HomeMy WebLinkAboutApproving industrial Devlopment revenue Bonds, FULG companyPassed by the Common Council of the City of South Bend, Indiana
November 6 ,,, 78
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
November 8 ,,,78
Clerk
of Common Council
-e' /�— - City Clerk
IRENE K. GAMMON
Approved and signed by me e- �.•,+ -� cl Ig2,-
ORDINANCE NO. (14 R4 -79
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE, MORTGAGE
AND TRUST INDENTURE AND INDUSTRIAL nFVF'T.nPMF.ATm PPN7 W7T7V QlITTT L+
1-uvL [ uThURIZING THE EXECUTION THEREOF PERTAINING TO FULG
COMPANY, AN INDIANA LIMITED PARTNERSHIP
STATEMENT OF PURPOSE OF INTENT:
The Common Council of the City of South Bend, Indiana, here-
tofore 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, 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
FULG COMPANY, an Indiana Limited Partnership, has filed an
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 October 6, 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 provi-
sions 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, Mortgage and
Trust Indenture and Industrial Development Revenue Bonds pertaining
to FULG COMPANY, an Indiana Limited Partnership, facilities and the
issuance of the Industrial Development Bond pursuant thereto are
hereby approved and adopted.
Section 2. Said forms of Lease, 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 Lease, 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 FULG COMPANY, an
Indiana Limited Partnership facilities, may be issued in amount not
to exceed One Hundred Sixty Thousand ($160,000.00) Dollars for a
period not exceeding twenty (20) years after the first monthly
installment due thereon, in accordance with the terms of said Lease,
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 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,t READING 1-0
Pl12LIC HEARING 1/. `, 7 O
2nd READING 11.10
,
NOT APPROVED
REFERRED
PASSED 1 ., t ` "7
,r
MEMBER OF TH O ON COUNCIL
FILED III URN 'k FAN A
sCT 18 1978
Irene Gammon
100 CLERKL 90UTN BENDS INDs