Loading...
HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Sam Cossman & Virginia Cossman ProjectORDINANCE No. 6724 -80 Passed by the Common Council of the City of South Bend, Indiana January 14, 19 80 n City Clerk IRENE K. GAMMON Attest.-_ President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana - January 15 _19_.8_o A Approved and signed by 0 IRENE K. GAMMON 61)- Clerk ORDINANCE NO. (a ., :D t%— %O 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. 40 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE SAM COSSMAN AND VIRGINIA COSSMAN PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana hereto- fore 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 SAM COSSMAN AND VIRGINIA COSSMAN, husband and wife, have filed an application with the Commission to finance the acquisition of land and the construction of a building thereon located at 2326 Edison Road, South Bend, Indiana, which will 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 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 Commis- sion 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 Trust Indenture and User Agreement, real estate mortgage 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 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 Trust Indenture and User Agreement, real estate mortgage and Industrial Development Revenue Bond attached as exhibits thereto pertaining to the issuance of the Indus- trial Development Revenue Bonds in accordance with the terms of the Trust Indenture and User Agreement pertaining to the application of Sam Cossman and Virginia Cossman, husband and wife, are hereby approved and adopted. Section 2. Said forms of Trust Indenture and User Agreement, real estate mortgage and Industrial Development Revenue Bond which are on file with the Commission are hereby incorporated by reference into this Ordinance, and sais 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, 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 Sam Cossman and Virginia Cossman 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 Twenty Thousand Dollars ($320,000.00) repayable with interest thereon at a rate not to exceed eight and one -half per cent (8 -1 /2q) per annum, payable in quarter- annual installments over a period of twelve (12) years after the date of such bonds, and that such Trust Indenture and User Agreement and such Industrial Development Revenue Bonds shall be executed on behalf of -2- the City of South Bend, Indiana, by the Mayor and Clerk and sealed with the corporate seal of such City. Section 5. Resolution No. 40 -79 of the South Bend Economic Development Commission and the Common Council the proposed financing Revenue Bonds would be City of South Bend and provisions of IC 18 -6 — passed on December 7, 1979, is hereby approved; of the City of South Bend hereby finds that for the issuance of the Economic Development of benefit to the health and welfare of the that it complies with the purposes and 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. Memberfjof the Common Council :.�7i :•. l - 1%- LC lic- .FtiNG — /�—�9 2nd RELADNNG NOT APPROVECI J REFERRED PASSED (;,` I L ( to DEC 1 ` 1979 i:du 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 SAM COSSMAN and VIRGINIA COSSMAN PROJECT Dear Councilmen: 230 West Jefferson Boulevard (219) 234 -0051 The South Bend Economic Development Commission has received an application from SAM COSSMAN and VIRGINIA COSSMAN for the issuance of a Revenue Bond issue in the amount of Three Hundred Twenty Thousand ($320,000.00) Dollars, for the acquisition of real estate and construction of a commercial building located at 2326 Edison Road, South Bend, Indiana. The new facility, containing approximately 5,400 square feet, will be used by the applicants in their car wash operations, creating approximately 5 new jobs with an estimated payroll of approximately $30,000.00. Res ectfully yours, 1 KENNETH' P. FEDDER ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION r =< KPF/mb DEC 1? h-79' CR CLERK, C Tls BU14D, •'3u.