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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - South Bend Precision ProductsPassed by the Common Council of the City of South Bend, Indiana May 14 79 IRENE K. GAMMON Clerk Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by May 15 rq 79 Clerk IRENE K. GAMMON ig—Q-2— ORDINANCE N0. d -79 AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST INDENTURE, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND THE FILING OF A STATEMENT PURSUANT TO THE INTERNAL REVENUE SERVICE RELATING TO THE SOUTH BEND PRECISION PRODUCTS CORPORATION PROJECT RTATPMRMT nR PTTPPnRR nV TMTRMT The Common Council of the City of South Bend, Indiana, here- tofore 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 LYLE E. OSBORNE AND MILDRED M. OSBORNE, husband and wife, have filed an application with the Commission to finance the acquisition of real estate and the construction of an industrial 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 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 resolu- tion 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 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, 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 pertaining to the application of Lyle E. Osborne and Mildred M. Osborne, husband and wife, herein sometimes referred to as "South Bend Precision Products Corporation Project ", are hereby approved and adopted. Section 2. Said forms of Trust Indenture, 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. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such South Bend Precision Products Corporation Project pursuant to the afore- mentioned Trust Indenture, may be executed in amounts not to exceed One Hundred Ninety Thousand Dollars ($190,000.00) repayable with interest thereon at a rate not to exceed eight and three - fourths per cent (8 -3/4 %) per annum, payable in monthly installments over a period of fifteen (15) years after the date of such bonds, and that such 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 4. 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 the Co o Council 1st READING S-/q--7y PUBLIC HEARING /y_ 2 y 2nd READING 6 NOT APPROVED REFERRED PASSED �' —/ q-,) .J .. VL' J:.J MAY0 f(, i, ," � �0 ?,- VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 GUY H. MCMICHAEL 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 LYLE E. OSBORNE and MILDRED M. OSBORNE (South Bend Precision Products Corpor- ation Project) Dear Gentlemen: Application of a Revenue Bond Issue for One Hundred Ninety Thousand ($190,000.00) Dollars, for and on behalf of LYLE E. OSBORNE and MILDRED M. OSBORNE, to finance the acquisition of real estate and the construction of an industrial building, located at 515 W. Ireland Road, South Bend, Indiana. The new facility, which manufactures parts for the aircraft industry, will initially employ approximately eleven new people with a beginning payroll at approximately $76,000.00. It is properly zoned and will be a further expansion of business here in our South Bend area. KPF /smn ctfully, TH P. FEDDER ATTORNEY FOR THE ECONOMIC DEVELOPMENT COMMISSION t B E; j e Y 7 1979 (+ GCE 5 I. BENDi IND.