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HomeMy WebLinkAboutApproving Industrial Revenue Bonds - Mossberg & Company Inc ProjectORDINANCE No 6775 -80 Passed by the Common Council of the City of South Bend, Indiana 12, 1980 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by Clerk ident of Common Council May 13 19 80 l` City Clerk IRENE K. GAMMON 1 ORDINANCE NO. (0 7 IS'- K 0 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, MORTGAGE AND NOTE, SECURITY AGREEMENT AND FINANCING STATEMENTS, AND A TRUST INDENTURE AND INDUSTRIAL REVENUE BONDS, AND AUTHO- RIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 12 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PERTAINING TO MOSSBERG & COMPANY, INC. PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission hereinafter referred to as "Commission ", pursuant to the provi- sions of the Public Law No. 182 of the Acts of the General As- sembly of Indiana for 1973, as such may be amended from time to time, including but not limited to I.C. 18- 6- 4.5 -1, through I.C. 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and Mossberg & Company, Inc., an Indiana corporation has filed an application with the Commission to finance the expansion of its commercial printing facility located at 301 East Sample Street, South Bend, Indiana, and the purchase and installation of certain machinery and equipment (facilities) which will constitute economic development facilities resulting in a number of new jobs as well as other benefits; and in connection therewith the Com- mission has prepared and placed on file a report containing the subject matter as specified in Section 16 of I.C. 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commis- sion and to the Superintendent of the School Corporation in the area of which the 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 such facilities on April 18, 1980, after giving the required notice as provided for in Section 17 of I.C. 18 -6 -4.5 and did find that the proposed financing complies with the purposes and provisions of the appli- cable Indiana Statutes governing the issuance of Industrial Development Revenue Bonds by the Commission and the Commission finds that the proposed facility will not have an adverse com- petitive 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, Mortgage and Note, Security Agreement and Financing Statements, a Trust Indenture and Industrial Development Revenue Bonds pertain- ing to Mossberg & Company, Inc. facilities and issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said form of Loan Agreement, Mortgage and Note, Security Agreement and Financing Statements and a Trust Indenture together with Industrial 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 and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Loan Agreement, Mortgage and Note, Security Agreement and Financing Statements and a Trust Indenture shall be executed 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 Industrial Development Revenue Bonds, payable solely and only from the revenue derived from such Mossberg & Company facilities, may be issued in a total aggregate principal amount not to exceed Seven Hundred Fifty Thousand and no /100 Dollars ($750,000.00) for a period not exceeding fifteen (15) years after the first monthly installment due thereon, in accordance with the terms of said Loan Agreement, Mortgage and Note, Security Agreement, Financing Statements and Trust Indenture 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 shall be sealed with the corporate seal of such City. Section 5. Resolution No. 12 -80 of the South Bend Economic Development Commission passed on April 18, 1980, is hereby approved and the Common Council of the City of South Bend hereby finds that the proposed financing for the issuance -2- 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 I.C. 18 -6 -4.5 as amended and supplemented. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. r Member of the Common Council 1st READING /— �? &- — PUBLIC HEARING 2nd READING / 92 -- J-6 NOT APPROVED REFERRED PAS: aE.D �- / c'? &',-) -3- FRIED Ell C! FE'I'S riRCE APR Irene Gammon CITY CLERK, SOUTH BEND, IND. WILLIAM E.VOOR GUY 14.M<MICHAEL LLOYD M. ALLEN KENNETH P. FEDDER GEORGE E. HERENDEEN ANTHONY D. KOWALS VOOR, MCMICHAEL, ALLEN, FEDDER & HERENDEEN ATTORNEYS 8 COUNSELORS AT LAW 300 FIRST BANK BUILDING SOUTH BEND, INDIANA 46601 April 23, 1980 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application ( MOSSBERG & COMPANY, INC.) Dear Councilmen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON The South Bend Economic Development Commission has received an application from MOSSBERG AND COMPANY, INC. for a Revenue Bond in the amount of Seven Hundred Fifty Thousand Dollars ($750,000.00), to finance the expansion of its commercial printing facility located at 301 East Sample Street, South Bend, Indiana, and to purchase and install certain machinery therein. It is anticipated that the new facility will create and additional employment of approximately 8 to 10 jobs with an estimated payroll in excess of $100,000.00. It is properly zoned and it will be a further expan- sion of business facilities in our South Bend area. Respectfully, Xenneth 7TORNEY FOR THE SOUTH BEND CONOMIC DEVELOPMENT COMMISSION KPF:jk Zi Irene RXI SOUK SEND, ®D