HomeMy WebLinkAboutIndustrial Development Revenue Bonds - Huntley A & Mary Hornbeck ProjectORDINANCE No 6625 -79
Passed by the Common Council of the City of South Bend, Indiana_
August 27 1979
Clerk
IRENE K. GAMMON
of Common Council
Presented by me to the Mayor of the City of South Bend, Ind*ana
Approved and signed by
August 28 1g 79
F City Clerk
IRENE K. GAMMON
19-7-!C
p--1
ORDINANCE NO. (A(,2 S- ,7?
AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST INDENTURE,
REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION
NO. 22 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION
RELATING TO THE HUNTLEY A. HORNBECK AND MARY HORNBECK PROJECT
STATEMENT "OF PURPOSE OF INTENT:
The Common Council of the City of South Bend, Indiana, here-
tofore 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
HUNTLEY A. HORNBECK AND MARY HORNBECK, husband and wife,
have filed an application with the Commission to finance the
acquisition of real estate and commercial building thereon
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 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 approved the form and terms of the
trust indenture, real estate mortgage and bonds, and further
approved this form of ordinance authorizing the execution thereof,
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, real
estate mortgage and Industrial Development Revenue Bonds attached as
exhibits thereto pertaining to the issuance of the Industrial
Development Revenue Bonds in accordance with the terms of the Trust
Indenture pertaining to the application of Huntley A. Hornbeck and
Mary Hornbeck, husband and wife, are hereby approved and adopted.
Section 2. Said forms of Trust Indenture, real estate
mortgage and Industrial Development Revenue Bond 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 Trust Indenture and bonds shall be executed
on behalf of the City of South Bend, Indiana by the Mayor and
the City Clerk.
Section 4. Said Industrial Development Revenue Bonds,
payable solely and only from the revenues derived from such
Huntley A. Hornbeck and Mary Hornbeck Project pursuant to the afore-
mentioned Trust Indenture , shall not be in any respect a general
obligation of the City, nor shall the bonds be paid in any manner
from funds raised by taxation, and may be issued in amounts not
to exceed Six Hundred Thousand Dollars ($600,000.00) repayable with
interest thereon at a rate not to exceed eight and one -half per cent
(8 -1/2 %) per annum, payable in monthly installments over a period
of twenty (20) years after the date of such bonds, and that
such Trust Indenture and such Industrial Development Revenue Bonds
shall be executed on behalf of the City of South Bend, Indiana, by
the Mayor and Clerk and sealed with the corporate seal of such City.
Section 5. Resolution No. 22 -79 of the South Bend
Economic Development Commission passed on July 20, 1979 is
hereby approved; and the Common Council of the City of South
Bend hereby finds that the proposed financing for the issuance
of the economic development revenue bonds would be of benefit
to the health and welfare of the City of South Bend and that
it complies with the purposes and provisions of I.C. 18- 6 -4.5,
as amended and supplanted.
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.
1st READING
PUBLIC HEARING
2nd READING r%
NOT APPROVED
REFERRED
PASSEI)..r''
'Me r of th Common Co it
FILED,
cu u � ��YRem
AUG 7 1970
lrenc' Garnmon
CITY CLERK, Soli ?N BE:
dB,
VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN
WILLIAM E.VOOR
ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219
GUY H. McMICHAEL
300 FIRST BANK BUILDING 234-6061
LLOYD M. ALLEN
KENNETH P. FEDDER
SOUTH BEND, INDIANA 46601
GEORGE E. HERENDEEN
OF COUNSEL'
ANTHONY D. KOWALS
WILLIAM O. JACKSON
Members of the South
Bend Common Council
County -City Building
South Bend, Indiana
46601
RE: Industrial Development Revenue Bond
HUNTLEY A. HORNBECK AND MARY HORNBECK PROTECT
Dear Gentlemen:
The South Bend Economic Development Commission has received
an application from HUNTLEY A. HORNBECK and MARY HORNECK for the
issuance of a revenue bond in the amount of Six Hundred Thousand
($600,000.00) Dollars for the acquisition of real estate and an
economic development facility located at 210 North Ironwood Drive,
South Bend, Indiana.
It is anticipated that approximately five (5) new jobs
will be created, with a payroll of approximately $100,000.00.
KPF /mb
Respectfully yours,
f fir.
KE TH P. FEDDER
� MORNEY FOR THE SOUTH BEND
ECONOMIC DEVELOPMENT COMMISSION
FILED l¢;�
AUG % 19i t,
Irene GarnrPon
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