HomeMy WebLinkAboutApproving Revnue Bonds Leyba, Sulentic, BevisORDINANCE No- 6204-77
Passed by the Common Council of the City of South Bend, Indiana-
August 29 19 77
J City Clerk
IRENE K. GAMMON
L' President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
August 30
19 77
IRENE K. GAMMON
Approved and signed by me LL« /* .'q Aala' 3 0 . 192 of
Clerk
ORDINANCE NO . (o P p q -"] "%
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST
INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND
AUTHORIZING THE EXECUTION THEREOF PERTAINING TO BENEDICT R.
LEYBA,AND ELSIE M. LEYBA, HUSBAND AND WIFE; STEVEN M. SULENTIC
AND DONNARAE M. SULENTIC, HUSBAND AND WIFE; AND DUANE D. BEVIS
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
BENEDICT R. LEYBA and ELSIE M. LEYBA, husband and wife;
STEVEN M. SULENTIC and DONNARAE M. SULENTIC, husband and wife; and
DUANE D. BEVIS 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 substan-
tial 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 July 8th , 1977, 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
BENEDICT R. LEYBA and ELSIE M. LEYBA, husband and wife; STEVEN M.
SULENTIC and DONNARAE M. SULENTIC, husband and wife; and DUANE D.
BEVIS 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. The City of South Bend, Indiana, has previously
issued a bond to finance the project pursuant to Ordinance No.
6033 -76 in the amount of $300,000.00 but said amount is not sufficient
to complete the project and it is therefore necessary to issue
an additional Economic Development Revenue Bond in the amount of
$400,000.00 to complete the project, an to redeem in full the
previously issued bond.
Section 5. Said Industrial Development Revenue Bonds,
payable solely and only from the revenue derived from such BENEDICT
R. LEYBA and ELSIE M. LEYBA, husband and wife; STEVEN M. SULENTIC
and DONNARAE M. SULENTIC; husband and wife; and DUANE D. BEVIS
facilities, may be issued in amounts not to exceed Four Hundred
Thousand ($400,000.00) Dollars for a period not exceeding fifteen
(15) years after the first monthly installment due thereon, in accord-
ance 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 6. This Ordinance shall be in full force and
effect from and after its passage by the Common Council and
approved by the Mayor.
ist R_ADING 9 — 8 — 7 ?
! %_"L C HEARING 9-2j.77
2nd' RcAD;NG $ aq 7
NOT APPROVED
REFERRED
PASSED l & - 7 7
ember of-the mmo Council
-2-
FILED IN CLERK'S OFFIC-E
' 7
Irene Gammon,
CITY CLERK, SOUTo pfND' ilVD.
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. M<MICHAEL
LLOYD M. ALLEN
SOUTH BEND, INDIANA 46601
WILLIAM E.VOOR,JR.
KENNETH P. FEDDER
GEORGE E.HERENDEEN
August 2 1977
MICHAEL P. BARNES
,
JOHN B. RAMMING
ANTHONY D. KOWALS
TIMOTHY P. M. LAUGHLIN
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 Thousand ($400,000.00) Dollars for and on behalf
of BENEDICT R. LEYBA and ELSIE M. LEYBA, husband and wife;
STEVEN M. SULENTIC and DONNARAE M. SULENTIC, husband and
wife; and DUANE D. BEVIS, has been made for the construction
and equipping of a facility on the property located at Lot 1,
Block 6 of the Airport Industrial Park's Phase III, South
Bend, Indiana.
It is estimated that this new facility will result in
the employment of approximately 18 new employees with a
gross annual payroll of $350,000.00.
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.
Respectfully,
Lnineth� . Fe-- dder
Attorne� for the Economic Development
Commission
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