HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds - Mishawaka Federal Savings & LoanA ` M I k \ \ •
Passed by the Common Council of the City of South Bend, Indiana
_ May 14 19 79
Attest: r City Clerk
IRENE K. GAMMON
of Common Council
Presented by me to the Mayor of the City of South Bend, Ind'ana
May 15 19 79
IRENE K. GAMMON
Approved and signed by me g'!!:) Q..... I es _ 1922�
Clerk
ORDINANCE NO. a,572 -2 5F
AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN
AGREEMENT AND TRUST INDENTURE, REAL ESTATE MORTGAGE
AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND
AUTHORIZING THE EXECUTION THEREOF PERTAINING TO THE
MISHAWAKA FEDERAL SAVINGS AND LOAN ASSOCIATION
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
MISHAWAKA FEDERAL SAVINGS AND LOAN ASSOCIATION has filed
an application with the Commission to finance the acquisition of
real estate and improvements to facilities located at 2425 Mishawaka
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 April 13,
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 Loan Agreement and
Trust Indenture, Real Estate Mortgage and Industrial Development
Revenue Bond pertaining to MISHAWAKA FEDERAL SAVINGS AND LOAN
ASSOCIATION 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.
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 4. Said Industrial Development Revenue Bonds,
payable solely and only from the revenues derived from such MISHAWAKA
FEDERAL SAVINGS AND LOAN ASSOCIATION facilities, pursuant to the
aforementioned Loan Agreement and Trust Indenture, may be executed
in the amounts not to exceed Four Hundred Thousand ($400,000.00)
Dollars, repayable with interest thereon at a rate not to exceed
seven and one -half (7 -1/2 %) percent per annum, payable in monthly
installments over a period not exceeding fifteen (15) 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.
tst READING
P0LIC HEARING ,5-- /c/- J
2nd READING
NOT APPROVED
REFERRED
PASSED �7,
.. .
Member of t1V Common Counci
C'iL Lt Li�Sa t.�r�d�lj EE
MAY 9 19'/" ;
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City CLEO RK, SfiVTJ -" i3c31D, iNp.
VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN
WILLIAM E.VOOR
ATTORNEYS 8 COUNSELORS AT LAW
GUY H. M EL
AREA CODE 219
LLOYD M.ALLEN
.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
Mishawaka Federal Savings and Loan Association
Dear Gentlemen:
Application of a Revenue Bond Issue for Four Hundred Thousand
($400,000.00) Dollars, for and on behalf of Mishawaka Federal Savings
and Loan Association for the acquisition of land and improvements to
facilities located at 2425 Mishawaka Avenue, South Bend, Indiana.
The facility will employ approximately 4 new employees, with
an annual payroll of approximately $40,000.00.
It is properly zoned and it will be a further expansion of
business here in our South Bend area.
KPF /mb
Respectfully,
P. FEDDER
ATTORNEY FOR THE ECONOMIC
DEVELOPMENT COMMISSION
MAY ,, I ,'
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G' Y ER.ff Q r.�.1L