HomeMy WebLinkAboutRevenue Bonds Pertaining to Michiana Wholesale IncORDINANCE No. 6004 -76
Passed by the Common Council of the City of South Bend,
August 9 19 76
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
August 10 1976
Approved and signed by me (t1— -A A — /' 16 ,
Clerk
Of Common Council
IRENE K. GAMMON
Clerk
ORDINANCE NO. b p p q --7 6
ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
ST INDENTURE AND INDUSTRTAT, n RN7R.T.nT)MFMT RFIMMTTV 4n\7
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 -2 through IC 18- 6- 4.5 -28, hereinafter referred
to as the "Act "; and
WHEREAS, MICHIANA WHOLESALE, 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 July 9, 1976, 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
MICHIANA WHOLESALE, INC. facilities, may be issued in amounts
not to exceed $350,000.00 for a period of fifteen (15) 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
Tommiffrr Ir#rorf
Rio t e Caummn (90mcu of the (nn of #Md4 Vend.
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 MICHIANA
WHOLESALE, INC.
Respectfully report that they have examined the matter and that in their opinion
This ORDINANCE be recommended to the Council favorably.
Frank Horvath
Chairman