HomeMy WebLinkAboutApproving Revnue Bonds Pertaining to WJ Hagerty & Sons LTD IncORDINANCE No. 6206 -77
Passed by the Common Council of the City of South Bend, Indiana_
August 29 xg 77
IRENE K. GAMMON
Attest:
1r
Presented by me to the Mayor of the City of South Bend, Indiana
August 30 19_17
City Clerk
of Common Council
IRENE K. GAMMON
Approved and signed by me_
Clerk
ORDINANCE NO . (, 20 (e- ->:2
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST
INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND
AUTHORIZING THE EXECUTION THEREOF PERTAINING TO W.J. HAGERTY
& SONS, LTD., 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 -4.52, through
IC 18- 6- 4.5 -28, hereinafter referred to as the "Act;" and
W.J. HAGERTY & SONS, LTD., 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 July 22, 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 faciltiy 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
W.J. HAGERTY & SONS, LTD., 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
W.J. HAGERTY & SONS, LTD., INC. facilities, may be issued in amounts
not to exceed Two Hundred Twenty -five Thousand ($225,000.00)
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 shall be in full force and
effect from and after its passage by the Common Council and
approved by the Mayor.
1st READING
PUE IC HEARING
2,,d READING
No', APPROVED..
REFERRED
PASSED
Member of the Commoff Council
-2-
FILED IN CLERIC'S OFFICE
s
Irene Gammon
CITY CLERK, SOUTH BEND, IND.
VOOR, JACKSON, McMICHAEL, ALLEN, FEDDER 8 HERENDEEN
WILLIAM E. VOOR ATTORNEYS & COUNSELORS AT LAW AREA CODE 219
WILLIAM O. JACKSON 300 FIRST BANK BUILDING 234-6061
GUY H. M<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. Mc LAUGHLIN
BRIAN J. MAY
SOUTH BEND, INDIANA 46601
August 2, 1977
Members of the South Bend Common Council
County -City Building
South Bend, Indiana 46601
RE: Revenue Bond Application
W. J. Hagerty & Sons, Ltd, Inc.
Dear Gentlemen:
An application of a Revenue Bond Issue for Two Hundred
Twenty -five Thousand ($225,000.00) Dollars for and on behalf of
W. J. HAGERTY & SONS, LTD., INC., has been made for the construction
of an addition to their present facility located at 3801 West
Linden Avenue, South Bend, Indiana.
The issue will be used to finance the construction of an
addition to present facility to be used as a warehousing and
distribution center and to accommodate additional space for a planned
expansion of petitioner's present business into a new product lines.
It is estimated that this new facility will result in the
employment of approximately 3 new employees with a gross annual
payroll of an additional $20,000.00 the first year and will increase
an additional $20,000.00 each year for a period of time.
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,
Kenneth—P. Fedder
Attorney for the Economic Development
Commission
KPF /gwo