Loading...
HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds G & W Rentals ProjectORDINANCE No 6756 -80 Passed by the Common Council of the City of South Bend, Indiana_ March 10 City Clerk IRENE K. GAMMON of Common Council Presented by me to the Mayor of the City of South Bend, Indiana March 11 IRENE K. GAMMON Approved and signed by me Clerk ORDINANCE NO. (m I ,5-'6 alga 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. 46 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE G & W RENTALS PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission, here- inafter referred to as "Commission ", pursuant to the provisions of the Muncipal Development Act of 1955, as amended and supple- mented by IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and G & W RENTALS, a partnership, has filed an application with the Commission to finance the construction of a building on real estate being acquired by G & W Rentals located on the northerly side of Western Avenue and easterly from a point which is approxi- mately 300 feet west of Lombardy Drive in South Bend, Indiana, together with fixtures and attachments, site preparation, black - topping, paint booths, telephone systems, lighting, landscaping, shelving, bins, office furniture, shop fixtures, hoists, ramps, dynometers, fencing and related equipment, to constitute 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 IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of the St. Joseph County Area Plan Commission, 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 pro- vided in the Act, and adopted a resolution finding that such pro- posed financing compies 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 that such economic development facilities will not have an adverse competitive effect on similar facilities already con- strutted 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 Develop- ment Revenue 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 pertain- ing to the application of G & W Rentals, a partnership, herein sometimes referred to as "G & W Rentals Project" are hereby approved and adopted. Section 2. Said forms of Trust Indenture and User Agreement, real estate mortgage and Industrial Development Reve- nue Bonds which are on file with the Commission and the City Clerk 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 Mayor and the Clerk of the City of South Bend, Indiana, are hereby authorized to execute and file on behalf of the City of South Bend, Indiana, the statement re- quired pursuant to Section 103(b)(6)(D) of the Internal Revenue Code, as amended, and regulations issued pursuant thereto, with the Director of the Regional Service Center of the Internal Revenue Service where said G & W Rentals, a partnership, file federal income tax returns prior to issuance of any such Indus- trial Development Revenue Bonds, in order to elect to have the provisions of said Section 103(b)(6)(D) of the Internal Revenue Code, as amended, be applicable to this issue of Industrial Development Revenue Bonds. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such G & W Rentals Project pursuant to the aforementioned Trust Indenture and User Agreement, may be executed in amounts not to exceed One Million Four Hundred Thousand Dollars ($1,400,000.00) repayable with interest thereon at a rate not to exceed nine and one - quarter per cent (9 -1 /4q) per annum, payable in semi - annual installments over a period of twenty (20) years after the date of such Bonds, and that such Trust Indenture and User Agreement and such Indus- trial Development 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. The Industrial Development Revenue Bonds authorized by this ordinance shall not be and shall never con- stitute an indebtedness of or a charge against the general credit of the taxing power of the City of South Bend, Indiana, and shall not be in any respect a general obligation of the City of South Bend, Indiana, nor shall such Bonds be paid in any manner from funds raised by taxation. Such Bonds shall be payable solely from the revenues and receipts received pursuant to the terms of such Trust Indenture and User Agreement. Section 6. Resolution No. 46 -79 of the South Bend Economic Development Commission passed on February 15, 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 Industrial Development Revenue Bonds involved will be of benefit to the health and welfare of the City of South Bend, Indiana and that it complies with the purposes and provi- sions of T.C. 18- 6 -4.5 -1 through I.C. 18- 6- 4.5 -30 as amended and supplemented. Section 7. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. Member of the Common Council 1st READING y a S ^ — 'i v 2nd READ, N, -�a - gv NOT �`APP;-')pVED REFERRED PASSED FILED III CLEUTS DP��CE FEB 2 0 1980 Irene Gammon CITY CLERK, SOM BEND, 0- Economic Development Commission Jerry Hammes, President Frank Horvath, Vice- President Walter A. Mucha, Secretary Kenneth P. Fedder, Counsel CITY of SOUTH BEND PETER J. NEMETH, Mayor SOUTH BEND, INDIANA 46601 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application G & W RENTALS, A Partnership Dear Councilmen: 230 West Jefferson Boulevard (219) 234 -0051 Application of a Revenue Bond Issue for One Million Four Hundred Thousand ($1,400,000.00) Dollars, for and on behalf of G & W RENTALS, a Partnership, for the acquisition of property and construction of a facility located on the northerly side of Western Avenue and westerly of Lombardy Drive, South Bend, Indiana. The new facility will initially employ approximately six people with a beginning payroll at approximately $120,000.00. It is properly zoned and it will be a further expansion of business here in our South Bend area. Respectfully, �i E P. FEDDE ­' ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION KPF /mb