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HomeMy WebLinkAboutApproving Revenue Bonds Leyba, Sulentic and BevisORDINANCE No. 6033 -76 Passed by the Common Council of the City of South Bend, Indiana September 27 19 76 A Presented by me to the Mayor of the City of South Bend, Approved and signed by me IRENE K. GAMMON September 28 t9 76 Clerk of Common Council IRENE K. GAMMON Clerk ORDINANCE NO. (n0 � 3 -7 AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO BENEDICT R. LEYBA and ELSIE M. LEYBA, husband and wife; STEVEN M. SULENTIC and DONNARAE M. SULENTIC, husband and wife; and DUANE D. BEVIS 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, Benedict R. Leyba and Elsie M. Leyba, husband and wife; Steven M. Sulentic and Donnarae M. Sulentic, husband and wife; and Duane D. Bevis have 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 con- stitute economic development facilities resulting in a substantial number of new jobs.as well as other benefits and WHEREAS, in connection therewith the Commission has pre- Jared and placed on file a report containing the subject matter as 3peci£ied in Section 16 of IC -1973, 18 -6 -4.5 and has forwarded copies !hereof to the Chairman of the Area Plan Commission and to the Super- intendent of the School Corporation in the area of which the facilities aill be located, and has timely received favorable reports from each )f them; and WHEREAS, the Commission held a public hearing on the pro - osed financing of such facilities on August 20, 1976, after giving enedict R. Leyba and Elsie M. Leyba, husband and wife; Steven M. ulentic and Donnarae M. Sulentic, husband and wife; and Duane D. Bevis acilities and the issuance of the Economic Development Bonds pursuant hereto are hereby approved and adopted. Section 2. Said forms of Lease and Trust Indenture to- ether with Economic Development Revenue Bonds which are on file Nith the Commission are hereby incorporated by reference into this ) rdinance, and said forms shall be inserted into the minutes of the ,ommon Council of the City of South Bend, Indiana, and shall be kept cn 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 South Bend, Indiana by the Mayor and City Clerk and sealed with the corporate seal of such City. Section 4. Said Economic Development Revenue Bonds, pay - ble solely and only from the revenue derived from such Benedict R. eyba and Elsie M. Leyba, husband and wife; Steven M. Sulentic and onnarae M. Sulentic, husband and wife; and Duane D. Bevis facilities, may be issued in amounts not to exceed Three Hundred Thousand ($300, 000.00) Dollars 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 WILLIAM E. VOOR WILLIAM O. JACKSON GUY H. McMICHAEL 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 8 COUNSELORS AT LAW 300 FIRST BANK BUILDING SOUTH BEND, INDIANA 46601 August 26, 1976 Members of South Bend Common Council County -City Building South Bend, Indiana 46601 IN RE: Revenue Bond Application Dear Gentlemen: AREA CODE 219 234 -8061 Application for a Revenue Bond Issue has been made by, Benedict R. Leyba and Elsie M. Leyba, Steven M. Sulentic, Donnarae M. Sulentic and Duane D. Bevis, who are presently doing business as Acra Tire, Inc., at 1720 Werwinski in South Bend. The applicants are purchasing a site from the Industrial Foundation, Inc., of South Bend, known as Lot 1 of Block 6 of the Airport Industrial Park. It is their intent to construct on this Lot a 20,000 square foot building to expand their business of wholesaling tires. All are residents of South Bend and this expansion will mean an increase in employment and tax revenue to the City of South Bend. Very truly yours, KENNETH P. FEDDER KPF /gaw Tent atec deport can tkt Tomman (IIoundt of top Tug of f uth lend: Your Committee OF THE WHOLE to whom was referred AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO BENEDICT R. LEYBA AND ELSIE M. LEYBA, HUSBAND AND WIFE: STEVEN M. SULENTIC AND DONNARAE M. SULENTIC, HUSBAND AND WIFE: AND DUANE D. BEVIS. Respectfully report that they have examined the matter and that in their opinion This ORDINANCE be recommended favorably to the Council. Frank Horvath Chairman '... ..... a 'V.0 ..... ...