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HomeMy WebLinkAboutApproving Revenue Bonds Delta Star Electric IncINANCE N ®.6134 -77 Passed by the Common Council of the City of South Bend, Indiana it 13 _,. 77 IRENE K. GAMMON 6/,/- Presented by me to the Mayor of the City of South Bend, Indiana —_ April 14 19_17 4, Approved and signed by me (42 4 :1 . /it Clerk of Common Council IRENE K. GAMMON 1977 Clerk ORDINANCE NO. r,p t &--'%`'% AN ORDINANCE APPROVING THE 'FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO DELTA STAR ELECTRIC, INC. WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the Commission, hereinafter referred to to the provisions of the Public Law the General Assembly of Indiana for from time to time, including but no through IC 18- 6- 4.5 -28, hereinafter South Bend Development as "Commission ", pursuant No, 182 of the Acts of 1573, as such may be amended t limited to IC 18- 6- 4.5 -2, referred to as the "Act "; and WHEREAS, Delta Star Electric, Inc. has filed an application with the Commission to finance the acquisition of real estate and the construction thereof of an industrial and coyi- nercial building (facilities) which will constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, 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 WHEREAS, the Commission held a public hearing on the proposed financing of such facilities on March 11, 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 did find 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 Delta Star Electric, 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 the Commission are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Cpmmon 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 i 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 Delta Star Electric, Inc. facilities, may be issued in amounts not to exceed Seven Hundred Thousand Dollars ($700,000.00) for a period not exceeding twenty -five (25) 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. Presented By: N0T APPiZOVE® REFS!.' Eta PASSED -2- [q, Its CLER K'S CIFICE Irene Gammon CITY CLERK, SOUTH BEND. IND.