HomeMy WebLinkAboutApproving Revenue Bonds Midstate Power Transmission Co IncORDINANCE NO. 6214 -77
Passed by the Common Council of the City of South Bend, Indiana_
September 12 19 77
Attest: /� K- City Clerk
IRENE K. GAMMON
of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
Approved and signed by me
September 13 �9 77
4,"' City Clerk
IRENE K. GAMMON
ORDINANCE NO. 6 a I y- r) 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 MIDSTATE POWER
TRANSMISSION COMPANY, 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- 4.5 -2, through
IC 18- 6- 4.5 -28, hereinafter referred to as the "Act;" and
MIDSTATE POWER TRANSMISSION COMPANY, 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 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
MIDSTATE POWER TRANSMISSION COMPANY, 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 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
MIDSTATE POWER TRANSMISSION COMPANY, INC. facilities, may be
issued in amounts not to exceed Two Hundred Twenty -five Thousand
($225,000.00) Dollars for a period not exceeding twenty (20) 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 execttdd 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 Q, J
PUBLIC F,cARING $
2n8 READING
NOT APPROVED.
REFERRED
PASSED
Member of the Co on 0ouncil
IW-C
�iLED IN CLERK'S OFFICE
;q7t
Irene Gammon
CIiY CLERK, SOUTH BEND, IND.
NOTICE OF FILING OF ORDINANCE
Notice is hereby given that on the lst day of
Aug., 1977, the South Bend Economic Development Commission
filed with the City Clerk of South Bend, Indiana, a proposed
form of ordinance authorizing the execution of a Lease and
Trust Indenture and the issuance of Industrial Development
Revenue Bonds pertaining to facilities for MIDSTATE POWER
TRANSMISSION COMPANY, INC.
Such proposed Ordinance will be considered and heard
at the regular meeting of the Common Council of the City of
South Bend, Indiana, to be held at 7:00 o'clock P.M. on the
day of , 1977, in the chambers of the Common
Council of the City of South Bend, Indiana, in the County -
City Building, South Bend, Indiana.
Irene K. Gammon
City Clerk
South Bend, Indiana
TRANSMITTAL OF ADOPTED COMMISSION RESOLUTION
AND PROPOSED ORDINANCE FOR ADOPTION BY THE
SOUTH BEND COMMON COUNCIL AND APPROVAL BY
THE MAYOR PERTAINING TO THE FINANCING OF
FACILITIES FOR MIDSTATE POWER TRANSMISSION COMPANY
BY THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA,
OF ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS
TO: Irene K. Gammon
City Clerk
County -City Building
South Bend, Indiana 46601
The South Bend Economic Development Commission
(Commission) hereby transmits to you in accordance with
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 ":
1. A resolution adopted by the Commission as of
July 8, 1977, as called for by the Act;
2. Proposed ordinance for adoption by the Common
Council of the City of South Bend, Indiana, as called for
by the Act.
You will note from a perusal of the body of these
documents the purpose thereof is to finance the acquisition
of land and erect improvements thereon for MIDSTATE POWER TRANS-
MISSION COMPANY, INC., by the execution of a Lease and Trust
Indenture and the issuance of Industrial Development Revenue
Bonds in a total amount not to exceed $105,000.00 repayable
over a period not to exceed twenty (20) years' duration.
With respect to the ordinance, you are respectfully
asked to publish once in a newspaper in South Bend, Indiana,
a notice that such proposed ordinance to the Common Council of
South Bend, Indiana, for passage not earlier than ten (10)
days from the date of the publication of such n tice.
Submitted this day of , 1977.
SOUTH BEND ECONOMIC D OPMENT
NIM NO
_���
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. Mc MICHAEL
LLOYD M.ALLEN
SOUTH BEND, INDIANA 46601
WILLIAM E.VOOR,JR.
KENNETH P. FEDDER
GEORGE E.HERENDEEN
MICHAEL P. BARNES
August 2, 1977
JOHN B. RAMMING
ANTHONY D. KOWALS
TIMOTHY P. Mc LAUGHLIN
BRIAN J. MAY
Members of the South Bend Common Council
County -City Building
South Bend, Indiana 46601
RE: Revenue Bond Application
Midstate Power Transmission Company, Inc.
Dear Gentlemen:
An application for a Revenue Bond Issue for One Hundred
Five Thousand ($105,000.00) Dollars for and on behalf of
MIDSTATE POWER TRANSMISSION COMPANY, INC., has been made
for the construction and equipping of a facility on the
property located at Lot 7 of Block 3, Airport Industrial
Park, Phase III, South Bend, Indiana.
It is estimated that two (2) new employees would be
requested, showing an amount gross payroll of $20,000.00.
This expansion will mean an increase in employment.
It is properly zoned and it will be a further expansion of
business herein our South Bend area.
Respectfully,
//� Kenne P. Fedder
Atjtorne�y for the Economic Development
// j Commission
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