HomeMy WebLinkAboutRevenue Bonds Cressy & Everett IncORDINANCE NO. 5935 -75
Passed by the Common Council of the City of South Bend,
ig 75
Clerk
IRENE K. GAMMON
of Common Council
<_1
Presented by me to the Mayor of the City of South Bend,
December 16 __ 75
Clerk
IRENE K. GAMMON
ORDINANCE NO. Sy3S- JS
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
CRESSY AND EVERETT, 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 ", oursuant 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 18- 6- 4.5 -28,
hereinafter referred to as the "Act" and
WHEREAS, CRESSY AND EVERETT, INC. has filed an application
with the Commission to finance the expansion of their present offices
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 Chariman of the Area Plan Commission in the area of which the
faiclities 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 December 5, 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
CRESSY AND EVERETT, 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 fn 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 CRESSY AND
EVERETT, INC. facilities, may be issued in amounts not to exceed $125,000.00
for a period of fifteen (15) years from '101'-x- X31, 1975, 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:
Councilma-
-2-
Passed and adopted by the Common Council of the City of
South Bend, Indiana, on the 15th day of December, 1975.
ATTEST:
City Clerk
Presented by me to the Mayor of the City of South Bend,
Indiana, on the -1&-LA- day of ka � -,_-L-j , 197 , at the hour of
A.'60 , P.M.
City Clerk
This Ordinance approved and signed by me on the /EJt
day of &.e.-c" , 1975`, at the hour of :?.'o0 P.M.
ATTEST:
City Clerk
-3-
Isf READING /.2 —; S-
PUBLIC HEARING i ,2- 15 S
2nd READING + _. / S-
NOT APPROVED �� .�..�....t..�..,,�
REFERRED
?ASSED
a rk A i-11a
G'�u 1 1975
Irene Gammon
CITY CLERK, SDuTH BEND,. IND.