HomeMy WebLinkAboutApproving Revenue Bonds FBT Bancorp IncORDINANCE No.
6215 -77
Passed by the Common Council of the City of South Bend, Indiana_
September 12 iq 77
City Clerk
IRENE K. GAMMON
of Common Council
Presented by me to the Mayor'of the City of South Bend, Ind'ana
September 13 �9 77
`°41'4 -1 City Clerk
IRENE K. GAMMON
Approved and signed by me 9.02 02
ORDINANCE NO. (, / ° 2 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
FBT BANCORP, INC., AN INDIANA CORPORATION
(FBT BANCORP, INC. PROJECT)
.qTAr rmT� T:TT np PTTPPn.gT? nP TT M7' -1T'P
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 accuisition 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 Eight Hundred Forty -seven Thousand Dollars ($847,000.00),
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, which such application_
provides:
A. That such Industrial Development Revenue Bond issue
shall be for a principal amount of Eight Hundred Forty- seven'Thousand
Dollars ($847,000.00), 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.bond and form of Lease
and Trust Indenture being approved by this ordinance.
B. That approximately Five Hundred Ninety -seven Thousand Dol-
lars ($597,000.00) or such lesser amount as shall be necessary, of such
Industrial Development Revenue Bond issue should be used to pay, retire
and satisfy the existing bond issue heretofore issued pursuant to
the terms of a Lease and Trust Indenture dated November 1, 1973,
as entered into between the City of South Bend, Indiana,
the Commission, FBT Bancorp, Inc. and First Bank and Trust
Company of South Bend, of South Bend, Indiana, as Trustee, which such
existing bond issue is herein referred to as "Original Issue ".
C. That the proceeds of such Industrial Development Revenue
Bond issue in excess of amounts required to pay and retire such Original
Issue should be used to acquire such real estate and construct and erect
such additional economic development facilities and should be disbursed
in accordance with the terms of such Lease and Trust Indenture.
D. That the parcel of real estate described on Exhibit B
to such Lease and Trust Indenture should be released by the City of
South Bend, Indiana, and reconveyed to FBT Bancorp, Inc.
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 Superintendent of the School Corporation
in the area in which such economic development facilities will be
located, 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 August 19, 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
development facilities will not have an adverse competitive affect
on similar facilities already constructed and operating in the City
of South Bend, 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.
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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. 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
from the revenues derived from such FBT Bancorp, Inc. Project pursuant
to the aforementioned Lease and Trust Indenture for a bond issue of
Eight Hundred Forty -seven Thousand Dollars ($847,000.00) repayable
with interest thereon at the rate of five and three - fourths Der cent
(5 -3/40) 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 and a deed of conveyance shall
be executed and delivered on behalf of the City of South Bend, Indiana,
reconveying to FBT Bancorp, Inc. the real estate described on Exhibit B
to such Lease and Trust Indenture, which said real estate is the
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following described real estate located in the City of South Bend,
Indiana, State of Indiana, to wit:
A tract of land in the Southwest Quarter of Section 33,
Township 38 North, Range 2 East, City of South Bend,
St. Joseph County, Indiana, more particularly described
as follows:
Commencing at a brass plug at the center of said
Section 33, thence South 90 000100" West on and along the
North line of said Southwest Quarter of Section 33 a
distance of 679.78 feet; thence South 00 042'05" West on
and along the West right -of -way of Maplewood Avenue a
distance of 2136.62 feet; thence North 67 041'51" West
on and along the North right -of -way of Lincolnway West
(U.S. #20) a distance of 282.79 feet to the true place
of beginning; thence North 67 041'51" West on and along
said right -of -way a distance of 210.00 feet; thence North
22 018109" East a distance of 279.93 feet; thence Southeasterly
82.28 feet along an are to the left having a radius of
337.50 feet and subtended by a long chord having a bearing
of South 60042125" East and a length of 82.08 feet; thence
South 67 041'51" East a distance of 128.04 feet, the last
two courses being on and along the South right -of -way of
Commerce Drive; thence South 22018109" West a distance of
270.00 feet to the place of beginning. Said tract contains
1.323 Acres, more or less.
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.
- J��- : -� -7�
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Member of the Common Council
tD M CIEa IS qfltt
Irene Gammor+
Cln CLERK,. SOUTH BEND�►ND..
CITY OF SOUTH BEND, INDIANA <!� 9 ,r. n-7-
TT.TT1T7STRIAL 71EVL`T fnMP4VTTm or,�r IT T r r `
J„� LII 1RJE V E147LE ��OND
(FBT Bancorp, Inc. Project) Irene Gammon
CITY CLERK, SOUTH BEND, IND.
