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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds K & K Leasing CoORDINANCE No 6593 -79 Passed by the Common Council of the City of South Bend, Indiana May 29 19 79 IRENE K. GAMMON Attest: Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by me Ma 30 z9 79 Clerk Of Common Council IRENE K. GAMMON Clerk ORDINANCE NO. 4 r? 3 -7!2 AN ORDINANCE APPROVING THE FORM AND TERMS OF A LOAN AGREEMENT AND TRUST INDENTURE, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO K & K LEASING CO. 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 K & K LEASING CO. has filed an application with the Commission to finance the acquisition of property and equipment and construction of a facility 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 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 K & K LEASING -CO. 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 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 K & K LEASING CO. facilities, pursuant to the aforementioned Loan Agreement and Trust Indenture, may be executed in the amounts not to exceed Five Hundred Eighty Thousand ($580,000.00) Dollars, repayable with interest at a rate not to exceed eight and one -half (8 -1/20) 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. MemV of'the,,:, o 6mon Council 1.4 READING PUBLIC HEARING • a ri'7 �1 2nd READING NOT APPROVED REFERRED PASSED ,e -2- FILE CLERK � MAY 2 1(':. i CITY CLERK, S0UT3i ?3E:>>U, IND. VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 GUY H. McMICHAEL 300 FIRST BANK BUILDING 234 -6061 LLOYD M. ALLEN 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 K & K LEASING CO. Dear Gentlemen: Application of a Revenue Bond Issue for Five Hundred Eighty Thousand ($580,000.00) Dollars for and on behalf of K & K LEASING CO., to finance the acquisitim of property and equipment and the construction of a facility to be located at 3202 North Kenmore, South Bend, Indiana. The new facility will initially employ approximately twenty -one people, with a beginning payroll at approximately $400,000.00. It is properly zoned and will be a further expansion of business here in our South Bend area. KPF /mb Respectfully, 5 } j NNETH P. _ DDER ATTORNEY FOR THE ECONOMIC DEVELOPMENT COMMISSION I L ru «m MAY 7,�. CITY GZERK, SOJTId BEEND, IND.