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HomeMy WebLinkAboutApproving Agreement City of South Bend Economic Development AdministrationORDINANCE No. 5844 -75 Passed by the Common Council of the City of South Bend, Indiana JUNE 9 e. Presented by me to the Mayor of the City of South Bend, JUNE 10 Approved and signed by IRENE K. GAMMON Clerk Of Common Council 75 IRENE K. GAMMON Clerk Ordinance No. 5844 -75 AN ORDINANCE APPROVING AN AGREEMENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND THE ECONOMIC DEVELOPMENT ADMINISTRATION WHEREAS as a condition of a grant from the Economic Development Administration pursuant to Title IX of the Public Works and Economic Development Act of 1965, as amended, the Economic Development Administration has required an agreement on the part of the City of South Bend, Indiana, embracing the terms and conditions as that agreement entitled "The Industrial Revolving Fund of South Bend, Indiana Trust Agreement" marked Exhibit "A" and attached hereto and made a part hereof; and WHEREAS the Council has reviewed said Trust Agreement which creates a trust providing for the management of all funds granted by the Economic Development Administration for uses consistent with such Title IX and as more particularly set forth in said Trust Agreement; and WHEREAS said Trust Agreement is now submitted to the Common Council of the City of South Bend, Indiana, for due approval by ordinance; Section 1. BE IT NOW, THEREFORE, AND IT IS HEREBY ORDAINED by the Common Council of the City of South Bend, Indiana, that: (a) The form and substance of the foregoing Trust Agreement marked Exhibit "A" be and the same is in all things approved and confirmed, and the execution of the original of such Trust Agreement by the Mayor and the City Clerk is hereby authorized, approved and confirmed. (b) Promptly upon receipt by the City of South Bend, Indiana of the $5,000,000 grant made pursuant to the Grant Agreement, copy of which is attached and marked Exhibit "B ", between the City of South Bend, Indiana and the U.S. Department of Commerce, Economic Development Administration, relating to EDA Project No. 06 -19- 01251, and in any event not later than June 12, 1975, the City of South Bend, Indiana shall establish and implement said The Industrial Revolving Fund of South Bend, Indiana and deposit said grant moneys in said fund with a cor- porate Trustee with principal office in South Bend, Indiana (the Trustee) for disposition and administration in accordance with said Trust Agreement (Exhibit "A ") and said Grant Agreement (Exhibit "B "). The Trustee as soon as possible thereafter shall invest said grant moneys until all of the conditions of said Grant Agreement are satisfied relating to the initial loan to the Employee Stock Ownership Trust for the acquisition of certain assets of the South Bend Lathe Co. Division of Amsted Industries, Inc. Upon receipt of the approval of the Economic Development Administration, the Trustee shall forthwith loan the proceeds of the grant to said Employee Stock Ownership Trust for such purpose. (c) The City of South Bend, Indiana shall cause to be filed an annual report with the Regional Director of the Economic Development Administration or his delegate, the first such report being due on or before the 15th day of August, 1976 (or such other date as shall be approved in writing by the -2- Regional Director of the Economic Development Administration) and no later than each successive anniversary thereafter, showing compliance with the conditions of the Grant Agreement (Exhibit "B ") . Section 2. This ordinance shall be in full force and effect from and after its passage. Passed by the Common Council of the City of South Bend, Indiana, this - day of 1975• Approved this yp day of Attest: City Clerk 9si READING - 9. 7 S PUBLIC HEARING - 4 - '? S 2nd READING 6 - 9- 'J 5- NOT APPROVED REFERRED PASSED 6- 9- /75, 1� w °- of the City Council City of South Bend, FILED IN CLERK'S OFFICE i UN 410-75 Irene Gammon CITY CLERK, SOUTH BEND, IND.