KNOW ALL PEEN BY THESE PRESENTS, that the City of South
Bend', in the State of Indiana, subject to the terms hereof, promises to pay
to Continental Illinois National Bank and Trust Company of Chicago, Chicago,
Illinois, the sum of Eight Hundred Forty -seven Thousand Dollars ($847,000.00)
together with interest thereon at the rate of five and three- fourths per cent
(5-3/4 %) per annum in installments as follows:
Date of
Payment
Amount to be
Paid on
Principal
Amount to be
Paid on
Interest
Total Payment
April 1,
1978
$24,351.25
$24,351.25
October
1, 1978
$48,000.00
24,351.25
72,351.25
April 1,
1979
22,971.25
22,971.25
October
April 1,
1, 1979
1980
51,000.00.
22,971.25
73,971.25
October
1, 1980
54,000.00
21,505.00
21,505,00
21,505-00
75,505.00
April 1,
1981
19,952.50
19,952.50
October
1, 1981
57,000.00
19,952.50
76,952.50 -
April 1,
1982
18,313.75
18,313,75
October
1, 1982
60,000.00
18,313.75
78,313.75_
April 1,1983
16,588-75
16,588-75
October
1, 1983
641000.00
16,588.75
80,588.75'
April 1,
1984
14,748.75
14,748-75
October
1, 1984
683000.00
14,748.75
82,748.75
April 1,
1985
12,793.75
12,793.75
October
1, 1985
711)000.00
12,793.75
83,793.75
April 1,
October
1986
1, 1986
75,000.00
10,752.50
10,752.50
10,752.50
85,752.50
April 1,
1987
8,596.25
8,596,25
October
1. 1987
803000.00
8,596.25
88,596,25
April 1,
1988
6,296.25
61296.25
October
1, 1988
84,000.00
6,296.25
90,296.25
April 1,
1989
3,881.25
3,881.25
October 1, 1989
89,000.00
3,881.25
92,881.25
April 1,
1990
46,000.00
1,322.50
47,322.50
All principal and interest on this Bond shall be payable at the office of First
Sank and Trust Company of South Bend, South Bend, Indiana, Trustee pursuant to
the Lease and Trust Indenture dated 1977, as executed by the
City of South Bend, Indiana, as "Lessor ", South Bend Economic Development Commis -
,ion, as "Commission ", FBT Bancorp, Inc., an Indiana corporation, as "Lessee ",
and First Bank and Trust Company of South Bend, South Bend, Indiana, as "Trustee ",
;pertaining to certain facilities, the terms of which Lease and Trust Indenture
provide for the issuance of this Bond in accordance with procedures established by
Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as
such may amended from time to time, including but not limited to IC 18- 6- -4.5 -2
s'' g 5 -28 (hereinafter rem rred to as "Act"), and are incorporated
�rou h IC 1 -6 -4. �e ,! „
�nrein by reference. This Bond is issued pursuant to such Lease and Trust
indenture, subject to all of the terms therein set forth, together with the
provisions of the Act, the execution of which Bond has been authorized pursuant
to ordinance of the Common Council of South Bend, Indiana, as provided in the Act.
The Trustee is authorized to make payment to the person or
persons sho-mn to be the holder of this bond on its records. No transfer of this
,ond shall be effective until a new bond has been issued by the City of South
T�end and the Trustee has been advised by it in writing as to the date of such
-?ssuance and the name and address of the person or entity to whom this bond is
ra ?1Sfct'i °d. This bond shall not COY1Svitu'v8 a2'P_erGl obliga-;,ior, bond of the
;ity of South Bend, and all obligations or payr,.let is required hereby are limited
solely to the amounts received by the Trustee from the rental revenue and receipts
Jeraved from the lease, sale or disposition of the prerrlises referred to in such
(ease and Trust Indenture. No Member, Director, or Officer, as such, past,
present or future, of the City and /or the Commission will be personally liable
for any act or omission related to the issuance of this Bond or under any pro-
vision of this Bond or the Indenture or any supplemental instrument thereto.
Any and all such personal liability of every nature, whether in common law or in
equity, or by statute or by constitution, or otherwise, of any such Member,
Director or Officer, as such, to respond by reason of any act or omission on his
par's, or otherwise, for the payment for or to the Commission or any receiver
thereof, or for or to the holder of any Bond issued thereunder or otherwise, or
to the Trustee, of any sum that may remain due and unpaid upon any Bond thereby
secured is hereby expressly waived and released as a condition of and in consider-
ation for the execution of this Bond and the Indenture. Privilege is reserved
to redeem this Bond at any time after October 1, 1980, without notice at the
option of the issuer upon payment of the unpaid principal, together with interest,
to the date of such redemption.
Attest:
Irene K. Gammon
Its City Clerk
Executed at South Bend, Indiana, this day of
1977.
CITY OF SOUTH BEND, INDIANA
Peter J. Nemeth
Its Mayor