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HomeMy WebLinkAboutApproving industrial Development Revenue Bonds General Liquors IncPassed by the Common Council of the City of South Pend, Indiana_ July 10 x978 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by i 1978 Clerk of Common Council IRENE K. GAMMON Clerk ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO GENERAL LIQUORS, 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 GENERAL LIQUORS, 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 June 16, 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 GENERAL LIQUORS, INC. 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 GENERAL LIQUORS, INC, facilities, may be issued in amounts not to exceed Three Hundred Fifty Thousand ($350,000.00) 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. This Ordinance whall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. t:ADING 4,p ff 7 51 P' L C HEARING 7-/0 - 7 g 2nd READING 7- NOT APPROVED REFERRED - PASSED ;; %/ O - i8 cvz FILED IN CLERK'S OFFICE JUN 2 01978 Irene Gammon CITY CLERK, SOUTH BEND. IND. Member of the Common Council FILED IN CLERK'S OFFICE JUN 2 01978 Irene Gammon CITY CLERK, SOUTH BEND. IND. WILLIAM E.VOOR GUY H.McMICHAEL LLOYD M.ALLEN KENNETH P. FEDDER GEORGE E. HERENDEEN MICHAEL P. BARNES JOHN B. RAMMING ANTHONY D. KOWA _S BRIAN J. MAY VOOR, MCMICHAEL, ALLEN, FEDDER $ HERENDEEN ATTORNEYS 8 COUNSELORS AT LAW 300 FIRST BANK BUILDING SOUTH BEND, INDIANA 46601 4f A),5 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application GENERAL LIQUORS, INC. Dear Gentlemen: AREA CODE 219 234 -6061 OF COUNSEL: WILLIAM O. JACKSON Application of a Revenue Bond Issue for Three Hundred Fifty Thousand ($350,000.00) Dollars, for and on behalf of GENERAL LIQUORS, INC., has been made for the construction of an additional facility and equipment for the operation of its business located at 1880 North Kenmore Street, 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 8 new jobs with a gross annual payroll of approximately $50,000.00. It is properly zoned and it will be a further expansion of business in our South Bend area. KPF /gwo truly yours, ETH P. XrEDDER RNEY FOR THE ECONOMIC LOPMENT COMMISSION FILED IN CLERK'S OFFICE JUN 2 01979: Irene Gammon CITY CLERK, SOUTH BEND, IND.