HomeMy WebLinkAboutApproving Revenue Bonds Thermoplastics IncORDINANCE No
Passed by the Common Council of the City of South Bend,
DECEMBER 16
5781 -74
TRF.NF. K. GAMMON
Presented by me to the Mayor of the City of South Bend,
DECEMBER 17 19_L4
Approved and signed by
'W"
of Common Council
IRENE K. GAMMON
Clerk
z
ORDINANCE NO. S'7 & I-
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
THERMOPLASTICS, INC.
WHEREAS, THE COMMON COUNCIL of the City of South Bend,
Indiana heretofore has created the South Bend 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, Thermoplastics, Inc. an Indiana corporation has
filed an application with the Commission to finance leased
industrial equipment for industrial and commercial building
(facilities) which will constitute economic development
facilities resulting in a substantial number of 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 in which
the facilities will be located, and has timely received favorable
reports from each of them; and
WHEREAS, the Commission held a public hearing on the
Proposed financing of such facilities on November 15, 1974, after
giving the required notice as provided for in Section 17 of
IC 1973, 18- 6 -4.5; and
WHEREAS, ON THE 16th day of December 1974,
this Common Council of the City of South Bend, Indiana adopted a
resolution pursuant .to which such financing of such facilities for
Thermoplastics, Inc., an Indiana corporation, under the Act was
approved after finding that such proposed financing for such entity
would be of benefit to the health of welfare of the City of
South Bend, Indiana.
NOW, THEREFORE, BE IT RESOLVED, 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 Bonds pertaining to the
Thermoplastics, Inc, an. Indiana 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. SAid Industrial Development Revenue Bonds
payable solely and only from the revenue derived from such
Thermoplastics Inc,an Indiana corporation, facilities, may be
issued in amounts not to exceed $280,000.00 for a period of
Eight (8) years, 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 4. 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: —I
-- --$$dd Councilman
Passed and adopted by the Common Council of the
City of South Bend, Indiana, on the /[, day
of OA -c _ Q , 1974.
.-
r�
City Clerk
Presented by me to the Mayor of the City of South Bend,
Indiana, on the / 7'r'- day of LQQ , 1974, at
the Hour of q-," P , M.
4", /'�- _
City Clerk
This Ordinance approved and signed by me on the Z9 9
day of i....� , 1974, at the hour of 31.,00 P.M.
ATTEST:
City Clerk�
1st READING
PUBLIC HEARING
2nd ,READING
NOT APPROVED
REFERRED
PASSED
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FILED IN CLERK'S OFFICE
DEC 111974
Irene Gammon
CITY CLERK, SCUM BEND,'IND,