Loading...
HomeMy WebLinkAboutApproving Economic Development Revenue Bonds - Lawson-Fisher Associates ProjectORDINANCE No 0741 -80 Passed by the Common Council of the City of South Bend, Indiana_ January 28 80 Clerk IRENE K. GAMMON of Common Council Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by January 29 7^80 City Clerk IRENE K. GAMMON I 9 opd Mayor BILL NO. ORDINANCE NO. LLVJ_, e? AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, INDENTURE OF TRUST, AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXE- CUTION THEREOF, AND APPROVING RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOP- MENT 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 "; and Lawson - Fisher Associates, an Indiana professional engineering part- nership, 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 Commis- sion has prepared and placed on file a report containing the subject mat- ter as specified in Indiana Code 18- 6.4.5 -16 and has forwarded copies thereof to 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 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 develop- ment 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 Loan Agreement, Indenture of Trust, and 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 Loan Agreement, Indenture of Trust, and 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 Notes and Mortgage attached as exhibits 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 execu- ted 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 $350,000.00 repayable with interest thereon at a rate not to exceed ten (10a) percent per annum, over a term of ten (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 December 21 , 1979, 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 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 Counci Is! READING /— a Ff — *-a PUBLIC HEARING 2nd READING NOT APPROVELI REFERRED % PASSED and approved by the Mayor. r of the Common Counci 1 FILED Oil CLE1 OFFICE JAN 2 3 1980 Irene Gammon CITY CLERK, SOUTH BEND, IND, �- 2 Economic Development Commission Jerry Hammes, President Frank Horvath, Vice- President Walter A. Mucha, Secretary Kenneth P. Fedder, Counsel Members of County -City South Bend, CITY of SOUTH BEND PETER J. NEMETH, Mayor SOUTH BEND, INDIANA 46601 the South Bend Common Council Building Indiana 46601 RE: Revenue Bond Application LAWSON- FISHER ASSOCIATES PROJECT Dear Councilmen: 230 West Jefferson Boulevard (219) 234 -0051 The South Bend Economic Development Commission has received an application from LAWSON- FISHER ASSOCIATES, an Indiana Partnership, for the issuance of a Revenue Bond issue in the amount of Three Hundred Fifty Thousand ($350,000.00) Dollars, for the acquisition and renovation of an office building located at 525 West Washington Avenue, South Bend, Indiana. The new facility, containing approximately 17,400 square feet, will be used by the applicants in their operations, creating approximately 8 new jobs with an estimated payroll of approximately $144,000.00. Respec fully yours, t. KENNETH P. FEDDER ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION FILI0 111 C! TS OFFICE KPF /mb Ji,N 2 3 jqR;� Irene Gammon CITY CLERK, SOUTH BEND, IND.