HomeMy WebLinkAboutApproving Revenue Bonds Pertaining to Frank E Suverkrup Building in the South Bend Industrial ParkORDINANCE No. 6-171 -77
Passed by the Common Council of the City of South Bend, Indiana
JULY 11 77
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
City Clerk
of Common Council
JULY 12 77
J
IRENE K. GAMMON
Approved and signed by me
Clerk
ORDINANCE NO. L f ;1/) >7
AN ORDINANCE APPROVING.THE FORM AND THE TERMS OF THE LEASE,
MORTGAGE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE
BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
FRANK E. SUVERKRUP BUILDING IN THE SOUTH BEND INDUSTRIAL PARK.
STATEMENT OF PURPOSE AND 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 pro-
visions of 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
FRANK E. SUVERKRUP 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 in the City of South Bend, Indiana, in the Industrial
Park thereof; 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 April 14, 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 the terms of the Lease, Mortgage
and Trust Indenture and Industrial Development Revenue Bonds per-
taining to FRANK E. SUVERKRUP facilities, to be located on Lot 3 -6,
Airport Industrial Park -Phase III, in the City of South Bend,
Indiana, and the issuance of the Industrial Development Revenue
Bond pursuant thereto are hereby approved and adopted.
Section 2. Said forms of the Lease, Mortgage and Trust
Indenture, together with the 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, Mortgage 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 FRANK E.
SUVERKRUP facilities, may be issued in amounts not to exceed Three
Hundred Forty -Five Thousand Dollars ($345,000.00) for a period not
exceeding fifteen (15) years after the first monthly installment
due thereon, in accordance with the terms of the said Lease, Mort-
gage and Trust Indenture, and that such Bonds 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.
Section
effect from and
by the Mayor.
5. This Ordinance shall be in full force and
after its passage by the Common Council and approved
Passed and adopted by
South Bend, Indiana, on the
Attest:
�
City Clerk President of the Council
Presented by me to the Mayor of the City of South Bend,
Indiana, on the /,,;I- day of 1977, at the hour of
.9:3c) P.M.
City Clerk
This Ordinance approved and signed by me on the
day of 1977, at the our of P.M.
Mayor
Attest:
City Clerk
FILED IN CLERK'S OFFICE
tst READING — �I. /
OUBLIC HEARING 7—//-77
nd READING . Irene Gammon
OT APPROVED CITY CLERK, SOUTH BEND, IND.
'- -ERRED I n
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