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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds Misch Manufacturing Co A Partnership ProjectORDINANCE No. 6708 -79 Passed by the Common Council of the City of South Bend, Indiana_ December 17 19 79 Attest: Cit Clerk y IRENE K. GAMMON ME Presented by me to the Mayor of the City of South Bend, Ind'ana ident of Common Council December 18 19-19— Clerk IRENE K. GAMMON Approved and signed by me 44- �..L;...� /q , �9� PW ORDINANCE NO..-(, 10 R- 79 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. 38 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE MISCH MANUFACTURING CO., A PARTNERSHIP, 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 197.3, 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 MISCH MANUFACTURING CO., a Partnership, comprised of Walter H. Misch, Jr., Donald G. Misch and William King, has filed an application with the Commission to finance the acquisition and improvement to facilities located at 14111 Ester Road, Penn Township, St. Joseph County, Indiana (facilities) which will constitute economic development facilities resulting in the addition of seven to ten 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 MISCH MANUFACTURING CO., 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 MISCH MANUFACTURING CO., 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 Three Hundred Fifty Thousand ($350,000.00) Dollars, repayable with interest thereon at a rate not to exceed eight (8%) percent per annum, 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 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. .38 -79 of the South Bend EPM Economic Development Commission, passed on November 16, 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 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. -3- PUBLIC 2nd REAui' - NOT APPROVED R-EFERRED PASSEE) / -/ 7_ 25;' E SOUTH BEND ON Nc-i V ? C, T 9 ; "° FF CITY of SOUTH BEND PETER J. NEMETH, Mayor SOUTH BEND, INDIANA 46601 Economic Development Commission 230 West Jefferson Boulevard (219) 234 -0051 Jerry Hammes, President Frank Horvath, Vice - President Walter A. Mucha, Secretary Kenneth P. Fedder, Counsel Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application MISCH MANUFACTURING CO, a Partnership, PROJECT Dear Councilmen: The South Bend Economic Development Commission has received an application from MISCH MANUFACTURING CO. , a Partnership, for the issuance of a Revenue Bond issue in the amount of ($350,000.00), for the acquisition and improvements to facilities located at 14111 Ester Road, Penn Township, St. Joseph County, Indiana. The new facility, containing approximately 23,000 square feet, will be used to MISCH MANUFACTURING CO., in its operations, creating approximately 7 to 10 new jobs with an estimated payroll of approximately $130,000.00. spectfully yours, ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION KPF /mb ETA. i? NOV 2 ' 1910 Arno C @7y CLERK, SGi M 9E ^?0, I(NG.