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HomeMy WebLinkAboutIndustrial Development Revenue Bonds - Bath Insurance Agency Inc ProjectORDINANCE N06563-79 Passed by the Common Council of the City of South Bend, Indiana_ March 12 -1979 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by March 13 19 79 Clerk of Common Council < City Clerk IRENE K. GAMMON ORDINANCE NO. L. `$ `'3 -i 1 AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO THE BATH INSURANCE AGENCY, 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 BATH INSURANCE AGENCY, INC., an Indiana corporation, has filed an application with the Commission to finance the acquisition of real estate 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 School Corporation, being the area in which the prop.osed 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 in accordance with the Act 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 governing 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 Trust Indenture and Industrial Development Revenue Bonds pertaining to Bath Insurance Agency, Inc. Project and the issuance of the Industrial Develop- ment Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of 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. Said 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 Bath Insurance Agency, Inc. Project pursuant to the aforementioned Trust Indenture may be issued in amounts not to exceed Seven Hundred Thousand Dollars ($700,000.00) repayable with interest thereon at the rate of seven and three - fourths per cent (7 -3/4 %) per annum, in installments as follows: Four Thousand Five Hundred Twenty and 84 /100 Dollars ($4,520.84) on or before the expiration of each one month after the date of the bonds until the expiration of thirteen (13) months after the date of the bonds when the installment due thereon shall be due and payable in the amount of Six Thousand Eight Hundred Forty and 40 /100 Dollars ($6,840.40), with consecutive monthly installments being due at the expiration of each month there- after in such amount of Six Thousand Eight Hundred Forty and 40/100 Dollars ($61840.40) until the expiration of fifteen (15) years after the date thereof when all unpaid principal and interest shall be due and payable, all in accordance with the terms of said 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 said City. -2- 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 READING -25 PUBLIC HEARING &... /�p ;p 9 2nd READING NOT APPROVED REFERRED PASSED & A4,44 au-i&v � ._..- ember of the Common Council FRIED fib R .•PS> i r F r- - r- b 2 1979 Irene Gammon C1'Y CLERK, SOUTH BEND, IND. VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN WILLIAM E.VOOR ATTORNEYS 8 COUNSELORS AT LAW GUY H. MCMICHAEL LLOYD M. ALLEN 300 FIRST BANK BUILDING KENNETH P. FEDDER SOUTH BEND, INDIANA 46601 GEORGE E.HERENDEEN MICHAEL P. BARNES JOHN B. RAMMING February 2 1 1979 ANTHONY D. KOWALS y , BRIAN J. MAY Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application BATH INSURANCE AGENCY, INC. Dear Gentlemen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON Application of a Revenue Bond issue for Seven Hundred Thousand ($700,000.00) Dollars, for and on behalf of BATH INSURANCE AGENCY, INC., for the acquisition of real estate at the corner of Jefferson and Eddy Streets in South Bend, Indiana. The economic development facility will initially employ approximately eight people, with an estimated payroll of approximately $150,000.00. It is properly zoned and will be a continuation of the business in our South Bend area. KPF /mb Respectfully, ATTORNEY FOR THE ECONOMIC DEVELOPMENT COMMISSION FILED ilk uE s °S' FF� F FEB 2 4'.1979 Irene Gammon CITY CLERK, SOUTH BEND, IND.