HomeMy WebLinkAboutApproving Revenue Bonds Billy C and Dorlis M Gibson and Frank J & Rosemary D. McNameeORDINANCE No 6240 -77
Passed by the Common Council of the City of South Bend,
October 24
1977
Clerk
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indio
October 25
of Common Council
�9 77
IRENE K. GAMMON
Approved and signed by me l l/ A S . 19 01 1i
City Clerk
ORDINANCE NO. G a 40 °77
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST
INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND
AUTHORIZING THE EXECUTION THEREOF PERTAINING TO BILLY C. AND
DORLIS M. GIBSON AND FRANK J. AND ROSEMARY D. MCNAMEE
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
BILLY C. AND DORLIS M. GIBSON AND FRANK J. AND ROSEMARY
D. MCNAMEE 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 Sc 7,, $, ee.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
BILLY C. AND DORLIS M. GIBSON AND FRANK J. AND ROSEMARY D. MCNAMEE
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 BILLY C.
AND DORLIS M. GIBSON AND FRANK J. AND ROSEMARY D. MCNAMEE facilities,
may be issued in amounts not to exceed Two Hundred Thousand
($200,000.00) Dollars for a period not exceeding /5- 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.
1s► READING
pUri IC HEARING /G ' y -7 ?
2nd READING
NOT APPROVED
REFERRED
PASSED `/ °7%
-2-
Member of the Common Council
FILED IN CLERK'S OFFICE
1977
Irene Gammon
90 -CLERKS SOUTH SEND, IND.
VOOR, JACKSON, McMICHAEL, ALLEN, FEDDER & HERENDEEN
WILLIAM E. VOOR
ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219
WILLIAM 0. JACKSON
300 FIRST BANK BUILDING 234 -6061
GUY H. Mc MICHAEL
LLOYD M. ALLEN
SOUTH BEND, INDIANA 46601
WILLIAM E.VOOR,JR.
KENNETH P. FEDDER
GEORGE E.HERENDEEN
MICHAEL P.BARNES
JOHN B. RAMMING
°f
ANTHONY D. KOWALS
TIMOTHY P. McLAUGHLIN
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 Two Hundred
Thousand ($200,000.00) Dollars, for and on behalf of BILLY
C. and DORLIS M. GIBSON and FRANK J. and ROSEMARY D. MCNAMEE,
has been made for the construction of improvements on real
estate to be purchased by the applicants located at 900 W.
Ireland Road, South Bend, Indiana. The applicants will sub-
lease the facility to K and B Mounting, Inc., a Michigan
Corporation.
It is estimated that this new equipment will result in the
employment of approximately 25 new employees with a gross
annual payroll of an additional $260,000.00.
It is properly zoned and it will be a further expansion
of business here in our South Bend area.
KPF /smn
ly yours,
gnr}}rh-"P Fe der
Attorne -fir the Economic Development
Commission
FILED ID CLERK'S OFFICE
1977
Irene Gammon
au ( uRk $RUTH. BEND IIVD,