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HomeMy WebLinkAboutRevenue Bonds Pertaining to FBT Bancorp IncORDINANCE No 6263 -77 Passed by the Common Council of the City of South Bend, Indiana_ November 28 19 77 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by November 29 __77 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 FBT BANCORP, INC., AN INDIANA CORPORATION (FBT BANCORP, INC.- WALKERTON BRANCH PROJECT) STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commis- sion, hereinafter referred to as "Commission ", pursuant to the provisions 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 FBT BANCORP, INC., an Indiana corporation, has filed an application with the Commission to finance the acquisition of certain real estate and the construction of certain improvements thereon which will constitute economic development facilities resulting in a substantial number of additional employees, as well as other benefits, with respect to an Industrial Development Revenue Bond issue in the amount of One Hundred Fifty -three Thousand Dollars ($153,000.00), repayable with interest thereon at the rate of five and three - fourths per cent (5 -3/4 %) per annum in installments over a period commencing April 1, 1978 and ending April 1, 1990, as more particularly set forth in the proposed form of bond and proposed form of Lease and Trust Indenture submitted with such application. In connection with such application, the Commission has prepared and placed on file a report containing the subject matter as provided in Section 16 of IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Town of Walkerton, Indiana, and has timely received favorable reports from each, and the Commission held a public hearing on the proposed financing of such economic development facilities on October 14, 1977, after giving the required notice as provided for in Section 17 of IC 18- 6- 4.5 -17 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 and the proposed economic develop- ment facilities will not have an adverse competitive affect on similar facilities already constructed and operating in any part of St. Joseph County, Indiana, and pursuant to such findings, the Commission adopted a resolution which was transmitted to the Common Council of the City of South Bend, Indiana, approving the application of FBT Bancorp, Inc., together with the terms of the Lease and Trust Indenture (financing agreement) and bond. 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 the Industrial Development Revenue Bond or Bonds pertaining to the aforementioned application, being the FBT Bancorp, Inc.- Walkerton Branch Project, and the issuance of the Industrial Development Revenue Bond or Bonds pursuant thereto, are hereby approved and adopted. Section 2. Said form of Lease and Trust Indenture, together with said form of Industrial Development Revenue Bond, 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. Said Lease and Trust Indenture shall be executed on behalf of the City of South Bend, Indiana, and sealed with the corporate seal of such City. Section 4. The Industrial Development Revenue Bond or Bonds to be issued pursuant to such Lease and Trust Indenture shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and the City Clerk of South Bend, Indiana, and shall be sealed with the corporate seal of said City and be payable fully and only -2- from the revenues derived from such FBT Bancorp, Inc. - Walkerton Branch Project pursuant to the aforementioned Lease and Trust Indenture for a bond issue of One Hundred Fifty -three Thousand Dollars ($153,000.00) repayable with interest thereon at the rate of five and three - fourths per cent (5 -3/4 %) per annum, in installments over a period commencing April 1, 1978 and ending April 1, 1990, as more particularly set forth in the form of Lease and Trust Indenture and Bond as approved by this ordinance. Section 5. The proceeds of this Industrial Development Revenue Bond issue shall be used and applied in accordance with the terms of such Lease and Trust Indenture. Section 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. EA i U /-�— / '/— 22 a ?USLf HEARING' lof— Af 77 2nd READING �`%��' 7 7 �11M APPROVED %�� -- 7 .7 -7--4�'Oe 14*_� Member of the Common Council FILED IN CtERKis OFFICE �'T7 Irene GaMMOn 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.McMICHAEL LLOYD M. ALLEN WILLIAM E.VOOR,JR. KENNETH P. FEDDER GEORGE E.HERENDEEN MICHAEL P. BARNES JOHN B. RAMMING ANTHONY D. KOWALS TIMOTHY P. M c LAUGHLIN BRIAN J. MAY SOUTH BEND, INDIANA 46601 November 9, 1977 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application Dear Gentlemen: Application for a Revenue Bond Issue for One Hundred Fifty -three Thousand ($153,000.00) Dollars, for and on behalf of FBT BANCORP, INC. - WALKERTON BRANCH PROJECT, has been made to be used to acquire a facility to constitute a branch bank for use by First Bank and Trust Company of South Bend, hereinafter referred to as "Bank ", which is a wholly owned subsidiary corporation of FBT Bancorp, Inc. That the Walkerton Branch Bank which applicant desires to construct for the use of applicant and Bank is to be constructed on real estate located at 300 Michigan Street, Walk- erton, Indiana. It is estimated that this new facility will result in the employment of approximately twenty (20) new employees with a gross annual payroll of an additional $250,000.00. - This expansion will mean an increase in employment and it is properly zoned. KPF /gwo Very truly yours, Kenneth P. Fedder Attorney for the Economic Development Commission FILED IN CLERK'S OFFICE ;aG'V 9 W7 Irene Gammon CITY CLERK, SUIj BEND, IND.