HomeMy WebLinkAboutApproving Revenue Bonds Griffin's Outboard Marine IncORDINANCE No. 6172 -77
Passed by the Common Council of the City of South Bend, Indiana.
JULY 11 19 77
IZ'� ENE K. GAMMON
- G/ A
Presented by me to the Ma2(or of the City of South Bend,
Clerk
of Common Council
77
Clerk
IRENE K. GAMMON
Approved and signed by me 9 --2-� /a . Iqjj--
ORDINANCE NO. gg/' 2-22
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST
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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
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
GRIFFIN'S OUTBOARD MARINE, 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 develop-
ment 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 May 13, 1977, after giving
the required notice as provided for in Section 17 of
IC 18 -6 -4.5 and dial 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 r:^oposed 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 GRIFFIN'S OUTBOARD MARINE, 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 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
GRIFFIN'S OUTBOARD MARINE, INC., facilities, may be issued
in amounts not to exceed Five Hundred Thousand ($500;000.00)
Dollars for a period not exceeding ten (10) 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.
Member of the Common Council
Passed, as amended, July 11, 1977