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HomeMy WebLinkAboutApproving Lease Agreement Revenue Bonds ERGO Instruments IncORDINANCE No. 5886 -75 Passed by the Common Council of the City of South Bend, SEPTEMBER 22, rq 75 ff IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, SEPTEMBER 23, io 75 Clerk of Common Council IRENE K. GAMMON Clerk ORDINANCE NO. Sgg�_7S 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 ERGO INSTRUMENTS, 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, 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, ERGO INSTRUMENTS, 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 County Council on July 8, 1975, adopted a Resolution approving the financing of certain Economic Development Facilities by the City of South Bend, Indiana, which will be located in the County. WHEREAS, the Commission held a public hearing on the proposed financing of such facilities on July 11, 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 Ergo Instruments, 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 Ergo Instruments, Inc. facilities, may be issued in an amount not to exceed $250,000.00 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: Councilman Peter J. Nemeth. -2- Passed and adopted by the Common Council of the City of South Bend, Indiana on the 1a --L day of o _ /,_, >, 1975. ATTEST: Presented by me to the Mayor the City of South Bend, Indiana, on the a 3 day of 1975, at the hour of �2;6 O P.M. City Clerk This Ordinance approved and signed by me on the day of,U� , 1975, at the hour of 0.-4V - M. ATTEST: 4-a � t -g1 . / City Clerk 1st READING 9 - V-7 7 5- PUIILIC HEARING 9 -a a - -7 S" 2nd READING 9- oZ R - 9 S NOT APPROVED REFERRED PASSED / ;v 9 - - 1 S -3- FILED IN CLERK'S OFFICE AUG 2 6 1975 Irene Gammon CITY CLERK, . SOUTH BEND, IND. Tommtttrr Irport iio the (Qomum Tounril of the tditg of #outh Nrnb: 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 ERGO INSTRUMENTS, 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 rhea •a aaa •oau ae�rva co.