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HomeMy WebLinkAboutApproving Revenue Bonds Norman F Ernsberger - LA Vern D JessupORDINANCE No. 5894 -75 Passed by the Common Council of the City of South Bend, OCTOBER b � k IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, 7 OCTOBER 7, 19_25_ Clerk of Common Council IRENE K. GAMMON Approved and signed by me a/+ �� �9Z� Clerk ORDINANCE NO. $'p 9 Al - 7.S AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO NORMAN F. ERNSBERGER -LA VERN D. JESSUP, A GENERAL PARTNERSHIP WHEREAS, the Common Council of the City of South Bend, Cndiana, heretofore has created the South Bend Economic Development ,ommission, hereinafter referred to as "Commission ", pursuant to the >rovisions of the Public Law No. 182 of the Acts of the General lssembly of Indiana for 1973, as such may be amended from time to time, but not limited to IC 18- 6 -4.5 -2 through IC 18- 6- 4.5 -28, er referred to as the "Act "; and WHEREAS, Norman F. Ernsberger -La Vern D. Jessup, a General ip, has filed an application with the Commission to finance acquisition of real estate and the construction thereon of an strial and commercial building (facilities) which will constitute development facilities resulting in a substantial number of jobs as well as other benefits; and WHEREAS, in connection therewith the Commission has prepared placed on file a report containing the subject matter as specified Section 16 of IC -1973, 18 -6 -4.5 and has forwarded copies thereof o the Chairman of the Area Plan Commission in the area of which the ilities will be located, and has timely received a favorable from the Area Plan Commission; and WHEREAS, the Commission held a public hearing on the pro- financing of such facilities on September 9, 1975, after giving required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5; NOW, THEREFORE, BE IT ORDAINED by the Common Council of he City of South Bend, Indiana, that: Section 1. The form and terms of the Lease and Trust and Industrial Development Revenue Bonds pertaining to orman F. Ernsberger -La Vern D. Jessup, a General Partnership, facili- s and the issuance of the Industrial Development Revenue Bonds .HORNBURG. MC GILL . -'I pursuant thereto are hereby approved and adopted. CEAHL. HARN.AN. CAREY &MUR RAY I! III -HORNBURGG MCGiLL. OEAHL. HARMAN, CARCY &MVRRAY Section 2. Said forms of Lease and Trust Indenture ;ogether with Industrial Development Revenue Bonds which are on file th the Commission are hereby incorporated by reference into this , and said forms shall be inserted into the minutes of the Council of the City of South Bend, Indiana, and shall be kept file by the City Clerk of South Bend, Indiana. Section 3. The Lease and Trust Indenture and Industrial lopment Revenue Bonds shall be executed on behalf of the City of Bend, Indiana by the Mayor and City Clerk and sealed with the to seal of such City. Section 4. Said Industrial Development Revenue Bonds, le solely and only from the revenue derived from such Norman F. erger -La Vern D. Jessup, a General Partnership, facilities, may e issued in amounts not to exceed $250,000.00 for a period of fifteen 15) years from January 2 , 1976, in accordance with the terms f said Lease and Trust Indenture and that such Bonds shall be xecuted on behalf of the City of South Bend, Indiana, by the Mayor nd City Clerk of South Bend Indiana, and shall be sealed with the orporate seal of said City. Section 5. This Ordinance shall be in full force and ffect from and after its passage by the Common Council and approved the Mayor. Presented by Councilman Passed and adopted by the Common Council of the City of South Bend, Indiana, on the . day of October , 1975. kttest: Pr dent of the Council ;ity Clerk -2 THORNBURG. MCGILL. DEAHL HARMAN, CAREY &MURRAY Presented by me to the Mayor of the City of South Bend, ana, on the day of October, 1975, at the hour of P.M. City Clerk This Ordinance approved and signed by me on the _ day October, 1975, at the hour of 8_,,3D "�.M. fittest: A7 ,ity Clerk 1st READING PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PASSED FILED IN CLERK'S OFFICE q - as - ?s" SEEP 9 1975 -3- Irene Gammon CITY CLERK, SOUTH BEND, IND. Taltunturr 3Irport coo tke Tommau Touurtl of ttlr Q[ttg of #out!! stub: 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 NORMAN F. ERNSBERGER— LAVERN D. JESSUP, A GENERAL PARTNERSHIP. Respectfully report that they have examined the matter and that in their opinion the Ordinance should be recommended favorably to the Common Council. Note: Attorney Richard Morgan submitted to the City Clerk an amended Lease and Trust Indenture and Bond which the Council accepted. Odell Newburn Chairman PPE. ..... .UB lI8MIH4 CO.