HomeMy WebLinkAboutApproving Revenue Bonds Gates Realty IncORDINANCE No. 5748 -74
Passed by the Common Council of the City of South Bend,
OCTOBER 14, 19 74
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
OCTOBER
Approved and signed by
F
Clerk
Of Common Council
IRENE K. GAMMON
Clerk
ORDINANCE NO. S 2 y e-,? y
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
GATES REALTY, INCORPORATED
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 amend-
ments, supplements or additions thereto, hereinafter referred to as
the "Act "; and
WHEREAS, Gates Realty, Incorporated 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 Commissions 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 Q,,_,_g,_,J- 23, 1974, after
giving the required notice as provided for in Section 17 of IC -1973,
18- 6 -4.5; and
WHEREAS, on the day of O c;ta -� , 1974, after
Common Council of the City of South Bend, Indiana, adopted a resol-
ution pursuant to which such financing of such facilities for
Gates Realty, Incorporated 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
Gates Realty, Incorporated 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 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. 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 Gates
Realty, Incorporated facilities, may be issued in amounts not to
exceed Two Hundred Fifty Thousand ($250,000.00) Dollars for a
period of twenty (20) 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
Councilman
Passed and adopted by the Common Council of the City
of South Bend, Indiana, on the /N LA day of LQ Z. �, 1974.
Attest:
t�
Presiden of Council
City Clerk
Presented by me to the Mayor of the City of South Bend,
Indiana, on the / 5 -t--k day of 66,, C _�, , 1974, at the
hour of N: " YO M.
City Clerk
This ordinance
approved
and
signed by
me on
the _ l r_
day of ,
1974, at
the
hour of l.'.30
1:9.M.
Attest:
City Clerk
1st READING /0-/ q - i
PUBLIC HEARING / O - / ti/ - 7
2nd READING
NOT APPROVED . V
REFERRED V
PASSED /6- / v-744
FILED IN CLERK'S OFFICE
SEP 3 01974
Irene Gammon
CiY CLERk wgtH BENDS LIQD