvement and remodeling of a commercial building on real estate located on the South side of South Street and immediately Easterly of Prairie Avenue in South Bend, Indiana (sometimes known as 506 West South Street, South Bend, Indiana, 46625), which will constitute economic develop- ment facilities resulting in a substantial number of new jobs as well as other benefits, and to retire a prior industrial development bond issue, and in connection 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 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 Commis- sion 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 I ORNBURG. MCGILL, DEAHL. HARMAN. :AREY& MURRAY of Industrial Development Revenue Bonds, including but not limited to the Act and approved the form and terms of the trust indenture and user agreement, real estate mortgage and bonds, and further approved this form of ordinance authorizing the execution thereof, and that such economic development facilities will not have an adverse compe- titive 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 trust indenture and user agreement, real estate mortgage and Industrial Development Rev- enue Bonds attached as exhibits thereto pertaining to the issuance of the Industrial Development Revenue Bonds in accordance with the terms of the trust indenture and user agreement pertaining to the applica- tion of SMITH WHITE CO., a partnership, are hereby approved and adopted. Section 2. Said forms of trust indenture and user agree- ment, real estate mortgage and Industrial Development Revenue Bond 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, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The trust indenture and user agreement and 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 SMITH WHITE CO. Project pursuant to the aforementioned Trust Indenture and User 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, and may be executed in amounts not to exceed Four Hun- dred and Thirty -Five Thousand ($435,000.00) Dollars, repayable with interest thereon at a rate not to exceed nine (9 %) percent per annum, payable in monthly installments over a period of ten (10) years after the date of such bonds, and that such trust indenture and user IORNBURG, MCGILL DEAHL, HARMAN. ::AREY & MURRAY -2- �.ORNBURG. MCGILL, DEAHL. HARMAN. ,AREY& MURRAY agreement and such Industrial Development Revenue Bonds 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. 18 -80 of the South Bend Economic Development Commission passed on September 12, 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 wel- fare of the City of South Bend and that it complies with the purposes and provisions of I.C. 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 approval by the Mayor. Mem er o the South Bend Co Counci FILED Ia W 'ME 1sf READING PUBLIC HEARING /0 - �,��. , f � � Gant M011 2nd READING /® 1.3 em CLERK, SDUl" BEND, IND• NOT APPROVED REFERRED -3- PASSED VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E XOOR ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 GUY H. MCMICHAEL 300 FIRST BANK BUILDING 234 -6061 LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E. HERENDEEN September 10, 1980 OF COUNSEL: ANTHONY D. KOWALS WILLIAM O. JACKSON Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application (SMITH WHITE CO.) Dear Councilmen: The South Bend Economic Development Commission has received an application from SMITH WHITE CO. for a Revenue Bond in the amount of Four Hundred Thirty -Five Thousand ($435,000.00) Dollars, to finance the acquisition and im- provement and remodeling of a commercial building located on the South side of South Street and immediately East of Prairie Avenue, South Bend, Indiana, and to retire a prior issue of an Economic Development Bond issued for said facilities. It is anticipated that the new facility will create an additional employment of approximately 6 jobs with an estimated payroll in excess of $70,000.00. It is properly zoned and it will be a further expan- sion of business facilities in our South Bend area. kpf /dc pectfully, 4,4- Kenn th P. Fedder, } ATTONEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION FILED El T rr 11S E Irene Gammon CITY CLERK, SOUTH BEND,IND.