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HomeMy WebLinkAboutApproving Industrial Development Revenue Bonds Hoosier Spring CoORDINANCE No 6381 -78 Passed by the Common Council of the City of South Bend, Indiana June 29 _ 78 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by June 30 ig 78 Clerk Of Common Council T ' City Clerk IRENE K. GAMMON ORDINANCE NO. ( 3 "- 7 F? AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO THE HOOSIER SPRING CO., INC. PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has Commission, hereinafter provisions of the Publi Assembly of Indiana for time, including but not hereinafter referred to created the South Bend Economic Development referred to as "Commission" pursuant to the Law No. 182 of the Acts of the General 1973, as such may be amended from time to limited to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, as the "Act ": and HOOSIER SPRING CO., INC., an Indiana corporation, has filed an application with the Commission to finance the acquisition of real estate and the construction thereon 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 IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Superintendent of the South Bend School Corporation, being the area in which the proposed 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 economic development facilities in accordance with the Act after giving the required notice as provided in the Act, and adopted a resolution finding that such proposed financing complies with the purposes and provisions of all applicable Indiana statutes governing the issuance of Industries -1 Development Revenue Bonds, including but not limited to the Act, and that such economic development facilities will not have an adverse competitive effect on similar-facilities already constructed and operating in the City of South Bend, Indiana. 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 Hoosier Spring Co., Inc. Project and the issuance of the Industrial Development Revenue Bonds 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. Said 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 revenues derived from such Hoosier Spring Co., Inc. Project pursuant to the aforementioned Lease and Trust Indenture may be issued in amounts not to exceed Three Hundred Seventy -five Thousand Dollars ($375,000.00) repayable with interest thereon at the rate of six and three - fourths per cent (6 -3/4 %) per annum semi - annually, with fifteen (15) separate bonds being issued in the amount of Twenty -five Thousand Dollars ($25,000.00) each, one of which bonds shall mature at the expiration of each year after the date of issuance of such bonds during such fifteen (15) years period, all 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. 1st READING G ^i a? -2-9 PUBLIC HEARING 4-a 9.. J 8 2nd READING 6 -02 9 - i8 NOT APPROVED REFERRED PASSED '�;-.Q f 7 If Member of the Common Council �N C[ERK'S QF'F't JUN 71978 Irene Gammon 11-Ty CLERK, SOUTH BEND, IND. VOOR, JACKSON, McMICHAEL, ALLEN, FEDDER & HERENDEEN WILLIAM E. VOOR ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219 WILLIAM O. JACKSON 300 FIRST BANK BUILDING 234 -6061 GUY H. Mc MICHAEL LLOYD M. ALLEN WILLIAM E.VOOR,JR. KENNETH P. FEDDER GEORGE E.HERENDEEN MICHAEL P. BARNES JOHN B. RAMMING ANTHONY D. KOWALS TIMOTHY P. M c LAUGHLIN BRIAN J. MAY Members of County -City South Bend, SOUTH BEND, INDIANA 46601 1# 'vi-% 19 7 8 the South Bend Common Council Building Indiana 46601 RE: Revenue Bond Application Dear Gentlemen: Application of a Revenue Bond Issue for Four Hundred Thousand ($400,000.00) Dollars, for and on behalf of HOOSIER SPRING COMPANY, INC., has been made for the construction and equipping of a facility on the property located at Burnett Industrial Park, Ireland Road, South Bend, Indiana This expansion will mean an increase in employment. It is estimated that this new facility will result in the employment of approximately 5 new jobs with a gross annual payroll increase of approximately $60,000.00. It is properly zoned and it will be a further expansion of business here in our South Bend area. KPF /smn Vnnet my y urs, /;K Fedder Attorn Economic Develo pment sion FILED IN CLERK'S OFFICE JUN 71978 Irene Gammon CITY CLERK, SOUTH BEND. INO.