HomeMy WebLinkAboutRevenue Bonds Pertaining to Capitol Tooling IncORDINANCE No. 5905 -75
passed by the Common Council of the City of South Bend,
OCTOBER 20
a
presented by me to the Mayor of the City of South Bend,
75
City Clerk
IRENE K. GAMMON
�President of Common Council
OCTOBER 21, zg 75
Approved and signed by
Clerk
IRENE K. GAMMON
ORDINANCE NO. 590 S- 25
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
CAPITOL TOOLING, INC.
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, Capitol Tooling, Inc. has filed an application with
the Commission to finance the acquisition of financing of certain
machinery and equipment 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 pro -
posed financing of such facilities on September 9, 1975, 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 1. The form and terms of the Lease and Trust
Indenture and Industrial Development Revenue Bonds pertaining to
Capitol Tooling, Inc. facilities and the issuance of the Industrial
Development Revenue Bonds pursuant thereto are hereby approved and
adopted.
THORNBURG, A1CGILL.
DEAHL. HARMAN.
CAREY &MVRRAY
i
Section 2. Said forms of Lease and Trust Indenture
�ogether with Industrial Development Revenue Bonds which are on file
the Commission are hereby incorporated by reference into this
, and said forms shall be.inserted into the minutes of the
Council of the City of South Bend, Indiana, and shall be kept
file by the City Clerk of South Bend, Indiana.
Section 3. The Lease and Trust Indenture and Industrial
lopment Revenue Bonds shall be executed on behalf of the City of
h Bend, Indiana by the Mayor and City Clerk and sealed with the
orporate seal of such City.
Section 4. Said Industrial Development Revenue Bonds,
le solely and only from the revenue derived from such Capitol
ling, Inc. facilities, may be issued in amounts not to exceed
750,000.00 for a period of fifteen (15) years from January ,;� ,
976, in accordance with the terms of said Lease and Trust Indenture
that such Bonds shall be executed on behalf of the City of South
, Indiana, by the Mayor and City Clerk of South Bend Indiana, and
be sealed with the corporate seal of said City.
Section 5. This Ordinance shall be in full force and
t from and after its passage by the Common Council and approved
Py the Mayor.
I
Presented by
Councilman
I�
TKORNRURG. w1CGII .
5 &AHL HARMAN,
CA REY &MURRgV
-2
THORN-BURG. MCGILL.
DEAHL. HARMAN,
CAREY &MURRAY
Passed and adopted by the Common Council of the City of
th Bend, Indiana, on the a° day of October, 1975•
Ittest:
ty Clerk
Presented by me to the Mayor of the City of South Bend,
iana, on the a/--,/-day of October, 1975, at the hour of a,,66
.M.
City Clerk
This Ordinance approved and signed by me on the as —2day
>f October, 1975, at the hour of A't� -� 'F"04 l M.
test:
A�" %�
;ity Clerk
FILED IN CLERK'S OFFICE
1<t READING 10-g6-')5 n,,,— v 5975
PUBLIC HEARING /6 -a6 - '7 S
2nd READING 16 -,2 6 - 7 5- We u
NOT APPROVED Irene Gammon
REFERRED CITY CLERK, SOUTH BEND, IND.
PASSED 16 - a 6 -'7 S
me