HomeMy WebLinkAboutApproving Revenue Bonds Prairie CoORDINANCE No. 5702 -74
Passed by the Common Council of the City of South Bend, Indiana
JULY 8
A�
19 74
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
JULY 9, ro 74
wl"
of Common Council
IRENE K. GAMMON
Clerk
ORDINANCE NO.S ?Da -q�l
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
PRAIRIE COMPANY
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 Municipal Economic Development Act of 1965, as amended
supplemented or added to, including but not limited to the
amendments, supplements or additions of IC -1973, 18- 6 -4.5,
or any other amendments, supplements or additions thereto,
hereinafter referred to as the "Act "; and
WHEREAS, Prairie Company 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 a public hearing on the pro-
posed financing of such facilities on , 1974, after
giving the required notice as provided for in Section 17 of IC -1973
18- 6 -4.5; and
WHEREAS, on the Y day of � 1974, this
Common Council of the City of South nd, Indiana, adopted a
resolution pursuant to which such financing of such facilities for
Prairie Company under the Act was approved after a finding that
such proposed financing for such entity would be of benefit to
the health or welfare of the City of South Bend, Indiana.
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 Economic Development Revenue Bonds pertaining to
Prairie Company facilities and the issuance of the Economic
Development Bonds pursuant thereto are hereby approved and adopted
Section 2. Said forms of Lease and Trust Indenture
together with Economic Developemnt Revenue Bonds which are on file
with the Commission are hereby incorporated by reference into this
Ordinance, and said froms 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 Economic
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, but such execution
shall not take place until the elapse of twenty (20) days following
the adoption of this Ordinance as provided by law.
Section 4. Said Economic Development Revenue Bonds,
payable solely and only from the revenue derived from such
Prairie Company facilities, may be issued in amounts not to
exceed $300,000.00 for a period of Fifteen (15) years duration
from the date of the issuance of such bonds 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 4&,
C uncilman
Passed and adopted by the Common Council of the City
of South Bend, Indiana, on the $f? day of 1974,
Attest: M�
President of uncil
City Clerk
Presented by me to the Mayor of the City of South Bend,
Indiana, on the 4 t=' day of , 1974, at the hour of
-41:" P.M.
City Clerk
This ordinance approved and signed by me on the / O
day of , 1974, at the hour of
Attest:
A/
City Clerk
.M.
1st READING '7
PUBLIC HEARING
2nd READING
NOT APPROVED
REFERRED
PASSED 7_ g_ -2 .y J a P
FILED IN CLER 1'S OFFICE
U N 2 51974
Irene Gammon
CITY CLERK, SOUTH BEND,. IND,