HomeMy WebLinkAboutRevenue Bonds Pertaining to General Recycling CorpORDINANCE No. 5938 -75
Passed by the Common Council of the City of South Bend,
December 15 ,, 75
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
December 16 — 75
/T
Clerk
of Common Council
IRENE K. GAMMON
Clerk
ORDINANCE NO.
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE
AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTIANING TO
GENERAL RECYCLING CORPORATION.
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 18- 6- 4.5 -28,
hereinafter referred to as the "Act "; and
WHEREAS, GENERAL RECYCLING CORPORATION has filed an
application with the Commission to finance the construction of a
new building and for the purchasing of equipment and machinery 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
proposed financing of such facilities on December 5, 1975, after the
required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5;
amd
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
GENERAL RECYCLING CORPORATION 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 ashll 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 GENERAL
RECYCLING CORPORATION facilities, may be issued in amounts not to
exceed $400,000.00 for a period of twenty (20) years form
1975, in accordance with the terms of said Lease and Trust Indenture
and that such Bonds shall be executed (n behalf of the City of South
Bend, Indiana, by the Mayor and City Clerk of South Bend, Indiana and
shall be seald 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:
Council an
-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 %L day of 1975, at the hour of
,=;P:6-d ,P.M.
City Clerk
This Ordinance approved and signed by me on the % 117tA- day of
ATTEST:
City Clerk
1975, at the hour of , P.M.
-3-
1sf READINd � '% -3. -
PUBLIC HEARING /,:)
2nd READING ) - 1 S -17 S
NOT APPROVED
REFERRED
PASSED I- / 67 - '1 5
FILER III CLERX'S CHICE
DEC, 1 C 1975
Irene Gammon
CITY CLERK,, SOUTH BEND, IND.