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HomeMy WebLinkAboutAuthorize Revenue Bond R Lee Fagen, DBA Fagen EnterprisesORDINANCE N o. 5747 -74 Passed by the Common Council of the City of South Bend, Indiana. OCTOBER 14, _ ig 74 WA wlj� Presented by me to the Mayor of the City of South Bend, OCTOBER 15 IRENE K. GAMMON Approved and signed by me Clerk Of Common Council 74 IRENE K. GAMMON Clerk ORDINANCE NO. 57 AN ORDINANCE TO AUTHORIZE THE EXECUTION OF A LEASE FINANCING AGREEMENT AND TRUST INDENTURE, ECONOMIC DEVELOPMENT REVENUE BOND AND MORTGAGE, AND THE FORMS AND TERMS OF THE LEASE FINANCING AGREEMENT AND TRUST INDENTURE AND BOND AND MORTGAGE AND THE ISSUANCE OF AN ECONOMIC DEVELOPMENT REVENUE BOND PERTAINING TO R. LEE FAGEN, d /b /a FAGEN ENTERPRISES WHEREAS, the Common Council of the City of South Bend, Indiana, (hereinafter called "Common Council ", heretofore has created the South Bend Development Commission (hereinafter called the "Commission "), pursuant to the provisions of the Municipal Economic Development Act of 1965 as continued by P.L. 182, Acts 1973, IC 18- 6 -4.5 -1 to IC 18- 6- 4.5 -28. WHEREAS, the Commission has found by a written resolution that because of existing insufficient diversification of industry or insufficient pollution control measures, the economic welfare of the City of South Bend, Indiana (hereinafter called the "City ") would be benefited by the construction, equipping, and leasing to others of industrial facilities, and such resolution and findings has been approved by the Common Council; and WHEREAS, the City previouly issued bonds to finace the proposed project by Ordianace No. 5543 -73 in the amount of $240,000.00 but said amount is not sufficient to complete the project; and WHEREAS, the City has determined that the total amount of $300,000.00 is necessary to complete the said project, and that it is therefore, necessary to issue an additional Economic Development Revenue Bond in the amount of $60,000.00 to complete the project. WHEREAS, the Commission has prepared a second report estimating the public services which would be desirable by the proposed project and the expenses thereof, the total costs of the,proposed project and the number of jobs and estimated payroll on account of the acquisition and leasing of the proposed facilities relating to R. Lee Fagen, d /b /a Fagen Enterprises, .(hereinafter called the "user ") pursuant to P.L. 182, Acts 1973, IC 18 -6 -4.5 et seq. and such report has been submitted to the Chairman of the Area Plan Commission and the Superintendent of the School Corporation, and the written comments of said Commission and Superintendent have been received the Commission ans such reports and comments have been favorable; and WHEREAS, the Commission has approved this form of ordinance authorizing_ the execution of a Lease Financing Agreement and Trust Indenture, Mortgage and Bond, and the issuance of an Economic Development Revenue Bond in accordance therewith; and WHEREAS, The Commission has transmitted this form of ordinance to the City Clerk for the presentation to the Common Council; and WHEREAS, theCommission held a public hearing on the proposed refinancing of such facilities on YQ 4 1974, after giving the required notice as provided for in P.L. 182, Acts 1973, IC 18 -6 -4.5 to IC 18- 6- 4.5 -29; and WHEREAS, the City Clerk has published in a newspaper published in South Bend, Indiana, a totice that such form of ordinance has been filed with the City Clerk in accordance with the provisions of P.L. 182, Acts 1973, IC 18- 6 -4.5 -1 to IC 18- 6- 4.5 -28; and WHEREAS, the Common Council finds that the proposed development 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 the public facilities which would be required by the proposed project relating to the user. 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 Financing Agreement and Trust Indenture, Mortgage, and Economic Development Revenue Bond pertaining to the facilities of the user and the issuance of an Economic Development Revenue Bond pursuant thereto are hereby approved and and adopted. Section 2. Said form of Lease Financing Agreement and Trust Indenture, Mortgage and Economic Development Revenue Bond are hereby incorporated by reference into this ordinance and said forms shall be inserted into the minutes of the Common Council of South Bend, Indiana, ans shall be kept on file by the City Clerk. Section 3. The said Lease Financing Agreement and Trust Indenture, Mortgage and Economic Development Revenue Bond shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk. Section n. An Economic Development Revenue Bond pursuant to this ofdinance payable solely and only from the rental derived from such facilities under the Lease Financing Agreement and Trust Indenture, may be issued in a total sum not to exceed $60,000.00 for a period not to exceed 15 years duration in accordance with the terms of the said Lease Financing Agreement and Trust Indenture, and that such bond shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and the City Clerk and shall be sealed with the corporate seal of the said City. Section 5. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. e Member o ounci Passed and adopted by the Common Council of the City of South Bend, Indiana, on the /c/tR day of 0 �-L , 1974. Attest: Presi• nt of Council City Clerk Presented by me to the Mayor of the City of South Bend, Indiana, on the / SL"- day of C9 1974, at the hour Of '4;" �.M. City Clerk This ordinance approved and signed by me on the A, day of 91=44,6 1974, at the hour of /.,So PM. Attest: City Clerk 1st READING PUBLIC HEARING 2nd READING /0- NOT APPROVED REFERRED PASSED FILED IN CLERK'S OFFICE SEP3C1974 Irene Gammon CITY CLERK, SUUiN BEND, IND,