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HomeMy WebLinkAboutRevenue Bonds Pertaining to Gates Realty IncORDINANCE No. 5937 -75 Passed by the Common Council of the City of South Bend, Indiana. /V� December 15 iq 75 Presented by me to the Mayor of the City of South Bend, Clerk IRENE K. GAMMON December 16 of Common Council z9_15 IRENE K. GAMM City Clerk ON THORNBURG. M<GILL. DEAHL.HARMAN, CAREY& MURRAY ORDINANCE NO. 5 991 -7.S AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO GATES REALTY, INCORPORATED WHEREAS, the Common Council of the City of South Bend, , heretofore has created the South Bend Economic Development ion, hereinafter referred to as 'Commission ", pursuant to the of the Public Law No. 182 of the Acts of the General sembly of Indiana for 1973, as such may be amended from time to ime, including but not limited to IC 18- 6 -4.5 -2 through IC 18 -6- .5 -28, hereinafter referred to as the "Act "; and WHEREAS, Gates Realty, Incorporated has 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 constitute economic development facilities resulting in a substantial number of new jobs as well as other benefit: 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 and to the Superintendent of the School Corporation in the area of which the facilities will be located, and has timely received favorable reports from each of them; and WHEREAS, the Commission held a public hearing on the pro- posed 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 WHEREAS, on the 18th day of October, 1974, the Common Council of the City of South Bend, Indiana enacted Ordinance No. 5748 -74 authorizing the issuance of South Bend Economic Development Revenue Bond's in connection with a previous application filed by Gates Realty, Incorporated which said Bonds have not and will not be issued by the City. t; THORNBURG. MCGILL. OEAHL. HARMAN. CAREVa MURRAY 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 Economic Development Revenue Bonds pertaining to (Gates Realty, Incorporated facilities and the issuance of the Economic Development Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Lease and Trust Indenture together with Economic 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 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. The Ordinance No. 5748 -74 previously enacted by this Council is hereby vacated and shall be of no force and effect. Section 5. Said Economic Development Revenue Bonds, payable solely and only from the revenue derived from such Gates Realty, Incorporated facilities, may be issued in amounts not to exceed Two Hundred Thousand ($200,000.00) Dollars for a period of twenty (20) 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 6. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approved by the Mayor. Presented byc''L� -2 Councilman Passed and adopted by the Common Council of the City of th Bend, Indiana, on the /S day of U, -Q '/ ) , 1975. st : < ty Clerk of the Council Presented by me to the Mayor of the City of South Bend, on the Llday of ((� Wig` J , 1975, at the hour of d--e-) 'P.M. Irene K. Gammon City Clerk This Ordinance approved and signed by me on the / TU of kLc p--. 4-- -) , 1975, at the hour of ttest : ene K. Gammon ty Clerk THORN ©URC. MCGILL, Isl READING � 1 '- ia' 1 DEA "`. RARMAN. PUBLIC HEARING. CARE:Y &MURRAY 2nd READING /A -/5-?S- NOT APPROYE0 REFERRED PASSED ! - / S- 7 S M. FILED IN CLERIC'S OFFICE CEC 1 1 1975 Irene Gammon CITY. CLERK, SDUTH DEND� IND.