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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Smith White Co. ProjectORDINANCE No 6665 -79 Passed by the Common Council of the City of South Bend, Indiana_ tober 22 19 79 IRENE K. GAMMON City Clerk of Common Council Presented by me to the Mayor of the City of South Bend, Ind'ana October 23 i9 79 IRENE K. GAMMON Approved and signed by me & ee� - - • ? 3 �92� Clerk BILL NO. 145 -79 ORDINANCE NO. 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. 32 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE SMITH, WHITE CO. PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of tle 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 maybe 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 SMITH WHITE CO., a partnership, has filed an application with the Commission to finance the acquisition, improvement and remodeling of a commercial building on real estate located on the South side of South Street and imrcediately Easterly of Prairie Avenue in South Bend, Indiana (sometimes known as 506 W. South Street, South Bend, Indiana 46625), 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 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 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 Bonds attached as exhibits thereto pertaining to the issuance of the Industrial Development Revenue Bonds in accordance with the terms of the trust indenture and user agreement pertaining to the application of SMITH WHITE CO., a partnership, are hereby approved and adopted. Se.ction 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 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 trust indenture and user agreement 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 SMITH WHITE CO. 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 Thousand ($300,000.00) Dollars, repayable with interest thereon at a rate not to exceed nine (9 %) percent per annum, payable in monthly installments over a period of ten (10) 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 the City of South Bend, Indiana, by the Mayor and Clerk and sealed with the corporate seal of such City. Section 5. Resolution No. 32 -79 of the South Bend Economic Development Commission passed on October 5, 1979, is hereby approved; -2- and therCommon 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 T.C. 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. 1st READWG Q- i 9 PUBLIC HEARING 2nd READING Zo NOT APPROVED REFERRED PASSED -3- ETI signed only to provide an opportunity for public discussion and Council action on the issue., O'T1719 C }' CI_ER X, SIILM! ficliu, IND. VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 GUY H.McMICHAEL 300 FIRST BANK BUILDING 234 -6061 LLOYD M. ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E. HERENDEEN OF COUNSEL' ANTHONY D. KOWALS WILLIAM O. JACKSON Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Industrial Development Revenue Bond SMITH WHITE CO. PROJECT Dear Gentlemen: The South Bend Economic Development Commission has received an application from SMITH WHITE CO. for the issuance of a revenue bond in the amount of Three Hundred Thousand ($300,000.00) Dollars for the acquisition, improvement and remodeling of a commercial building on real estate located at 506 W. South Street, South Bend, Indiana 46625. It is anticipated that approximately six (6) new jobs will be created, with a payroll of approximately $75,000.00. r KPF /mb Respectfully yours, P. FEDDER ATTORNEY FOR THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION FILE.' HIM fg�' 0'E'S ;fir - "}a+� 0�; 1 7 i4 Ire e fu -I-Ir lrp6n CM CLERK, SouH Bc-ND, IND.