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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Adams Engineering Inc ProjectPassed by the Common Council of the City of South Bend, Indiana Attest. May 14 r9 79 City Clerk IRENE K. GAMMON Of Common Council Presented by me to the Mayor of the City of South Bend, Indiana Ma 15 zg 7g IRENE K. GAMMON Approved and signed by me t:4 j /6 Ig_� Clerk ORDINANCE NO. 6 eS 2Y AN ORDINANCE APPROVING THE FORM AND TERMS OF A LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO ADAMS ENGINEER- ING, INC. PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, he etofore 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 ADAMS ENGINEERING, INC. has filed an application with the Commission to finance the acquisition of machinery to be located at 1722 W. Washington Avenue, South Bend, Indiana, 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 on May 4, 1979, after giving the required notice as provided in the Act, and adopted a resolution finding that the proposed financing complies with the purposes and provisions of all applicable Indiana statutes covering 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 Lease and Trust Indenture and Industrial Development Revenue Bond pertaining to ADAMS ENGINEERING, INC. PROJECT and the issuance of the Industrial Development.Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said forms of Lease and Trust Indenture together with 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 Lease and 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 ADAMS ENGINEERING, INC. facilities, pursuant to the aforementioned Lease and Trust Indenture, may be executed in the amounts not to exceed One Hundred Forty -Five Thousand ($145,000.00) Dollars, repayable with interest thereon at a rate not to exceed eight and one -half (8 -1/2 %) percent per annum, payable in monthly installments over a period not exceeding seven (7) years after the date of such bonds and that such Lease and Trust Indenture and such Industrial Development Revenue Bonds 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 5. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. at- MEMBER OF 91HE COMMON COUNCIL r FILM, HEARING MAY I ^T APPR0VED Enna Gaimmon DEFERRED CITY CLERK, SOUTH BEND, IND. PASSED 64 /11 V �. VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E XOOR ATTORNEYS 8 COUNSELORS AT LAW GUY H. McMICHAEL 300 FIRST BANK BUILDING LLOYD M.ALLEN KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E.HERENDEEN ANTHONY D. KOWALS Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application ADAMS ENGINEERING, INC. Dear Gentlemen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON Application of a Revenue Bond Issue for One Hundred Forty - five Thousand ($145,000.00) Dollars, for and on behalf of ADAMS ENGINEERING, INC., for the acquisition of machinery to be located in the facilities of ADAMS ENGINEERING, INC., 1702 W. Washington Avenue, South Bend, Indiana. The purchase of this equipment will enable the company to employ approximately 4 new employees with a beginning payroll of approximately $80,000.00. This will allow for further expansion of business operations here in our South Bend area. KPF /smn ATTORNEY FOR THE ECONOMIC DEVELOPMENT COMMISSION MAY 9 19 j Irene Uammon CR CLERK, SOUTH 8E !D, IND.