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HomeMy WebLinkAboutApproving Additional Economic Development Revenue Bonds - Lawson-Fisher Associates ProjectORDINANCE No 6790 -80 Passed by the Common Council of the City of South Bend, Indiana May 27 Yq 80 '�- A"', IRENE K. GAMMON Attest: City Clerk of Common Council Presented by me to the Mayor of the City of South Bend, Indiana Ma 28 19-8o City Clerk IRENE K. GAMMON by Approved and signed me �9� BILL NO. ORDINANCE NO. k e- AN ORDINANCE APPROVING THE FORM AND TERMS OF THE SUPPLEMENTAL LOAN AGREEMENT, SUPPLEMENTAL INDENTURE OF TRUST, AND ADDITIONAL ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE LAWSON - FISHER ASSOCIATES PROJECT. STATEMENT OF PURPOSE AND INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission, hereinafter referred to as the "Commission" pursuant to the provisions of Indiana Code 18- 6 -4.5, as amended, hereinafter referred to as the "Act ". The City of South Bend, Indiana, has issued its Economic Development Revenue Bonds, Series 1980 (Lawson- Fisher Associates Project) dated February 29, 1980, in the amount of $350,000.00, pursuant to an Indenture of Trust and a Loan Agreement, both dated February 1, 1980. An additional $60,000.00 is necessary to finance the substantial completion of said Pro -iect. Lawson - Fisher Associates, an Indiana professional engineering partnership, has filed an application with the Commission to finance certain economic development facilities resulting 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 Indiana 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, including but not limited to the Act and approving the form and terms of the Supplemental Loan Agreement, Supplemental Indenture of Trust, and additional 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 Supplemental Loan Agreement (the "Loan Agreement "), Supplemental Indenture of Trust (the "Indenture of Trust "), and additional Economic Development Revenue Bonds pertaining to Lawson - Fisher Associates 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 Agreement, to- gether 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 exe- cuted 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 afore- mentioned 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 amounts not to exceed $60,000.00 repayable with interest thereon at the rate of loo per annum, over a term of 10 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 Development Commission, passed on the 16th day of May, 1980, is hereby approved; and the Common Council of the City of South Bend, Indiana, hereby finds that - 2 - 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 the Act. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approv4j —by the Mayor. unc PLED 11-1 CLE21'S OFFICE Tst READING 7y PU'LX P AR'NG MAY 2 1 1950 2nd : EADWG " c� NOT APPROVED _ Irene Gammon REFERRED. 3 PASSED CITY CLERK, SOUTH BEND, IND. SWEENEY BUTLER & SIMERI ATTORNEYS AT LAW ST. JOSEPH BANK BUILDING CHARLES A. SWEENEY, JR. SOUTH BEND, INDIANA 46601 JOSEPH V. SIMERI KEVIN J. BUTLER 219 233-3303 DANIEL H. PFEIFER May 21, 1980 The Honorable Irene K. Gammon City Clerk, City of South Bend 4th Floor, County -City Building South Bend, Indiana 46601 RE: South Bend Economic Development Revenue Bonds Lawson - Fisher Associates Project, Phase II Dear Mrs. Gammon: 417 SOUTH SECOND STREET ELKHART. INDIANA 46814 219 296-3783 219 674 -6470 (OSCEOLA) Enclosed is the draft ordinance for the above project together with the transmittal from the South Bend Economic Development Commission. In January of this year, the South Bend Common Council adopted an ordinance authorizing the issuance of $350,000.00 of its bonds for Phase I of this Project. Those bonds were sold in February, 1980. At its meeting on May 16, 1980, the South Bend Economic Develop- ment Commission adopted its resolution approving the issuance of additional $60,000.00 of bonds. The enclosed ordinance contem- plates authorization of said additional issuance by the Common Council. Please have this ordinance placed on the agenda of the Council's meeting on Tuesday, May 27, 1980. Because the next meeting of the Council will not be held until June 23, 1980, we will ask the Council to suspend its rules at its meeting on May 27 and take final action on the ordinance. Please call if you have any questions concerning this matter. KJB /tfs Encls. cc: South Bend Development Economic Commission Sincerely, Kevin J. Butler 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 LAWSON- FISHER ASSOCIATES BY THE ISSUANCE OF THE CITY OF SOUTH BEND, INDIANA, OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS TO: The South Bend Common Council c/o Irene K. Gammon City Clerk City of South Bend South Bend, Indiana 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 Commission on May 16, 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 Lawson - fisher Associates, an Indiana professional engineering partnership by the execution of a Supplemental Loan Agreement and a_- Supplemental Indenture of Trust, and the issuance of additional Economic Development Revenue Bonds of the City of South Bend, Indiana, in a total amount not to exceed $60,000.00, repayable over a term not to exceed 10 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 May 16, 1980. CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT COMMISSION s, President ,J Frank Horvath, Vice - President Wa ter A. ucha, Secretary