HomeMy WebLinkAboutIndustrial Development Revenue Bonds - Derby Inc ProjectORDINANCE No 6601 -79
Passed by the Common Council of the City of South Bend, Indiana
June 25
rq 79
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
June 26 �9 79
/F°
Clerk
of Common Council
IRENE K. GAMMON
Approved and signed by me - - :' 3 19-21— d Of-
City Clerk
ORDINANCE NO. io LO l' 7
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 DERBY, INC.
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
DERBY, INC. has filed an application with the Commission to
finance the acquisition of property, construction of a facility and
the purchase of equipment 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 alreay constructed and operation 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
DERBY, 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 incorpoated 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 DERBY,INC.
facilities, pursuant to the aforementioned Lease and Trust Indenture,
may be executed in the amounts not to exceed One Hundred Eighty
Thousand ($180,000.00) Dollars, repayable with interest thereon at a
rate not to exceed nine (9a) percent per annum, payable in monthly
installments over a period not exceeding twenty years and six months
(20 years & 6 months) 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.
-2-
1st READING ! — "I .7 9
PUBLIC HEAPING �
2nd READING
NOT APPROVED
REFERRED
PASSED - w�s'•��
k:.tiz 16%g "Ji L4
.
JUN 6
Irene Garrimon
CITY CLERK, SOUTH 1330110, W.
VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN
WILLIAM E.VOOR
ATTORNEYS 8 COUNSELORS AT LAW
AREA CODE 219
GUY H. M EL
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
DERBY, INC.
Dear Gentlemen:
Application of a Revenue Bond Issue for One Hundred
Eighty Thousand ($180,000.00) Dollars for and on behalf of DERBY,
INC., to finance the acquisition of property, construction of a
facility and the purchase of equipment to be located at 24350
State Road 23, South Bend, Indiana.
The new facility will initially employ approximately
ten people, with a beginning payroll at approximately $78,000.00.
It is properly zoned and it will be a further expansion
of business here in our South Bend area.
KPF /mb
Respectfully,
P. FEDDER
AT RNEY FOR THE ECONOMIC
DLrVELOPMENT COMMISSION
JUN 6 1979
[roe Gammon
(:. CLERK, SQIT(! D(: ?JD, IND.