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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - L.L. Johnson Lumber MFG. Co ProjectORDINANCE No 6782 -80 Passed by the Common Council of the City of South Bend, Indiana- 27, 1980 Attest: D A— ` City Clerk IRENE K. GAMMON of Common Council Presented by me to the Mayor of the City of South Bend, Ind'ana UnT, 28 zg 80 { Cit_^ IRENE K. GAMMON Approved and signed by me 8 �9 Q Clerk ORDINANCE NO. (, 2 9� _Kb 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. 13 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE L. L. JOHNSON LUMBER MFG. 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 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 "; and L. L. JOHNSON LUMBER MFG. CO., a Michigan corporation, has filed an application with the Commission to finance the acqui- sition of land and construction of a building and improvements on real estate located at and commonly known as 51315 Dixie Way North, South Bend, Indiana, which will constitute economic develop- ment 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 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 pro- posed facilities will be located, and has timely received favor- able 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 pro- visions of all applicable Indiana statutes governing the issuance 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 mortgages and bonds, and further approved this form of Ordinance authorizing the execution thereof, and that such economic development facilities will not have an adverse competitive effect on similar facilities already con- structed 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 mortgages and Industrial Development Revenue Bond attached as exhibits thereto pertaining to the issu- ance of the Industrial Development Revenue Bonds in accordance with the terms of the Trust Indenture and User Agreement pertaining to the application of L. L. Johnson Lumber Mfg. Co., are hereby approved and adopted. Section 2. Said forms of Trust Indenture and User Agreement, real estate mortgages 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 Bond shall be executed on behalf of the City of South Bend, Indi- ana by the Mayor and the City Clerk. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such L. L. Johnson Lumber Mfg. 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 Three Hundred Eighty Thousand Dollars ($380,000.00) repayable with interest over a period of sixteen (16) years in accordance with the terms set forth in such Trust Indenture and User Agreement, and that such Trust Indenture and User Agreement and such Industrial Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and Clerk and sealed with the corporate seal of such City. -2- Section 5. Resolution No. 13 -80 of the South Bend Economic Development Commission passed on May 2, 1980, is hereby approved and the Common Council of the City of South Bend hereby finds that the proposed financing for the issuance of such Industrial Development Revenue Bonds would be of benefit to the health and welfare of the City of South Bend and that such complies with the purposes and provisions of the Act. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. 1st READING PUBLIC NEARING eZ) 2nd READING �$" �7 -9'0 NOT APPROVED REFERRED PASSED —3— r of the Common Counc FILED 11N LE III'$ OFFICE Nj;a�' - 1980 Irene Gammon CITY CLERK, SOUTH BEND, IND. VOOR, MCMICHAEL, ALLEN, FEDDER & HERENDEEN WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW GUY H.M<MICHAEL LLOYD M. ALLEN 300 FIRST BANK BUILDING KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E.HERENDEEN ANTHONY D. KOWALS May 7, 1980 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application (L.L. JOHNSON LUMBER' CO.) Dear Councilmen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON The South Bend Economic Development Commission has received an application from L.L. JOHNSON LUMBER CO., for a Revenue Bond in the amount of Three Hundred Eighty Thousand Dollars ($380,000.00), to finance the construction of an Economic Development facility located at 51315 Dixie Way North, South Bend, Indiana. It is anticipated that the new facility will create and additional employment of approximately 7 jobs with an estimated payroll in excess of $100,000.00. It is properly zoned and it will be a further expansion of business facilities in our South Bend area. KPF /lb tfully, P. FEDDER ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION l'a