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HomeMy WebLinkAboutApproving the Resignation National Bank & Trust Co Trustee Naming First Bank & Trust co as TrusteeORDINANCE No. 6594 -79 Passed by the Common Council of the City of South Bend, Indiana June 11 19 79 Attest: A- ..' City Clerk IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana June 12 ig 79 Of Common Council A���' - — City Clerk IRENE K. GAMMON Approved and signed by me n t / g . ig 61 f ORDINANCE NO. (,S 9 4-7 t AN ORDINANCE APPROVING THE RESIGNATION OF THE NATIONAL BANK AND TRUST COMPANY OF SOUTH BEND AS TRUSTEE AND THE NAMING OF THE FIRST BANK AND TRUST COMPANY OF SOUTH BEND AS TRUSTEE BE IT ORDAINED by the Common Council of the City of South Bend, Indiana as follows: Section 1 Preliminary Statement a. Pursuant to Ordinance No. 6481 -78 adopted by the Common Council of the City of South Bend (City) on October 9, 1978, the City has outstanding $8,000,000 principal amount of Economic Development Revenue Bonds, Series A, (Brethren Care of South Bend, Inc. Project) dated October 1, 1978 issued pursuant to and secured by an Indenture of Trust dated as of October 1, 1978 between the City and the National Bank and Trust Company of South Bend (National Bank) as Trustee. b. The proceeds from the sale of the Economic Development Revenue Bonds were intended to and are to be used to construct a residential retirement facility to be owned and operated by Brethren Care of South Bend, Inc. (Brethren Care). C. As a result of agreements entered into by Brethren Care with respect to financing additional costs of the project, Brethren Care has requested the National Bank to resign as Trustee under the Indenture of Trust and related documents and, purusant to Section 1006 of the Indenture of Trust, the National Bank has by letter dated May 8, 1979 given written notice of its resignation as Trustee to the Issuer, the Company, each registered owner of outstanding bonds and each holder of outstanding bonds as shown on the list of bondholders main- tained pursuant to Section 405 of the Indenture of Trust. d. Brethren Care has requested that the First Bank and Trust Company of South Bend be named as the new Trustee for the bondholders. Section 2 Acceptance of Resignation and Appointment of New Trustee The Common Council of the City hereby finds and determines that the resigna- tion of the National Bank and Trust Company of South Bend should be accepted and that the First Bank and Trust Company of South Bend is hereby appointed as the new Trustee under the Indenture of Trust for the bondholders. Section 3 Effective Date This Bond Ordinance shall be in full force and effect from and after its passage and approval as provided by law. f ATTEST: Irene K. Gammon, City Clerk s APPI WED IKIEFERRID PASSED G ,lam - 7 -' f the Common Council FILED IN CLERK'S OFFICE MAY 1 11979 Irene Gammon COY CLER& SOUTH OENDr IND. RoEMER AND MINTZ ATTonwRys AT LAw CHARLES W. ROOMER 1221 ST. JOSEPH BANK Bux=nwo AREA CODE 219 RICHARD L.MiNxz SOUTH BEND, INDIANA 46601 TELEPHONE 232 -1442 May 8, 1979 South Bend Common Council c/o Irene K. Gammon, City Clerk County -City Building South Bend, Indiana 46601 Re: Brethren Care of South Bend, Inc. Economic Development Revenue Bond Issue Dear Ms. Gammon: Enclosed is a proposed Ordinance with regard to the change of Trustees for the above named project. We would appreciate your placing this proposal on the agenda for the Council's consideration at the earliest possible date. Thank you for your cooperation. Sincerely, Richard L. Mintz RLM:mh Enclosure cc: Brethren Care of South Bend, Inc. Mr. William S. Shields Mr. Howard R. Goodhew Mr. William M. Taylor Mr. David Robinson Mr. William R. Swanson Mr. Richard Marx Mr. Bruce R. Bancroft Mr. Richard Stifel Mr. G. Burt Ford Mr. Craig Mann Mr. Kenneth P. Fedder Tomraitrr I rvar# On toe fInmm n (Iounrd of #ter TUH of 0=44 Jens: Your Committee OF THE WHOLE to whom was referred A BILL APPROVING THE RESIGNATION OF THE NATIONAL BANK AND TRUST COMPANY OF SOUTH BEND AS TRUSTEE AND NAMING OF THE FIRST BANK AND TRUST COMPANY OF SOUTH BEND AS TRUSTEE. Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED TO THE COUNCIL FAVORABLE. FRANK HORVATH Chairman FRES PRESS 01,AW PUBLISHING CO.