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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Smith Zeisz Company IncORDINANCE NO. 6624 -79 Passed by the Common Council of the City of South Bend, Indiana. August 27 9 79 IRENE K. GAMMON Attest: Presented by me to the Mayor of the City of South Bend, Indiana August 28 19 79 City Clerk Of Common Council l City Clerk IRENE K. GAMMON Approved and signed by me «ty►. �►. 3 I 19� ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS OF THE TRUST INDENTURE, USER AGREEMENT AND MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 21-79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE SMITH -ZEISZ COMPANY, 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, hereinafter referred to as the "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 SMITH -ZEISZ COMPANY, INC., an Indiana Corporation, has filed an application with the Commission to finance the acquisition of real estate and commercial building thereon 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 Corpo -ation 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 alreay 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, User Agreement, Mortgage and Industrial Development Revenue Bonds pertaining to SMITH -ZEISZ COMPANY, 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 mortgaqe 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. 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 SMITH -ZEISZ COMPANY, INC. PROJECT pursuant to the aforementioned Trust Indenture User Agreement and Mortgage shall not be in any respect a cteneral obligatic of the City, nor shall the Bonds be paid in any manner from funds raised by taxation, and may be issued in amounts not to exceed Two Hundred Sixty-five Thousand ($265,000.00) Dollars, repayable with interest thereon at the rate of eight and three - fourths (8 -3/4%) percent per annum, in installments as follows: Two Thousand Six Hundred Forty -eight and 55/100 Dollars ($2,648.55) on or before the expiration of each one (1) month after the date thereof until the expiration of .fifteen (15) years after the date thereof when all unpaid principal and interest shall be due and payable, in accorance with the terms of said Trust Indenture, User Agreement and Mortgage 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 sealed with the corporate seal of said City. Section 5. Resolution No. 24 -79 of the South Bend Economic Development Commission, passed on August 3, 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 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. isi READING 8 — 13 --)q PUBLIC HEARING $ �� c 2nd READING / NOT APPROVED REFERRED PASSED -3- Qry CLERlf SoU �s� �f,V� Wa VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW GUY H. MC MICHAEL AREA CODE 219 LLOYD M. ALLEN 300 FIRST BANK BUILDING 234 -6061 KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGEE.HERENDEEN ANTHONY D. KOWALS OF COUNSEL: WILLIAM O. JACKSON Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Industrial Development Revenue Bonds Application - SMITH -ZEISZ COMPANY, INC., an Indiana Corporation, PROJECT Dear Gentlemen: The South Bend Economic Development Commission has received an application from the SMITH -ZEISZ COMPANY, INC., an Indiana Corporation, for the construction of an economic development facility to be located at 54506 North Ironwood Drive, South Bend, Indiana. The new facility, containing approximately 4,500 square feet, will be used by SMITH -ZEISZ COMPANY, INC., for their operation and it is anticipated that approximately 4 new jobs will be created with an estimated payroll of approximately $50,000.00. The property is zoned commercial and is new construction in the South Bend area. KPF /mb pectfully yours, ,KE ;NETH P. FEDDER ATTORNEY FOR THE ECONOMIC DEVELOPMENT COMMISSION FILED 11A CUEny"s AUG 7 19 Irene Gammon CITY CLERK, SOUTH SEND, IND.