HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Koontz Wagner Electric Co incPassed by the Common Council of the City of South Bend, Indiana
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May 14 19 79
IRENE K. GAMMON
City Clerk
of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
May 15 .19-1-9—
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IRENE K. GAMMON
Approved and signed by mew 19 7 9
Clerk
ORDINANCE NO. !oS "g / - 7
AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST
INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
THE KOONTZ - WAGNER ELECTRIC 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 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
KOONTZ- WAGNER ELECTRIC COMPANY, INC., an Indiana corporation,
has filed an application with the Commission to finance the acquisition
of a bulding, together with a crane or cranes and related equipment,
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 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, includ-
ing but not limited to the Act, 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
the City of South Bend, Indiana, that:
Section 1. The form and terms of the
Industrial Development Revenue Bonds pertaining
Electric Company, Inc. Project and the issuance
Development Revenue Bonds pursuant thereto are
adopted.
Common Council of
Trust Indenture and
to Koontz - Wagner
of the Industrial
zereby approved and
Section 2. Said forms of Trust Indenture together with
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 Koontz -
Wagner Electric Company, Inc. Project pursuant to the aforementioned
Trust Indenture may be issued in amounts not to exceed Eight Hundred
Thousand Dollars ($800,000.00) repayable with interest thereon at
the rate of eight per cent (8%) per annum, in installments as
follows: Six Thousand Six Hundred Ninety -one and 601100 Dollars
($6,691.60) on or before the expiration of each one (1) month
after the date hereof until the expiration of twenty (20) years after
the date thereof when all unpaid principal and interest shall be due
and payable, all in accordance with the terms of said Trust Indenture
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.
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Section 5. This Ordinance shall be in full force and
effect from and after its passage by the Common Council and
approved by the Mayor.
Member of th C mmon Council
I., r
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NAIM
1st READING M90
PUBLIC HEARING
2nd READING IND.
NOT APPROVED
REFERRED
PASSED
VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN
WILLIAM E.VOOR
ATTORNEYS 8 COUNSELORS AT LAW
GUY H.M�MICHAEL
AREA CODE 219
LLOYD M. ALLEN
300 FIRST BANK BUILDING
234 -6061
KENNETH P. FEDDER
SOUTH BEND, INDIANA 46601
GEORGE E.HERENDEEN
ANTHONY D. KOWALS
OF COUNSEL:
WILLIAM O. JACKSON
Members of the South Bend Common Council
County -City Building
South Bend, Indiana 46601
RE: Revenue Bond Application
(KOONTZ- WAGNER ELECTRIC COMPANY, INC.)
Dear Gentlemen:
Application of a Revenue Bond Issue for Eight Hundred
Thousand ($800,000.00) Dollars, for and on behalf of KOONTZ-
WAGNER ELECTRIC COMPANY, INC., for the acquisition of land at
3801 Voorde Drive, in the Airport Industrial Park, South Bend,
Indiana.
The new facility which operates as an electrical contrac-
tor, will initially employ approximately 46 new employees with a
beginning payroll of approximately $600,000.00.
It is properly zoned and will be a further expansion of
business here in our South Bend area.
KPF /smn
Respectfully, 1P, - S1
0 KF'NNETH P. FEDDER
ATTORNEY FOR THE ECONOMIC
DEVELOPMENT COMMISSION
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