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HomeMy WebLinkAboutApproving Revenue Bonds Sibley Machine & Foundry CorpORDINANCE No. 5887 -75 Passed by the Common Council of the City of South Bend, SEPTEMBER 22, �g 75 IRENE K. GAMMON 1 Presented by me to the Mayor of the City of South Bend, SEPTEMBER 23, 19_15 Approved and signed by Clerk of Common Council IRENE K. GAMMON Clerk THORNBURG. MCGI__. Y EAHL. HARMAN. GAREY & MURRAY ORDINANCE NO. 5-,? $ -?- -7 5- AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO SIBLEY MACHINE & FOUNDRY 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 IC 18- 6- 4.5 -28, hereinafter referred to as the "Act "; and WHEREAS, Sibley Machine & Foundry Corporation 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 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 public hearing on the pro- posed financing of such facilities on 1975, after giving the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5; ist READING 4 g PUBLIC HEARING q a- o 2nd READING NOT APPROVED REFERRED PASSED 9 -aa -mss FILED IN CLERK'S OFFICE SPP 31975 Irene Gammon CITY CLERK, SOUTH BEND, IND. 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 Sibley Machine & Foundry 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 shall 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 Sibley Machine & Foundry Corporation facilities, may be issued in amounts not to exceed $1,000,000.00 over a period of twenty (20) years from August 1, 1976 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 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 1 P-e7 Councilman i -2- Passed and adopted by the Common Council of the City of South Bend, Indiana, on the a,;x�Xday of AI-,_ 4,j 1975. (Attest: �— City Clerk Presi en of the Council Presented by me to the Mayor of the City of South Bend, Indiana, on the,-2-td day of y�, _ _ D, . , , 1975, at the hour of a:oo M. City Clerk This ordinance approved and signed by me on the lw d J day of 1975, at the hour of M. Attest: City Clerk IHORNRJIR I'll II.I JEAHL. HARMAN. CARE :Y & MURRAY Tatitmittre Report Ulu the (QAmmon (Qonnrd of the (Ittg of 6MA4 grub: Your Committee of the Whole to whom was referred AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO SIBLEY MACHINE & FOUNDRY CORPORATION. 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 raes rxess weuseinc co.