HomeMy WebLinkAboutApproving Revenue Bonds Pertaining to Adapto IncORDINANCE No. 6067 -76
Passed by the Common Council of the City of South Bend, Indiana
November 8 xg76
Presented by me to the Mayor of the City of South Bend,
Approved and signed by
. -11.-
IRENE K. GAMMON
Clerk
Of Common Council
IRENE K. GAMMON
Clerk
ORDINANCE NO. 1-j&
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
ADAPTO, INC.
WHEREAS, the Common Council of the City of South Bend,
Indiana, heretofore has created the South Bend Economic Development
Commission, hereinafter referred to as "Commission ", pursuant to the
provisions of the Public Late 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-
4.5-29, hereinafter referred to as the "Act "; and
WHEREAS, Adapto, Inc. has filed an application
with the Commission to finance the acquisition of real estate and the
construction thereon 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
WHEREAS, in connection therewith the Commission has
prepared and placed on .file a report containing the subject matter
as specified in I.C. 1971, 18- 6- 4.5 -16 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 pro-
posed financing of such facilities on September 211, 1976, after
giving the required notice as provided for in Section 17 of IC -1973,
18- 6 -4.5.
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 Economic Development Revenue Bonds pertaining to
Adapto, Inc. facilities and the issuance of the Economic
Development Bonds pursuant thereto are hereby approved and adopted.
THORNBURG. MCGILL
DEAHL HARMAN.
CARF:Y & MIIRRAY
HORNEURG, McGill.
OEAHL. HARMAN.
CAREY &MURRAY
Section 2. Said forms of Lease and Trust Indenture
together with Economic 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 and Economic
Development Revenue Bonds shall be executed on behalf of the City of
Indiana by the Mayor and City Clerk and sealed with the
corporate seal of such City.
Section 4. Said Economic Development Revenue Bonds,
payable solely and only from the revenue derived from such
Adapto, Inc. facilities, may be issued in amounts not to exceed
Two Hundred Thousand and 00 /100 Dollars ($200,000.00) for a
period of fifteen (15) years duration from the date of the
issuance of such bonds 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
Counci
Passed and adopted by the Common Council of the City of
South Bend, Indiana, on the -Z day of `L��.E w� e. , 1976.
FILED IN CLERK'S OFFICE
OCT 2 0 1976
Irene Gammon
CO MR& §QM ] E% MD,
ATTEST:
y�
Irene K. Gammon, City Clerk
Presented to me and approved by me this 1015'L day of
ld RMn°s - 4 0 -�— , 1976.
PUBLIC HEARING $J_7�6
2nd READING
NOT APPROVED
REFERRED Peter J. Neme , I +Iayor
PASSED
WILLIAM E. VOOR
WILLIAM O. JACKSON
GUY H. McMICHAEL
LLOYD M.ALLEN
WILLIAM E. VOOR, JR.
KENNETH R FEDDER
GEORGE E.HERENDEEN
MICHAEL P. BARNES
JOHN B. RAMMING
ANTHONY D. KOWALS
VOOR, JACKSON, McMICHAEL & ALLEN
ATTORNEYS 8 COUNSELORS AT LAW AREA CODE 219
300 FIRST BANK BUILDING 294 -6061
50UTH BEND, INDIANA 46601
October 20,1976
Members of 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
ADAPTO, INC., has been made to finance a proposed expansion
of their manufacturing plant located at 23246 Keller Road,
South Bend, Indiana.
We have submitted to the St. Joseph County Council
the initial application, since the project is in the
County, and we have obtained 'their consent.
This expansion will mean an increase in employment.
It is properly zoned and it will be a further expansion
of business here in our South Bend area.
�y tru�ly yours,
r
A1114 Ker,net�p. �e�dde�r
KPF /gaw
FILED IN CLERK'S OFFICE
OPT 2 0 1976
Irene Gammon
CM "OK. $OUM DEND, INI),