HomeMy WebLinkAboutApproving Revenue Bonds Koontz-Wagner Electric Co IncORDINANCE No. 5749 -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 15, 19 74
0
Clerk
of Common Council
IRENE K. GAMMON
Approved and signed by me ^% - / �g 19 z
Clerk
ORDINANCE NO. S'7 N 9- -? 4
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
KOONTZ - WAGNER ELECTRIC COMPANY, 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,
er referred to as the "Act "; and
WHEREAS, Koontz- Wagner Electric Company, Inc. has filed an
lication with the Commission to finance the acquisition of real
state and the construction thereon of an industrial and commercial
uilding (facilities) which will constitute economic development
ties resulting in a substantial number of new jobs as well
as other benefits; and
WHEREAS, in connection therewith the Commission has
repared and placed on file a report containing the subject matter
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
Superintendent of the School Corporation in the area of which
facilities will be located, and has timely received favorable
orts from each of them; and
WHEREAS, the Commission held a public hearing on the pro-
Dosed financing of such facilities on Q so, 1974, after giving
the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5;
R
- HORNBURG. MCGILL.
OEAHL. HARMAN.
CAREY & MURRAY
WHEREAS, on the i4t�day of C9e�e2,_o� , 1974, this
Common Council of the City of South Bend, Indiana, adopted a
resolution pursuant to which such financing of such facilities for
Koontz- Wagner Electric Company, Inc. 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 Industrial Development Revenue Bonds pertaining to
Koontz- Wagner Electric Company, Inc. 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. The Lease and Trust Indenture and Industrial
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.
Section 4. Said Industrial Development Revenue Bonds,
payable solely and only from the revenue derived from such Koontz-
(Wagner Electric Company, Inc. facilities, may be issued in amounts
not to exceed $105,000.00 for a period of twenty (20) years from
January 1, 1975 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,
l!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
rHORNDURG.
approved by the Mayor.
McGLLL
OEAH!, HARMAN, {' (�
CARLY & MURRAY Presented by
Councilman
-2-
THORNSURG, WGILL.
DEAHL, HARMAN.
CAREV G MURRAY
Passed and adopted by the Common Council of the City of
(South Bend, Indiana, on the /v z�, day of 0 17th , 1974.
lAttest:
City Clerk
President of the Council
Presented by me to the Mayor of the City of South Bend,
Indiana, on the /sue day of L '7t-A- � , 1974, at the hour of
M. /� Q
City Clerk
This ordinance approved and signed by me on the /r
day of �� , 1974, at the hour of /.;go I. M.
Attest:
City Clerk
Ist READING /0-/ 4 - ?41
PUBLIC HEARING / O - .7 V
2nd READING / O - i y - —3-
NOT APPROVED
REFERRED
PASSED / O - / Y
FILED IN CLERK'S OFFICE
SEP 3 01974
Irene Gammon
CM CLERK, SOUTO BEND, IND,