Loading...
HomeMy WebLinkAboutIndustrial Development Revenue Bonds - The Bertrand Products IncORDINANCE No. 6801 -80 Passed by the Common Council of the City of South Bend, Indiana_ July 14, r9_ t\- &,-- --� IRENE K. GAMMON lu T Presented by me to the Mayor of the City of South Bend, Indiana July 15 rn 80 X— &.'� Clerk Of Common Council IRENE K. GAMMON Catty Clerk Approved and signed by me i ORDINANCE NO. . AN ORDINANCE APPROVING THE FORM AND TERMS OF AND TRUST INDENTURE, AND INDUSTRIAL DEVELOPMENTASE REVENUE BONDS, AND AUTHORIZING AND APPROVING RESOLUTION NO. THE EXECUTION THEREOF BEND ECONOMIC DEVELOPMENT 14 -80 OF THE SOUTH THE BERTRAND PRODUCTS, INC. RELATING TO . PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the Cit heretofore y of South Bend, Indiana has created the South Bend Economic Development sion, hereinafter referred to as COmmis- "Commission", pursuant to the provisions 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"; BERTRAND PRODUCTS � and INC., an Indiana corporation filed an application with th has e Commission to finance the construction Of a building and improvements on real estate and equipment, located at 2323 Foundation Drive South purchase of new which will constitute economic development facilities Indiana, a substantial number of new jobs acilities resulting in 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 IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of Commission of St. the Area Plan Joseph County, Indiana Of the South Bend , and to the Superintendent Community School Corporation, being the area in which the proposed facilities will be located, and has timely re- ceived favorable reports from each of them, and the Commission held a Public hearing on the proposed financing of ment facilities in accordance with the Act such economic develop - notice as after giving the required provided in the Act and adopted a resolution finding that such proposed financing complies with the purposes and pro- visions of all applicable Indiana statutes ove Of Industrial Develo g rna.ng the issuance - pment Revenue Bonds, including but not limited to the Act, and approved the form and terms of the Lease and Trust Indenture and bonds, and further approved this form orm of Ordinance g the execution thereof, and 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 b the Cit of Y the Common Council Y South Bend, Indiana, that: of Section I. The form and terms of the Lease and T Indenture and Industrial Development Revenue Bond rust exhibits thereto Pertaining ttached as ning to the issuance of the Industrial Development Revenue Bonds in accordance with the terms of the Lease and Trust Indenture pertaining to the application of Products, Inc., are hereby approved ertrand ved and adopted, Section 2. Said forms of Lease and Trust Indenture and Bond Industrial Development Revenue Bon which are on file with the Commission are hereby incorporated by reference into and said forms shall be inserted into the minutes this Ordinance, Council of the City of S of the Common South Bend, Indiana, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Lease and Trust Indenture and Bond 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 Bond Payable solely and only from the revenues derived fro s, Products m such Bertrand Inc, project pursuant to the aforementioned Lease a Trust Indenture, shall not be in nd 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 Hundred Seventy Five - Thousand Dollars ($475, 000.00 interest at the rate of Sixty repayable with Y per cent (600) of the prime rate to be reviewed and adjusted quarterly, payable in mo over a nthly installments period of ten (10) years after the date of that such Lease and Trust Indenture 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. -2- Section 5. Resolution No. 14 -8p of the South Bend Eco Development Commission passed nomic on June 6, 1980, is hereby approved; and the Common Council of the City of South Bend hereb y finds that the proposed financing for the issuance of the Econo i Revenue Bonds would be of mc Development benefit to the health and welfare of the City of South Bend and that it complies with the. visions of IC 18- 6-4.5, and pro - 6-4.5, as amended and supplemented. Section 6. This Ordinance shall be in full force an effect from and after its d passage by the Common Council and approved by the Mayor. 1st , REA NG 6 - PUS-L' 3 —cam i s P,I1VG rs'Ld 2nd READI NG REOR fDPROVED PASSED 'a3 c erg -3- Irene Gammon CITY CLERK, SOUTH BEND, IND. WILLIAM E.VOOR VOOR, MCMICHAEL, ALLEN, FEDDER $ HERENDEEN GUY H. M�MICHAEL ATTORNEYS 8 COUNSELORS AT LAW LLOYD M. ALLEN 300 FIRST BANK BUILDING KENNETH P. FEDDER AREA CODE 219 GEORGE E. HERENDEEN SOUTH BEND, INDIANA 46601 234 -6061 ANTHONY D. KOWALS OF COUNSEL: June 16, 1980 WILLIAM O. JACKSON Members of the South Bend County -City Building Common Council South Bend, Indiana 46601 RE: Revenue Bond Application Bertrand Products, Inc. Dear Councilmen: The South Bend Economic Development Commission has received an application for a Revenue Bond issue in the Of Four Hundred Seventy -five Thousand Dollars ($475,000.00) for and on behalf of Bertrand Products, Inc., unt con- struction of a building 00.00) at 2323 Foundation Drive, South cBend,oIndi for the quipment located Indiana. The new facility will create an additional twenty - five (25) jobs with an additional annual Hundred Seventy -five Thousand Dollars payroll Three ($375,000.00) . KPF :dm tfully, Y FOR THE SOUTH BEND C DEVELOP1ENT COMMISSION H ED 'S OFFICE JuNi;fie1.e ,ig Irene Gammon CITY CLERK, SOUTH BEND, IND.