HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds Nimet Industries IncORDINANCE No 6371 -78
Passed by the Common Council of the City of South Bend, Indiana
May 22
rq 78
IRENE K. GAMMON
Attest:
Presented by me to the Mayor of the City of South Bend, Indiana
May 23
w3
City Clerk
Of Common Council
IRENE K. GAMMON
Approved and signed by me Ig2Z
Clerk
ORDINANCE NO. (e ,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 NIMET
INDUSTRIES, 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
NIMET INDUSTRIES, INC. 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 April 7 , 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:
Section 1. The form and terms of the Lease and Trust
Indenture and Industrial Development Revenue Bonds pertaining to
NIMET INDUSTRIES, INC. facilities and the issuance of the Indus-
trial 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 NIMET
INDUSTRIES, INC. facilities, may be issued in amounts not to exceed
Two Hundred Thousand ($200,000.00) Dollars for a period not exceed -
ing 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.
Member of the Common Council.
FILED IN CLERK'S OFFICE
MAY 1 51978
Irene Gammon
Is! READING a -a a- Citi CLERK, SOUTH BEND, IND.
PUBLIC HEARING
2nd READING S` a7.)
NOT APPROVfQ
REFERRED
PASSED _ 2—
VOOR, JACKSON, McMICHAEL, ALLEN, FEDDER 8 HERENDEEN
WILLIAM E. VOOR
ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219
WILLIAM O. JACKSON
300 FIRST BANK BUILDING 234 -6061
GUY H.McMICHAEL
LLOYD M. ALLEN
SOUTH BEND, INDIANA 46601
WILLIAM E.VOOR,JR.
KENNETH P. FEDDER
GEORGE E.HERENDEEN
MICHAEL P. BARNES
JOHN B. RAMMING
ANTHONY D. KOWALS
TIMOTHY P. Mc LAUGHLIN
BRIAN J. MAY
/ IS-
J/ 19 7r
Members of the South Bend
Common Council
County -City Building
South Bend, Indiana 46601
RE: Revenue Bond Application
Nimet Industries, Inc.
Dear Gentlemen:
Application of a Revenue Bond Issue for Two Hundred Thousand
($200,000.00) Dollars, for and on behalf of NIMET INDUSTRIES, INC.,
has been made for the purchase of equipment and completion of
construction of a facility located at 2424 North Foundation Drive,
South Bend, Indiana.
This expansion will mean an increase in employment. The
number of jobs created was thirteen (13) and the additional payroll
is $90,000.00.
It is properly zoned and it will be a further expansion of
business here in our South Bend area.
FILED IN CLERK'S OFFICE
MAY 1 51979
Irene Gammon
KPF /gwo gM CLERK. SOUTH BEND. IND.
Very truly yours,
s�
f ,KENNE "P FEDDER
/A ORNEY FOR THE ECONOMIC
I -,DrVELOPMENT COMMISSION