HomeMy WebLinkAboutApproving Industrial Devlopment Revenue Bonds, to N/D RealtyPassed by the Common Council of the City of South Bend, Indiana
4'.", Ir
November 6 Y9 78
IRENE K. GAMMON
Clerk
Attest: President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
November 8 �9 7 8
IRENE K. GAMMON
Approved and signed by me_ ��.1, �/ - 9 i9 X1 8
Clerk
ORDINANCE NO. G Y tf- )I
AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN-AGREEMENT,
INDENTURE OF TRUST AND MORTGAGE AND INDUSTRIAL DEVELOPMENT
REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING
TO N75 REALTY
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
tC 18- 6- 4.5 -28, hereinafter referred to as the "Act;" and
N/D REALTY 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 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, THEREFORE, BE IT ORDAINED by the Common Council
of the Citv of South Bend, Indiana, that:
Section 1. The form and terms of the Loan Agreement,
Indenture of Trust and Mortgage and Industrial Development Revenue
Bonds pertaining to N/D REALTY facilities and the issuance of the
Industrial Development Revenue Bond pursuant thereto are hereby
approved and adopted.
Section 2. Said forms of Loan Agreement, Indenture of
Trust and Mortgage 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, Indenture of Trust and
Mortgage 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 Citv.
Section 4. Said Industrial Development Revenue Bonds,
Pavable solely and only from the revenue derived from such N/D REALTY
facilities, may be issued in amounts not to exceed Two Hundred
Fifty Thousand ($250,000.00) Dollars for a period not exceeding
fifteen (15) vears after the first monthly installment due thereon,
in accordance with the terms of said Loan Agreement, Indenture
of Trust and Mortgage and that such Bonds shall be executed on
behalf of the Citv of South Bend, Indiana, by the Mayor and
City Clerk of South Bend, Indinaa, 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.
Member of e ommon Council
1st READING
PUBLIC HEARING 01—A
2nd READING 1978"
NOT APPROVED
REFERRED Gartirno
PAS.S�o CLERK. S ,7
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