HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds George E. Ross, Robert C. Ross and Richard C. Ross ProjectORDINANCE No 6723 -79
Passed by the Common Council of the City of South Bend, Indiana
December 17 —79
r, City Clerk
IRENE K. GAMMON
Attest: l2 ' President of Common Council
Presented by me to the Mayor of the City of South Bend, Ind'ana
December 18 �9 79
City Clerk
IRENE K. GAMMON
Approved and signed by me -- IV
�' Mayor
ORDINANCE NO. G 7R3 -7!?
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST
INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND
AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO.
42 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING
TO THE GEORGE E. ROSS, ROBERT C. ROSS AND RICHARD C. ROSS PROJECT
STATEMENT OF PURPOSE OF INTENT:
The Common Council of the City of South Bend, Indiana
heretofore has created the South Bend Economic Development
Commission, 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
GEORGE E. ROSS, ROBERT C. ROSS and RICHARD C. ROSS, a
Partnership, has filed an application with the Commission to finance
a supplemental bond issue for completion of facilities located at 406
East Monroe, South Bend, St. Joseph County, Indiana (facilities)
which will constitute economic development facilities resulting in
the addition of five jobs being added to the payroll, as well as
other benefits, and in connectin 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 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 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 Industrial Development Revenue Bonds, including but
not limited to the Act and approved the form and terms of the Lease
and Trust Indenture and Industrial Development Revenue 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
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 Lease and Trust
Indenture and Industrial Development Revenue Bonds attached as
exhibits thereto pertaining 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 GEORGE E.
ROSS, ROBERT C. ROSS and RICHARD C. ROSS, a partnership, are hereby
approved and adopted.
Section 2. Said forms of Lease and Trust Indenture and
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 Lease and Trust Indenture and Bonds 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 Bonds,
payable solely and only from the revenues derived from such GEORGE E.
ROSS, ROBERT C. ROSS and RICHARD C. ROSS, a Partnership, Project
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 Forty Thousand
($40,000.00) Dollars, repayable with interest thereon at a rate not
to exceed seven and one -half (7 -1/2%) percent per annum, payable in
monthly installments over a period of twenty (20) years after the
date of such Bonds, and 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.
Section 5. Resolution No. 42 -79 of the South Bend Economic
Development Commission, passed on the December 7, 1979, is hereby
grz
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 the County of St.
Joseph and that it complies with the purposes and provisions of IC
18- 6 -4.5, as amended and supplanted.
Section 6. This Ordinance shall be in full force and
effect from and after its passage by the Common Council and
approval by the Mayor.
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��W4'lam— Z______.
MEMB OF THE SOUTH BEND COMMON
COUN IL
-3-
PASSED d' � _% 7
DEC 1 ? 1979
NOT APPROVED
REFERRED
PASSED d' � _% 7
DEC 1 ? 1979
CITY of SOUTH BEND
PETER I NEMETH, Mayor
SOUTH BEND, INDIANA 46601
vu
Economic Development Commission
DEC 102 1979 230 West Jefferson Boulevard
(219) 234 -0051
Jerry Hammes, President
Frank Horvath, Vice
Irene Q�
- President
30UTIi BEND, IND,
Walter A. Mucha, Secretary
CITY CLERK,
Kenneth P. Fedder, Counsel
Members of the South Bend Common Council
County -City Building
South Bend, Indiana 46601
RE: Revenue Bond Application - Suppoemental Issue
GEORGE E. ROSS, ROBERT C. ROSS and RICHARD C.
ROSS, a Partnership, PROJECT
Dear Councilmen:
The South Bend Economic Development Commission
has received an application from GEORGE E. ROSS, ROBERT
C. ROSS and RICHARD C. ROSS, an Indiana Partnership, for
the issuance of a supplemental Revenue Bond issue in the
amount of ($40,000.00), for the completion of facilities
located at 406 East Monroe, South Bend, Indiana.
The facility, containing approximately 9,200
square feet, will be used by the applicant in its
operations and will create approximately 5 new jobs with
an estimated payroll of approximately $60,000.00.
Respectfully yours,
.j�
K�NNETH P. FEDDER
ATTORNEY FOR THE SOUTH BEND
ECONOMIC DEVELOPMENT
COMMISSION
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