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HomeMy WebLinkAboutIndustrial Development Revenue Bonds - Peterson Printing Corp7-7 ORDINANCE No. 6549 -79 Passed by the Common Council of the City of South Bend, Indiana February 12 - 19 79 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana February 13 zg 79 Approved and signed by Clerk Of Common Council City Clerk IRENE K. GAMMON �t.� i31' 0 Ig -2 ORDINANCE NO -'% AN ORDINANCE APPROVING THE-FORM AND�TERMS OF,,LEASE,AND TRUST INDENTURE AND INDUS`I'RTAL DEVELORM N '-.REVENUE-BON59 \, ND AU- THORIZING THE'- EXECUTION -THEREOF PEPETATNING- TO \PETERSEN PRINT- ING CORPORATION 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 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, in- cluding but not limited to IC 18- 6- 4.5 -2, through IC 18- 6- 4.5 -28, hereinafter referred to as the "Act; and PETERSEN PRINTING CORPORATION has filed and application with the Commission to finance the acquisition of real estate and the construction thereof of an industrial and 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 December 15, 1978, 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 Lease and Trust Indenture and Industrial Development Revenue Bonds pertaining to PETERSEN PRINTING CORPORATION facilities 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 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. The 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 revenue derived from such PETERSEN PRINTING CORPORATION facilities, may be issued in amounts not to exceed Seven Hundred Twenty -Five Thousand ($725,000.00) Dollars for a period not exceeding Fifteen (15) years after the first monthly installment due thereon, in accordance with the terms of said Lease and Trust Indenture 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 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. REFER, E PASSE0 - i* ° 9 Member of the Comm n Council 6 i ° QU PLUK, N l -2- 11d �fG�('Vipr �IV • WILLIAM E . VOOR GUY H. McMICHAEL LLOYD M. ALLEN KENNETH P. FEDDER GEORGE E.HERENDEEN MICHAEL P. BARNES JOHN B. RAMMING ANTHONY D. KOWALS BRIAN J. MAY VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN ATTORNEYS 8 COUNSELORS AT LAW 300 FIRST BANK BUILDING AREA CODE 219 234 -606! SOUTH BEND, INDIANA 46601 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application PETERSEN PRINTING CORPORATION Dear Gentlemen: OF COUNSEL: WILLIAM O. JACKSON Application of a Revenue Bond Issue for Seven Hundred Twenty - Five Thousand ($725,000.00) Dollars, for and on behalf of PETERSEN PRINTING CORPORATION, for the proposed financing of the acquisition of property, equipment and construction of an addition located at 746 South Arnold Street, South Bend, Indiana. The new facility will initially employ approximately three people with a beginning payroll at approximately $45,000.00. It is properly zoned and it will be a further expansion of business here in our South Bend area. KPF /smn spect,:�ujly, i l.ILL1J jt TTORNEY FOR THE ECONOMIC DEVELOPMENT COMMISSION ` �sEs` j G13_Y CLERK, 30UTli BEND, INN.