HomeMy WebLinkAboutIndustrial Development Revenue Bonds - South Bend Lathe IncORDINANCE No 6640-79
Passed by the Common Council of the City of South Bend, Indiana_
September 10 19 79
,.r 'a"",
IRENE K. GAMMON
City Clerk
of Common Council
Presented by me to the Mayor of the City of South Bend, Ind*ana
Approved and signed by
September 11 r079
e /i"','
IRENE K. GAMMON
A"
City Clerk
ORDINANCE NO.
AN ORDINANCE APPROVING THE FORM AND TERMS OF THE TRUST
INDENTURE, USER AGREEMENT AND MORTGAGE AND INDUSTRIAL
DEVELOPMENT REVENUE BONDS, AND . ..A .. . ... U... ... .. IHORIZING T" E EXECUTION
THEREOF, AND APPROVING RESOLUTI� NO. 26 -79 OF THE SOUTH
BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE
SOUTH BEND LATHE, INC., AN INDIANA CORPORATION, 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, herein-
after 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
SOUTH BEND LATHE, INC., an Indiana Corporation, has filed an
application with the Commission to finance the reconstruction and
improvement of office facilities, including new flooring, partitions,
ceilings, lighting, restrooms, service wiring and outlets, air dis-
tribution system, painting and creation of doorways and canteen, in
the realty situated at and commonly known as 400 W. Sample Street,
South Bend, Indiana 46621, to 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
approve the form and terms of the Trust Indenture, User Agreement
and Mortgage and Bonds, and further approve 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 and Industrial Development Revenue Bonds pertaining to
SOUTH BEND LATHE, INC. PROJECT and the issuance of the Industrial
Development Revenue Bonds pursuant thereto are hereby approved and
adopted.
Section 2. Said forms of Trust Indenture and User Agreement
together with the real estate mortgage attached as an exhibit thereto
and the 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. Said Trust Indenture shall be executed on behalf of
the City of South Bend, Indiana by the Mayor and City Clerk and
sealed with the corporate seal of such City.
Section 4. Said Industrial Development Revenue Bonds,
payable solely and only from the revenues derived from such SOUTH
BEND LATHE, INC. PROJECT pursuant to the aforementioned Trust
Indenture and User Agreement, may be issued in amounts not to exceed
Nine Hundred Fifty Thousand ($950,000.00) Dollars, repayable with
interest thereon at the rate of eight (8 %) percent per annum, in
eighty -four (84) consecutive monthly payments, to include interest
of Ten Thousand Eight Hundred Eighty -seven Dollars and seventy
($10,887.70) Cents over the first seven (7) years and in ninety -six
(96) subsequent consecutive monthly payments of Six Thousand Two
Hundred Eleven Dollars and Eighty Cents ($6,211.80), to include
interest for the next eight (8) years, all in accordance with the
terms of said Trust Indenture and User Agreement, and that such
Bonds shall be executed on behalf of the City of South Bend, Indiana,
by the Mayor and City Clerk of South Bend, Indiana, and shall be
sealed with the corporate seal of said City.
Section 5. Resolution No. 26 -79 of the South Bend Economic
Development Commission, passed on September 7, 1979, is hereby approved;
-2-
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 that•it complies with the
purposes and provisions of I.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 approved by
the Mayor.
tst READING /- ®�
?UnLIC HEARING 9.1a
2nd READING 17-/Q
NOT APPROVED
REFERRED
PASSED
-3-
t - Common Counci--
WILLIAM E . VOOR
GUY H. M<MICHAEL
LLOYD M.ALLEN
KENNETH P. FEDDER
GEORGEE.HERENDEEN
ANTHONY D. KOWALS
VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN
ATTORNEYS 8 COUNSELORS AT LAW
300 FIRST BANK BUILDING
SOUTH BEND, INDIANA 46601
Members of the South
County -City Building
South Bend, Indiana
Bend Common Council
46601
RE: Industrial Development Revenue Bonds
Application - SOUTH BEND LATHE, INC.,
an Indiana Corporation, PROJECT
Dear Gentlemen:
AREA CODE 219
234 -6061
OF COUNSEL:
WILLIAM O. JACKSON
The South Bend Economic Development Commission has
received an application from the SOUTH BEND LATHE, INC., an
Indiana Corporation, for Nine Hundred Fifty Thousand
($950,000.00) Dollars, for the reconstruction and improvement
of facilities located at 400 West Sample Street, South Bend,
Indiana, 46621 in the amount of Six Hundred Fifty Thousand
($650,000.00) Dollars, and to purchase new equipment in the
amount of Three Hundred Thousand ($300,000.00) Dollars.
The new facility will be used by SOUTH BEND LATHE,
INC., for their operation and it is anticipated that
approximately nine (9) new jobs will be created, with an
estimated payroll of approximately One Hundred Forty -Nine
Thousand ($149,000.00) Dollars.
The property is zoned commercial.
Very truly yours,
NNE
TH P. FEDDER
TTORNEY FOR THE ECONOMIC
DEVELOPMENT COMMISSION
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