HomeMy WebLinkAboutRevenue Bonds Radio Distributing Co IncORDINANCE No. 5927 -75
Passed by the Common Council of the City of South Bend,
December 15 19 75
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
December 16 19_15_
Clerk
of Common Council
IRENE K. GAMMON
Clerk
ORDINANCE NO. S`A %- 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
RADIO DISTRIBUTING COMPANY, 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 form time to time,
including but not limited to IC 18- 6 -4.5 -2 through IC 18- 6- .45 -28,
hereinafter referred to as the "Act "; and
WHEREAS,::Radio Distributing Company, Inc. has filed an
application with the Commission to finance the acquisition of an
existing facility and the purchase of equipment which will constitute
economic development facilities resulting in a substantial number
of new jobs as well as other benefits; and
WHEREAS, in connection wherewith 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 proposes
financing of such facilities on October 31, 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
Radio Distributing Company, Inc. facilities and the issuance of
the Industrial development Revenue Bonds pursuant thereto are
hereby approved and adopted.
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 Radio
Distributing Company, Inc., facilities, may be issued in amounts
not to exceed $750,000.00 for a period of fifteen (15) years from
, 1975, in accordnace 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 cororate
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:
Councilm
-2-
Passed and adopted by the Common Council of the City of
South Bend, Indiana, on the /5 64 day of & ct , 1975,
ATTEST:
City Clerk
Presented by me to the Mayor of the City of South Bend,
Indiana, on the /(,-tA- day of 1975, at the hour of
of :" , P.M.
City Clerk
This Ordinance approved and signed by me on the /'7 `k
day of_��, �_, ) , 1975, at the hour of P.M.
ATTEST:
City Clerk
FILED IN CLERK'S RFFICF
1st READING
// —,3, y - ')S
:)%1 1 �? 1975
PUBLIC HEARING
/ 2 _ / S - S
2nd READING
Irene Gammon
NOT APPROVED
REFERRED
offt CLERK. SOUTH BEND, [NO,
PASSED
Tontntturr Itpurt
go tot Tommon Toundt of tilt (My of Oor# Vrnd:
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 Radio Distribution Company, Inc.
Respectfully report that they have examined the matter and that in their opinion
The ORDINANCE should be recommended favorably to the
Common Council.
Odell Newburn
Chairman
FR E[ PpE[8 PV[L19XING CO.