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HomeMy WebLinkAboutRevenue Bonds - Hanover Logansport IncORDINANCE NO. 5819 -75 Passed by the Common Council of the City of South Bend, Indiana PA_L] a Presented by me to the Mayor of the City of South Bend, MARCH 25 75 Clerk IRENE K. GAMMON Of Common Council �9 75 �� ✓W ✓✓LE�w.C/ IRENE K. GAMMON Clerk ORDINANCE NO. An Ordinance of the City of South Bend authorizing the acquisition, construction and leasing of industrial facilities, the issuance of revenue bonds to apply on the cost thereof, the safeguarding of the interests of the holders of said bonds, approving and authorizing a Lease Agreement and a Mortgage and Indenture of Trust, and other matters relating thereto WHEREAS, the South Bend Economic Development Commission has adopted Resolution No. 31 -73B on the 10th day of March, 1975, approving a form of Lease Agreement between the City of South Bend and Hanover Logansport, Inc.; and WHEREAS, said Resolution also approves a form of Mortgage and Indenture of Trust between the City of South Bend and the First Bank and Trust Company of South Bend, in the City of South Bend, Indiana, as Trustee; and WHEREAS, said Resolution No. 31 -73B also approves this ordinance authorizing the execution of said Lease Agreement and Mortgage and Indenture of Trust and authorizing the issuance of Economic Development First Mortgage Revenue Bonds, Series 1975 (Hanover Logansport, Inc.), of the City in the amount of Two Million Five Hundred Ninety -five Thousand Dollars ($2,595,000); and WHEREAS, the Municipal Economic Development Act of 1965, as amended, authorizes the issuance of revenue bonds to apply on the cost of such a project; and WHEREAS, the Common Council finds that this ordinance, and the project and bond issue authorized by it, will be of public benefit to the economic welfare of the City by tending to overcome the deficiencies previously found to exist and that such benefit is greater than the cost of any public facilities which will be required by the proposed project; and WHEREAS, all conditions precedent to the adoption of an ordinance authorizing the issuance of said revenue bonds to apply on the project costs have been complied with in accordance with the provisions of the governing statutes; THORNBURG. MCGILL. DEAHL. HARMAN. CAREY k MURRAY NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. That the City of South Bend, acting through its Economic Development Commission and subject to the delivery of and payment for the revenue bonds, acquire the necessary land and enter into the necessary contracts for construction of the industrial facilities to be leased to Hanover Logansport, Inc. Section 2. The City of South Bend enter into a Lease Agreement with Hanover Logansport, Inc. as provided in said Resolution No. 31 -73B. The form of said Lease Agreement is hereby incorporated into this ordinance by 'reference, marked "Exhibit A ", to be inserted into the minutes of the Council and to be kept on file by the Clerk. The form and terms of said Lease Agreement are hereby approved. Section 3. The City of South Bend enter into the Mortgage and Indenture of Trust with the First Bank and Trust Company of South Bend, as provided in said Resolution No. 31 -73B. The form of Mortgage and Indenture of Trust, the form of said revenue bonds, the details pertaining to the issuance of the bonds and the terms and conditions thereof shall be as set forth in the form of Mortgage and Indenture of Trust which is hereby incorporated into this ordinance by reference, marked "Exhibit B ", to be inserted into the minutes of the Council and kept on file by the Clerk. The form of said Mortgage and Indenture of Trust, said revenue bonds, and the terms and conditions thereof are hereby approved. Section 4. The City of South Bend issue its Economic Development First Mortgage Revenue Bonds, Series 1975 (Hanover Logansport, Inc.), in the amount of Two Million Five Hundred Ninety -five Thousand Dollars ($2,595,000) under the terms and conditions of said Lease Agreement and Mortgage and Indenture of Trust for the purpose of procuring funds to apply on the project costs. Section 5. The provisions of this ordinance and the Mortgage and Indenture of Trust securing the bonds shall constitute !I -2- THORNBURG, MCGILL, OEAHL, HARMAN. CAR iY & MURRAY a contract by and between the City of South Bend and the holders of the revenue bonds herein authorized, and after the issuance of said bonds this ordinance shall not be repealed or amended in any respect which will adversely affect the rights of such holders so long as any of said bonds or the interest thereon remain unpaid. Section 6. The Mayor and the Clerk are hereby authorized to execute and attest said Lease Agreement and said Mortgage and Indenture of Trust in the form and manner provided therein and with such modifications as may be necessary and desirable. The Mayor, Clerk, Economic Development Commission and other officials of the City are hereby authorized and directed to perform all acts required by and authorized under said Lease Agreement and Mortgage and Indenture of Trust, and are further authorized to take all action necessary to sell and deliver said bonds as authorized by law. Section 7. All ordinances or parts of ordinances in conflict herewith are hereby repealed. Section 8. This ordinance shall be in full force and effect from and after its passage. Presented by C Passed and adopted by t i 6 Common Council of the City of South Bend, Indiana, on the av day of 22y7�,-4-.; , 1975. fittest: ',ity Clerk Presented by me to the Mayor of the City of South Bend, on the 45 ]� day of ��> , 1975. at the hour of M. City Clerk This ordinance approved and signed by me on the A i day !j Ii °£ 1975, at e hour of Attest : M or THORNBURG, NIOGILL. ! DEAHL, HARMAN. Cit y Clerk CAREV A MURRAY istREADING PUBLIC HEARING 3 - dV -73' 2nd READING 3 - 4 -175 NOT APPROVED REFERRED p J PASSED 3- a y -7 s [J o�P.M. BLED IN CLERK'S OFFICE [AAR 111975 Irene Gammon CITY CLERK, SOUTH BEND,. IND.