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HomeMy WebLinkAboutIndustrial Development Revenue Bonds - Van E. GatesORDINANCE No. 6567 -79 Passed by the Common Council of the City of South Bend, Indiana K March 12 Tf% 79 City Clerk IRENE K. GAMMON Of Common Council Presented by me to the Mayor of the City of South Bend, Ind'ana March 13 19 79 City Clerk IRENE K. GAMMON Approved and signed by me 19 BILL NO. ORDINANCE NO. 49(67 -74J AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, MORT- GAGE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO VAN E. GATES 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- 6-4.5-30, hereinafter referred to as the "Act "; and Van E. Gates has filed an application with the Commis- sion to finance the acquisition of real estate and the improve- ment of a commercial building located thereon (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 speci- fied 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 Superin- tendent of the School Corporation in the area of which the facil- ities 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 March 2, 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 Commis- sion 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, Mortgage and Trust Indenture and Industrial Development Revenue Bonds pertaining to Van E. Gates facilities and the issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said form of Agreement, Mortgage 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 Loan Agreement, Mortgage 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 Van E. Gates,facilities, may be issued in amounts not to exceed One Million Five Hundred Thousand and no /100 Dollars ($1,500,000.00) for a period not exceeding twenty (20) years after the first monthly installment due thereon, in accordance with the terms of said Loan Agreement, Mortgage 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. The Issuer hereby elects to have the provisions as to the limit in Section 103(b)6)(D) of the Internal Revenue Code of 1954, as amended, apply to the Bonds; and the Mayor and the City Clerk of the Issuer be and they are hereby authorized, empowered and directed to take any and all further action which may be required to implement and effectuate such election, including without limitation the preparation and filing of such statement or statements or other document or documents as may be deemed by them to be necessary or advisable in order to comply with the procedure set forth in Section 1.103- 10(b)(2)(vi) of the Income Tax Regulations (26 CFR Part 1) under Section 103 of the Internal Revenue Code of 1954, as amended, and all acts heretofore taken by them in this connection are hereby ratified and confirmed. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. mber of the Slbrtnon Council F1110 tzn lsr READING 3 -t•ZIL —7 9'�,€ 1979 PUBLIC BEARING 3^ 1 p�; 2nd READING ,3 - 1 irene NOT APPROVED %ER& S ®UTH BEND, IND. REFERRED A ' PASSED :. ;•; "` 1 .'i ? S+v..s G1 �%•4J -2- s 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 SOUTH BEND, INDIANA 46601 March 7, 1979 Members of the South Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application VAN E. GATES Dear Gentlemen: r AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON Application of a Revenue Bond issue for One Million Five Hundred Thousand ($1,500,000.00) Dollars, for and on behalf of VAN E. GATES for the acquisition of real estate and facilities at the corner of Lafayette and Western Avenues in South Bend, Indiana. The economic development facility will initially employ approximately twenty people, with an estimated parroll of approximately $360,000.00. 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 Sri Fr MAR 1979 Irene Gammon O(TY CLERK, SDUTli BEND IWD,