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HomeMy WebLinkAboutApproving the Revenue Bonds IBS Investments IncORDINANCE No. 5828 -75 Passed by the Common Council of the City of South Bend, APRIL 21 /'V-� IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, APRIL 22, �n 75 UT= �''�MVMRWNWFJI Clerk Of Common Council IRENE K. GAMMON Clerk ORDINANCE NO. 5-1V199-95, AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LEASE AGREEMENT AND INDENTURE OF TRUST AND INDUSTRIAL DEVELOPMENT REVENUE BONDS AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO IBS INVESTMENTS, 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, incuding 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, IBS Investments, Inc. has filed with the Commission, an application 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 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 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 proposed financing of such facilities on February 21, 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 Agreement and Indenture of Trust and Industrial Development Revenue Bonds pertaining to IBS Investments, Inc. facilities and the issuance of the Industrial Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of the Lease Agreement and Indenture of Trust 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 Agreement and Indenture of Trust 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 IBS Investments, Inc. facilities, may be issued in amounts not to exceed $180,000 over a period of fifteen (15) years in accordance . with the terms of said Lease Agreement and Indenture of Trust and that such Bonds shall be executed on behalf of the City 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: Coui cilmall PASSED and adopted by the Common Council of the City of South Bend, Indianan on the /-o-k day of 1975. Attest: City Clerk Presented by me to the Mayor of the City of South Bend, Indiana, on the,,; day of , 1975, at the hour of 0-6 P.M. /< a_v City Clerk This Ordinance approved and signed by me on the day of , 1975, at the hour of /o:ao A.M. Attest: City Clerk 1st READING PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PASSED y - ") - '7 r 4 -m2 / - -7 5" -3- FILED IN CLERK'S OFFICE APR 2 1975 Irene Gammon CITY CLERK, SOUTH BEND, IND, tQoamtittre 1rport &o tkt Tom= Tounrit of tkt (8t4g of #oid4 Etnd: Your Committee of the Whole to whom was referred AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LEASE AGREEMENT AND INDENTURE OF TRUST AND INDUSTRIAL DEVELOPMENT REVENUE BONDS AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO IBS INVESTMENTS, 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 PR 6E 1R E05 4 .......... CO.