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HomeMy WebLinkAboutApproving Revenue Bonds Pertaining to Brett S MorseORDINANCE No 6239 -77 Passed by the Common Council of the City of South Bend, Indiana_ October 24 x977 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Ind'ana October 25 — 77 Approved and signed by me Ck a.(.+..� o? 51 Clerk Of Common Council IRENE K. GAMMON i9-12 City Clerk ORDINANCE NO. (a ' C -7 AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO BRETT S. MORSE 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 BRETT S. MORSE 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 30 , 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 BRETT S. MORSE facilities and the issuance of the Industrial Devel- opment 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 BRETT S. MORSE facilities, may be issued in amounts not to exceed Three Hundred Forty Thousand ($340,000.00) Dollars for a period not exceeding /,'' 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 i b- -sb - -? i PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PASSED 149- 9 f ?--7 -2- Member of the Common Council of rier 9977 ,retie Gam OITY CLERK, SOUTH B£D ®N s VOOR, JACKSON, McMICHAEL, ALLEN, FEDDER & HERENDEEN WILLIAM E. VOOR WILLIAM O. JACKSON 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. Mc LAUGHLIN BRIAN J. MAY ATTORNEYS 8 COUNSELORS AT LAW 300 FIRST' BANK BUILDING SOUTH BEND, INDIANA 46601 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application Dear Gentlemen: AREA CODE 219 234 -6061 Application of a Revenue Bond Issue for Three Hundred Forty Thousand ($340,000.00) Dollars, for and on behalf of BRETT S. MORSE, has been made for the finan- cing of the purchase of land and improvement and the renova- tion of such improvements and construction of additional improvements on real estate to be purchased by the applicant located at 712 N. Niles Avenue, South Bend, Indiana. The applicant will sublease the facility to Morse Electric Company, Inc. It is estimated that this new equipment will result in the employment of approximately twenty (20) new employees with a gross annual payroll of an additional Five Hundred Twenty Thousand ($520,000.00) Dollars. It is properly zoned and it will be a further expansion of business here in our South Bend area. KPF /smn Very truly yours, enne P. Fedder Attorne_y___ for the Economic Development Commission FILED IN CLERK'S OFFICE T 1977 Irene Gammon C-0 CLERk SOUTH BEND, IN!}