HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds Master-Bilt IncORDINANCE No 6451 -78
Passed by the Common Council of the City of South Bend, Indiana_
September 11 Tn 78
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
September 12 Tn 78
Clerk
of Common Council
4"' - f /'Z�- � city clerk
IRENE K. GAMMON
Approved and signed by me— '��'!t's.�
ORDINANCE NO. (vq,�"I -?$
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST
INDENTURE AND INDUSTRIALIDEVELOPMENT REVENUE BONDS, AND
AUTHORIZING THE EXECUTION WHEREOF PERTAINING TO MASTER -
BILT, INC.
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
Commission
constructi
( faciliti e
resulting
MASTERBILT, INC. has fil
to finance the acquisit
on thereof of an industr
s) which will constitute
in a substantial number
benefits; and
ed an apple
ion of real
ial and co
economic
of new jobs
in connection therewith the
and placed on file a report containing
specified in Section 16 of IC 18 -6 -4.5
thereof to the Chairman of the Area P1
Superintendent of the School Corporati
the facilities will be located, and ha
reports from each of them; and
cation with the
estate and the
mmercial building
development facilities
as well as other
Commission has prepared
the subject matter as
and has forwarded copies
an Commission and to the
on in the area of which
s timely received favorable
the Commission held a public hearing on the proposed
financing of such facilities on August 18, 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, THEREOFRE, 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
MASTERBILT, INC. facilities and the issuance of the Industrial
Development Revenue Bond pursuant thereto are hereby approved and
adopted.
Section 2. Said forms of L
together with Industrial Development
file with the Commission are hereby i
into this Ordinance, and said forms s
minutes of the Common Council of the
and shall be kept on file by the City
ease and Trust Indenture
Revenue Bonds which are on
ncorporated by reference
hall be inserted into the
City of South Bend, Indiana
Clerk of South Bend, Indiana.
Section 4. Said Industrial Development Revenue Bonds,
payable solely and only from the revenue derived from such
MASTERBILT, INC. facilities, may be issued in amounts not to
exceed One Hundred Fifty Thousand ($150,000.00) 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 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.
1.9 b1!Ar ►jd - " d - 01 Y'- 7 6
WILLIAM E . VOOR
GUY H. MCMICHAEL
LLOYD M.ALLEN
KENNETH P. FEDDER
GEORGEE.HERENDEEN
MICHAEL P. BARNES
JOHN B. RAMMING
ANTHONY D. KOWALS
BRIAN J. MAY
VOOR, MCMICHAEL, ALLEN, FEDDER 8 HERENDEEN
ATTORNEYS & COUNSELORS AT LAW
300 FIRST BANK BUILDING
SOUTH BEND, INDIANA 46601
Members of the South Bend Common Council
County -City Building
South Bend, Indiana 46601
RE: Revenue Bond Application
MASTERBILT, INC.
Dear Gentlemen:
AREA CODE 219
234 -6061
OF COUNSEL:
WILLIAM O. JACKSON
Application of a Revenue Bond Issue for One Hundred Fifty Thousand
($150,000.00) Dollars, for and on behalf of MASTERBILT, INC., an
Indiana Corporation for the proposed financing of the construction
of an addition to their present facility located at 325 South Walnut
Street, South Bend, Indiana.
Masterbilt, Inc. is a machine shop operation in the manufacture
of precision piece parts.
It is estimated that this new addition will result in the
employment of approximately 5 new employees. It is properly zoned
and it will be a further expansion of business here in our South
Bend area.
KPF /gwo
DEVELOPMENT COMMISSION ,
FILED IN CLERK'S OFFICE
AUG 1 8 1978
Irene Ggni fiu
CITY CLERK, 60WH