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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds Oliva T Bergeron & Doris L BergeronMW Passed by the Common Council of the City of South Bend, Indiana_ May 2 2 Yq 7 8 Clerk IRENE K. GAMMON of Common Council Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by Mav 23 —i9 7 8 -�-� -� City Clerk IRENE K. GAMMON r92ff-- ORDINANCE NO. 1,3(4,1- 8 AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO OVILA T. BERGERON AND DORIS L. BERGERON, HUSBAND AND WIFE 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 OVILA T. BERGERON and DORIS L. BERGERON, husband and wife, has filed an application with the Commission to finance the acquisition of real estate and the construction thereof of an in- dustrial 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 AOA il. ,:157 /y'73 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: Section 1. The form and terms of the Lease and Trust Indenture and Industrial Development Revenue Bonds pertaining to OVILA T. BERGERON and DORIS L. BERGERON, husband and wife, facilities and the issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. 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. 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 OVILA T. BERGERON and DORIS L. BERGERON, husband and wife, facilities, may be issued in amounts not to exceed Four hundred Fifty Thousand ($450,000.00) 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. effect from and after by the Mayor. 1st READING P; NEARING 2n i RF -ADING I P,01 re,,PPR0VEIZ REI"' Ek"IZED PASSED `� ',^� •- i t� This Ordinance shall be in full force and its passage by the Common Council and approved Member of the Common Council _2_ N4,AY 3 1978 CrN CL s iC, SUU1N b + "3 VOOR, JACKSON, McMICHAEL, ALLEN, FEDDER 8 HERENDEEN ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 WILLIAM E. VOOR 234 -6061 WILLIAM O. JACKSON 300 FIRST BANK BUILDING GUY H.McMICHAEL SOUTH BEND, INDIANA 46601 LLOYD M. ALLEN WILLIAM E.VOOR,JR. KENNETH P.FEDDER GEORGE E.HERENDEEN MICHAELP.BARNE5 April 24, 1978 JOHN B. RAMMING ANTHONY D. KOWALS TIMOTHY P. McLAUGHLIN BRIAN J. MAY Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application Dear Gentlemen: Application of a Revenue Bond Issue for Four Hundred Fifty Thousand ($450,000.00) Dollars, for and on behalf of OVILA T. BERGERON and DORIS L. BERGERON, husband and wife, has been made for the construction and equipping of a facility on the property located at 3502 West Sample Street, 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. Attorr KPF /smn Very truly yours, eth P. Fedder the Economic Development mission MAY 31978 CITY CLERK, SOUTH SEND, Ij`p.