HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds Malin Development co & Imagineering Enterprises� b
Passed by the Common Council of the City of South Bend, Indiana
August 14 r9 78
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
Approved and signed by
August 15 zg 78
U
Clerk
of Common Council
IRENE K. GAMMON
Clerk
ORDINANCE NO.G ya8�8
/MORTGAGE
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST
INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND
AUTHORIZING THE EXECUTION THEREOF PERTAINING TO MARLIN
DEVELOPMENT CO. AND IMAGINEERING ENTERPRISES,
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
MARLIN DEVELOPMENT CO. AND IMAGINEERING ENTERPRISES 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 August 4 , 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 City of South Bend, Indiana, that:
/Mortgage
Section 1. The form and terms of the Lease and Trust
Indenture and Industrial Development Revenue Bonds pertaining to
MARLIN DEVELOPMENT CO. AND IMAGINEERING ENTERPRISES facilities
and the issuance of the Industrial Development Revenue Bond
pursuant thereto are hereby approved and adopted.
/Mortgage
Section 2. Said forms of Lease 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.
/Mortgage
Section 3. The Lease 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
MARLIN DEVELOPMENT CO. AND IMAGINEERING ENTERPRISES, facilities
may be issued in amounts not to exceed Seven Hundred Fifty Thousand
($750,000.00) 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.
WMIX77MI
R OF THE COMMON COUNCIL
FILED IN CLERK'S OFFICE
AUG 8 1978
Irene Gammon
CITY CLERK, SOUTH BEND, IND.
1st READING 8 —/ �(— �
PUBLIC HEARING $ . / Y —
2nd READING
NOT APPROVED
REFERRED
PASSED �. � � � .� p ` 060% 06��� � ��
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
July 27, 1978
Members of the South Bend Common Council
County -City Building
South Bend, Indiana 46601
RE: Revenue Bond Application
Dear Gentlemen:
AREA CODE 219
234 -6061
OF COUNSEL:
WILLIAM O. JACKSON
Application of a Revenue Bond Issue for Seven Hundred
Fifty Thousand ($750,000.00), Five Hundred Thousand ($500,000.00)
on behalf of MARLIN DEVELOPMENT CO. and Two Hundred Fifty
Thousand ($250,000.00) on behalf of IMAGINEERING ENTERPRISES,
INC., has been made for the construction and equipping of a
facility on the property located at the corner of West Sample
and Webster Streets in South Bend, Indiana.
This expansion will mean an increase in employment.
It is properly zoned and it will be a further expansion
of business here in our South Bend area.
KPF /smn
y truly yours,
-� dde
Att rndy for the Economic Development
Commission
FILED IN CLERK'S OFFICE
AUG 8 1978
Irene Gammon
CITY CLERK, SOUTH BEND, IND.
TRANSMITTAL OF ADOPTED COMMISSION
RESOLUTION AND PROPOSED ORDINANCE
FOR ADOPTION BY THE SOUTH BEND
COMMON COUNCIL AND APPROVAL BY THE
MAYOR PERTAINING TO THE FINANCING
OF FACILITIES FOR MARLIN DEVELOP-
MENT CO., AN INDIANA PARTNERSHIP,
AND IMAGINEERING ENTERPRISES, INC.,
AN INDIANA CORPORATION, 925 SOUTH
WEBSTER STREET, SOUTH BEND, INDIANA,
BY THE ISSUANCE BY THE CITY OF SOUTH
BEND, INDIANA, OF ITS INDUSTRIAL
DEVELOPMENT REVENUE BONDS
FILED IN CLERK'S OFFICE
TO: Irene K. Gammon
City Clerk
City of South Bend AUG 8 1978
County -City Building
South Bend, Indiana 46601 Irene Gammon
CITY CLERK, SOUTH BEND, IND,
The South Bend Development Commission (Commission)
hereby transmits to you in accordance with 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 ":
1.
A
resolution adopted
by the
Commission as
of
the _
day
of 4it4 4f-S j ,
1978,
as called for
by
the Act;
2. Proposed ordinance for adoption by the Common
Council of the City of South Bend, Indiana, as called for
by the Act.
You will note from a perusal of the body of these
documents that the purpose thereof is to finance construc-
tion of a new manufacturing and industrial building in the
City of South Bend, Indiana, together with the obtaining
of all of the equipment, machinery, tools and accessories
necessary for Marlin Development Co., an Indiana partner-
ship, and Imagineering Enterprises, Inc., an Indiana
corporation, 925 South Webster Street, South Bend, Indiana,
by the execution of a Lease, Mortgage and Trust Indenture
and the issuance of Industrial Development Revenue Bonds in
a total amount not to exceed $750,000.00, repayable over a
period not to exceed twenty (20) years duration.
As to the enclosed resolution for adoption by the
Common Council, it may be and we respectfully request
adoption at the Council meeting at which it is presented.
With respect to the ordinance, you are respectfully
asked to publish once in a newspaper in South Bend, Indiana,
a notice that such proposed ordinance has been filed with
you and present such ordinance to the Common Council at
South Bend, Indiana, for passage not earlier than ten days
from the date of the publication of such notice.
Submitted this day of , 1978.
SOUTH BEND DEVELOPMENT COMMISSION
Frank Horvath
-2-