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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Arnold C and Delores Gilman ProjectPassed by the Common Council of the City of South Bend, Indiana Mav 14 IRENE K. GAMMON 79 City Clerk of Common Council Presented by me to the Mayor of the City of South Bend, Indiana May 15 i9 79 IRENE K. GAMMON Approved and signed by me j e- 19� Clerk ORDINANCE NO. 2 AN ORDINANCE APPROVING THE FORM AND LOAN AGREEMENT AND TRUST INDENTURE, MORTGAGE AND INDUSTRIAL DEVELOPMENT BONDS, AND AUTHORIZING THE EXECUTIO PERTAINING TO ARNOLD C. AND DELORES PROJECT STATEMENT OF PURPOSE OF INTENT: TERMS OF A REAL ESTATE REVENUE I THEREOF GILMAN 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 ARNOLD C. AND DELORES GILMAN have filed an application with the Commission to finance the acquisition of real estate and the construction thereon of an industrial building 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 April 13, 1979, 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 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 Loan Agreement and Trust Indenture, Real Estate Mortgage and Industrial Development Revenue Bond pertaining to ARNOLD C. and DELORES GILMAN Project and the issuance of the Industrial Development Revenue Bond Pursuant thereto are hereby approved and adopted. Section 2. Said forms of Loan Agreement and Trust Indenture, Real Estate Mortgage 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. 4 Section 3. Said Loan Agreement 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 A. Said Industrial Development Revenue Bonds, payable solely and only from the revenues derived from such ARNOLD C. and DELORES GILMAN facilities, pursuant to the aforementioned Loan Agreement and Trust Indenture, may be executed in the amounts not to exceed Eighty Thousand ($80,000.00) 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 twenty (20) years after the date of such bonds and that such Loan Agreement 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. Member of t I e Common Council 1st READING PUBLIC HEARING *� �``% 2 % �R ?n� READING /`� o'�� IViA�/ C� I 410 i APPROVED, REFERRED gr f , y PASSED r -/ c/- Can �k h��� �� �F • � z re CITY CLERK, 50111 BEND, 1N0. Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application ARNOLD C. GILMAN and DELORES GILMAN Dear Gentlemen: Application of a Revenue Bond Issue for Eighty Thousand ($80,000.00) Dollars, for and on behalf of ARNOLD C. GILMAN and DELORES GILMAN, for the acquisition of land and existing facilities located at 413 West Jefferson Boulevard, South Bend, Indiana. The new facility will initially employ approximately five people with a beginning payroll at approximately $45,000.00. It is properly zoned and it will be •a further expansion of business here in our South Bend area. KPF /mb Respectfully, . FEDDER EY FOR THE ECONOMIC PMENT COMMISSION Li �I... `j C::� u� 0, r . _ 11�� MI, U-N CLERK, SQUF; BEND, IND. 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 OF COUNSEL' ANTHONY D. KOWALS WILLIAM O. JACKSON Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application ARNOLD C. GILMAN and DELORES GILMAN Dear Gentlemen: Application of a Revenue Bond Issue for Eighty Thousand ($80,000.00) Dollars, for and on behalf of ARNOLD C. GILMAN and DELORES GILMAN, for the acquisition of land and existing facilities located at 413 West Jefferson Boulevard, South Bend, Indiana. The new facility will initially employ approximately five people with a beginning payroll at approximately $45,000.00. It is properly zoned and it will be •a further expansion of business here in our South Bend area. KPF /mb Respectfully, . FEDDER EY FOR THE ECONOMIC PMENT COMMISSION Li �I... `j C::� u� 0, r . _ 11�� MI, U-N CLERK, SQUF; BEND, IND.