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HomeMy WebLinkAboutApproving Revenue Bonds Cole Associates IncORDINANCE No. 6106 -77 Passed by the Common Council of the City of South Bend, Jana ry 24 iq 77 Clerk IRENE K. GAMMON Attest: President of Common Council Presented by me to the Mayor of the City of South Bend, Approved and signed by January 25 IRENE K. GAMMON Clerk ORDINANCE NO. 06- 77 AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS 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 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 -28, hereinafter referred to as the "Act "; and WHEREAS, COLE ASSOCIATES, INC. has filed an application with the Commission to finance the acquisition of land and to erect improvements thereon 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 -1973, 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission in the area of which the facilities will be located, and has timely received a favorable report from the Area Plan Commission; and WHEREAS, the Commission held a public hearing on the proposed financing of such facilities on after giving the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5; and NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: 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 and Industrial Development Revenue Bonds 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 COLE ASSOCIATES, INC., facilities may be issued in amount not to exceed $995,000.00 for a period of twenty (20) years, 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 MAN WILLIAM E. VOOR WILLIAM O. JACKSON GUY H. Mc MICHAEL LLOYD M.ALLEN WILLIAM E. VOOR, JR. KENNETH P. FEDDER GEORGE E.HERENDEEN MICHAEL P. BARNES JOHN B. RAMMING ANTHONY D. KOWALS VOOR, JACKSON, McMICHAEL 8 ALLEN ATTORNEYS& COUNSELORS AT LAW 300 FIRST BANK BUILDING SOUTH BEND, INDIANA 46601 December 28, 1976 Members of the South Bend Common Council County -City Building South Bend, Indiana 46601 RE: Revenue Bond Application Dear Gentlemen: AREA CODE 210 234 -6061 Application of a Revenue Bond Issue for Nine Hundred Ninety -five Thousand ($995,000.00) Dollars, for and on behalf of COLE ASSOCIATES, INC., has been made for the construction and equipping of a facility on the property located at 2211 Jefferson Boulevard, South Bend, Indiana. 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. Very truly yours, Kenneth P: Fedder Attorneylfor the Economic Development � Commission KPF /gao i Tani uttma1?p"I 130 tot Tommu (9sum -d of tip Tay of #Md# wend: Your Committee Of the Whole to whom was referred AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO COLE ASSOCIATES, INC. Respectfully report that they have examined the matter and that in their opinion This ordinance should be recommended to the Council favorable. Frank Horvath Chairman !B [8 Pfl EBe PYBLI8NIN6 CO.