HomeMy WebLinkAboutApproving Industrial Revenue Bonds - Hablin Company Inc ProjectORDINANCE No- 6695 -79
Passed by the Common Council of the City of South Bend, Indiana-
December 3 1979
Attest: 4zllel 1— �i -c, ..✓ y Cit Clerk
IRENE K. GAMMON
Attest:
of Common Council
Presented by me to the Mayor of the City of South Bend, Ind'ana
December 4 �9 79
IRENE K. GAMMON
Approved and signed by me S ) 192 .
City Clerk
ORDINANCE NO. a Q -)9
ORDINANCE APPROVING THE FORM AND TEPMS OF A
LEASE AND TRUST INDENTURE AND INDUSTRIAL
REVENUE BONDS AND AUTHORIZING THE EXECUTION
THEREOF, AND APPROVING RESOLUTION NO. 8 -79
OF THE SOUTH BEND ECONOMIC DEVELOPMENT
COMMISSION RELATING TO THE HABLIN COMPANY, INC.
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 182, Acts Indiana General
Assembly 1973, as such may be amended from time to time,
including but not limited to I.C. 18- 6 -4.5 -1 through 18- 6- 4.5 -30,
hereinafter referred to as the ( "Act "); and
HABLIN COMPANY, INC., an Indiana corporation, has filed
an application with the Commission to finance the acquisition,
improvement and remodeling of a commercial building on real estate
location on the West side of Michigan Street between Jefferson
Street and Wayne Street in South Bend, Indiana, (sometimes
known as 225 -229 South Michigan Street, South Bend, Indiana 46601)
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 I.C. 18- 6- 4.5 -16 and has forwarded the 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 a Lease and Trust Indenture
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 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
Hablin Company, Inc., an Indiana corporation, are hereby approved
and adopted.
Section 2. Said forms of Lease and Trust Indenture
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.
2.
Section 3. Said Lease and Trust Indenture 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
HABLIN COMPANY, INC' Project pursuant to the aforementioned Lease
and Trust Indenture, 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 Five Hundred Thirty Thousand ($530,000.00) Dollars,
repayable with interest thereon not to exceed eight and three -
fourths (8 3/4 %) percent, payable in monthly installments over
a period of fifteen (15) years after the date of such bonds,
and that such Lease and Trust Indenture and said 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. 8 -79 of the South Bend
Economic Development Commission passed on October 22, 1979, is
hereby approved; and the Common Council of the City of South
Bend 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 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
approval by the Mayor.
13f tEADING
PUBLIC NEARING /,;,S 2_ 75;;
2nd READING la-_-3- 7g
NOT APPROVED
REFERRED
PASSED %
`E �r 7 1979
�.ia s, r � �_•
3.
1�,Y. G..s 3111: �.� •�4
VOOR, MCMICHAEL, ALLEN, FEDDER & HERENDEEN
WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW
GUY H. MCMICHAEL 300 FIRST BANK BUILDING
LLOYD M. ALLEN
KENNETH P. FEDDER SOUTH BEND, INDIANA 46601
GEORGE E.HERENDEEN
ANTHONY D. KOWALS
Members of the South Bend Common Council
County -City Building
South Bend, Indiana 46601
RE: Revenue Bond Application
HABLIN COMPANY, INC., PROJECT
Dear Councilmen:
AREA CODE 219
234-6061
OF COUNSEL:
WILLIAM O. JACKSON
Application of a Revenue Bond issue for Five Hundred
Thirty Thousand ($530,000.00) Dollars, for and on behalf of
HABLIN COMPANY, INC., for the acquisition of land and
facility improvements to the existing facility located at
231 South Michigan Street, South Bend, Indiana.
The new facility will initially employ approximately
21 to 30 people, with an estimated annual payroll or
approximately $250,000.00.
KPF /mb
Respectfully,
KENfiETH P. FEDDER
ATTORNEY FOR THE SOUTH BEND
ECONOMIC DEVELOPMENT COMMISSION
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