HomeMy WebLinkAboutAuthorizing Revenue Bond Metalstamp IncORDINANCE No. 5801 -75
Passed by the Common Council of the City of South Bend, Indiana.
JANUARY 27
/-
IRENE K. GAMMON
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Presented by me to the Mayor of the City of South Bend,
JANUARY 2
75
Clerk
of Common Council
IRENE K. GAMMON
Approved and signed by me s a sue- 0i r
Clerk
ORDINANCE NO. SPOI -�15
AN ORDINANCE OF THE CITY OF SOUTH BEND AUTHORIZING
THE CONSTRUCTION AND FINANCING OF ADDITIONAL INDUSTRIAL
FACILITIES, THE ISSUANCE AND SALE OF A REVENUE BOND
TO PAY THE COST THEREOF, AND THE LEASING OF SUCH
FACILITIES TO METALSTAMP, INC., AND OTHER MATTERS
RELATING THERE TO
WHEREAS, the South Bend Development Commission adopted
a resolution on August 9, 1974, approving the financing of
certain additional industrial facilities to be leased to
Metalstamp, Inc., and approving a proposed form of ordinance
Amended Lease Agreement, Mortgage and Indenture of Trust, and
related documents, and finding that the proposed financing
complies with the purposes and provisions of IC 1971, 18- 6 -4.5;
and
WHEREAS, said resolution was presented to the City Clerk
for presentation to the Common Council of the City of South
Bend and was so presented; now therefore,
BE IT ORDAINED'.: BY THE COMMON COUNCIL of the City of
South Bend, Indiana:
Section 1. It is hereby found that the financing of
the industrial facilities referred to in the Lease, previously
approved by the South Bend Development Commission and presented
to the Common Council, the construction of such facilities, and
the leasing thereof to Metalstamp, Inc., will be of benefit to
the health and welfare of the City of South Bend.
Section 2. The forms of Amended Lease Agreement, Mortgage
and Indenture of Trust, and Letter Agreement for Construction
approved by the South Bend Development Commission are hereby
approved and all of such documents collectively shall be con-
sidered and "Financing Agreement" referred to in IC 1971,
18- 6 -4.5. Such documents shall be incorporated herein by
reference and shall be inserted in the minutes of the Common
Council and dept on file by the City Clerk.
Section 3. The City of South Bend shall issue its
Li R_>,DiNG
PUBLIC JiEA'RING
2nd F'Ar NG
NOT APPROVED
RE-F.RRED
PASSED
s
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FILED IN CLERK'S OFFICE
6 1976
Irene Gammon
CITY CLERK, SOUTH BEND, IND,
Economic Development First Mortgage Revenue Bond, Series 1974
(Metalstamp, Inc.), in the total principal amount of Four
Hundred Fifty Thousand Dollars ($450,000.00) for the purpose of
procuring funds to pay the cost of constructing and equipping
the additional facilities, as more particularly set out in the
Amended Lease Agreement, Mortgage and Indenture of Trust, incor-
porated herein by reference, which bond will be payable as to
principal, premium, if any, and interest solely from the rentals,
revenues, and other income realized under or as otherwise
provided in the Amended Lease Agreement, Mortgage and Indenture
of Trust.
Section 4. The Mayor and City Clerk are authorized and
directed to execute ahe documents approved herein on behalf of
the City of South Bend and any other document which may be nec-
essary or desirable to complete the transaction, including the
bond authorized herein. The City Clerk of the City of South
Bend is authorized to arrange for the delivert of such bond
to the purchaser thereof, payment for which shall be made to
the trustee named in the Indenture.
Section 5. The provisions of this ordinance and the
Amended Lease Agreement, Mortgage and Indenture of Trust securing
the bond shall constitute a contract binding between the
City of South Bend and the holder of the Economic Development
First Mortgage Revenue::Bond, Series 1974 (Metalstamp, Inc.),
and after the issuance of said bond, this ordinance shall not
be repealed or amended in any respect which would adversely affect
the rights of such holder so long as said bond or the interest
thereon remain unpaid.
Section 6. This ordinance shall be in full force and
effect from and after its passage and signing by the Mayor.
Member of Council
Adopted by the Common Council of the City of South
Bend, Indiana, on this 27th day of January 19
Pres' dent
Atteesst�:y'
City Clerk