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HomeMy WebLinkAboutApproving Revenue Bonds Simon Bros. IncORDINANCE No. 5773 -74 Passed by the Common Council of the City of South Bend, Indiana NOVEMBER 25, 19 74 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, NOVEMBER 26 74 Clerk of Common Council IRENE K. GAMMON Approved and signed by me 4`1� G > a 9 19 ` Clerk ORDINANCE NO. 5 ?123 -'2q AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO SIMON BROS., 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 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, Simon Bros., Incorporated an Indiana Corporation has filed an application with the Commission to finance the acquisition of real estate and the conktruction thereon of an 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 conncction therewith the Commission has prepared and placed on file a report containing the suject 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 October 25, 1974, after giving the required notice as provided for in Section 17 of IC 1973, 18- 6 -4.5; and WHEREAS, on the 25th day of November , 1974 this Common Council of the City of South Bend, Indiana adopted a resolution pursuant to which such financing of such facilities for Simon Bros., Incorporated, an Indiana Corporation, 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 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 Simon Bros., Incorporated 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 Revunue 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 Bonds shall be executed on beholf 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 Simon Bros., Incorporated, an Indiana Corporation, facilities, may be issued in amounts not to exceed $200,000.00 for a perior of Fifteen (15) 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 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: Council n Passed and adopted by the Common Council of the City of South Bend, Indiana, on the a 5Q' day of 1974. President of unci City Clerk Presented by me to the Mayor of the City of South Bend, Indiana, on the a6 ti� day of L J 1974, at the hour of 4: o o P M. City Clerk This Ordinance approved and signed by me ontthe o79 11-2 day. of 2�m-sa-, ,3 , 1974, at the hour of _.M. ATTEST: 1 City Clerk 1st READING PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PASSED // -'.2 f // - '�k 6-'2 / FILED IN CLERK'S OFFICE IiOV 1 31974 Irene Gammon CITY CLERK, SOUTH BEND, JND.