HomeMy WebLinkAboutIndustrial Development Revenue Bonds - Anchor Properties IIPassed by the Common Council of the City of South Bend, Indiana
Attest:
January 22 1979
Clerk
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
January 23 z9 79
City Clerk
IRENE K. GAMMON
Approved and signed by me <_ ,� ��. Q . , f �It f
ORDINANCE NO . S(L� � ` -? �
AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT,
TRUST INDENTURE, NOTE, MORTGAGE AND INDUSTRIAL DEVELOPMENT
REVENUE BONDS AND AUTHORIZING THE EXECUTION THEREOF PERTAINING
TO ANCHOR PROPERTIES, II, AN INDIANA PARTNERSHIP
STATEMENT OF PURPOSE OF INTENT:
The Common Council of the City of South Bend, Indiana,
heretofore has created the South Bend Development Commission,
hereinafter referred to as "Commission," pursuant to the provi-
sions 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 -2, through
IC 18- 6- 4.5 -28, hereinafter referred to as the "Act "; and
ANCHOR PROPERTIES, II, an Indiana Partnership, has
filed an application with the Commission to finance the construction
of improvements on real estate located in the City of South Bend,
Indiana for a commercial building (facilities) 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 Section 16 of IC 18 -6 -4.5 and has forwarded copies
thereof to the Chairman of the Area Plan Commission and to the
Superintendent of the School Corporation in the area of which
the 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 facilities on January 5, 1979, after giving
the required notice as provided for in Section 17 of IC 18 -6 -4.5
and did find that the proposed financing complies with the purposes
and provisions of the applicable Indiana statutes governing the
issuance of Industrial Development Revenue Bonds by the Commission
and the Commission finds that the proposed facility will not have
an adverse competitive effect on similar facilities already
constructed and operating in the City of South Bend, Indiana; and
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,
Trust Indenture, Note, Mortgage and Industrial Development Revenue
Bonds pertaining to ANCHOR PROPERTIES, II, an Indiana Partnership,
facilities and the issuance of the Industrial Development Revenue
Bond pursuant thereto are hereby approved and adopted.
Section 2. Said forms of Loan Agreement, Trust Indenture,
Note and Mortgage together with 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.
Section 3. The Loan Agreement, Trust Indenture and
Mortgage 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.
0140 10 CLERX S OFFICE
JAN 3 ?973
Irene Gammon
CITY ClEgy, SOUTH SEND, IND.
Section 4. Said Industrial Development Revenue Bonds,
payable solely and only from the revenue derived from such
ANCHOR PROPERTIES, II, an Indiana Partnership, facilities, may
be issued in amounts not to exceed Four Hundred Thousand Dollars
($400,000.00) for a period not exceeding twenty (20) years after
the first monthly installment due thereon, in accordance with the
terms of said Loan Agreement, Trust Indenture, Note and Mortgage
and that such Bonds shall be executed on behalf of the City of
South Bend, Indiana, by the Mayor and City Clerk of South Bend,
Indiana, and shall be sealed with the corporate seal of said 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.
1st AEADING
IRMUC
b4 READING ;?R- 79
'NOT :ARP
"FERn"U "
Member of the/Common Council
-2-
CITY CLERK, 50U7H
1979