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HomeMy WebLinkAboutRevenue Bonds DAAL RealtyORDINANCE No. 5622 -73 Passed by the Common Council of the City of South Bend, Indiana DECEMBER 17 IRENE K. GAMMON 7 Presented by me to the Mayor of the City of South Bend, DECEMBER 18, 19_Z3_ Clerk of Common Council IRENE K. GAMMON Approved and signed by me �`l ..fot.J P to %3 Clerk ORDINANCE NO. 5 e, a 0 - ? 3 AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO DAAL REALTY 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 Minicipal 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, Daal Realty has filed an application with the Commission to finance the acqusition 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 proposed financing of such facilities on November 9 , 1973, after giving the required notice as provided for in section 17 of IC -1973, 18- 6 -4.5; and WHEREAS, on the " 17th day of December , 1973, this Common Council of the City of South Bend, Indiana, adopted a resolution pursuant to which such financing of such facilities for Daal Realty, 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 Daal REalty 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 (2p) 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 Daal REalty facilities, may be issued in amounts not to exceed $400,000.00 for a period of not to exceed thirty (30) 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 Cotncilma Passed and adopted by the Common Council - -of the City of South Bend, Indiana, on the / -7-t—ADay of XS/�e -ems en� 1973. Attest: City Clerk President of ounci Presented by me to the Mayor of the City of South Bend, Indiana, on the Ig Yday of 1973, at the hour of M. z Aa � City Clerk is ordinance approved and signed by me on the �9"� day of , 1973, at the hour of _14001 M. Attest: City Clerk 1st READING / �2- / -7--7 3 PUBLIC HEARING / a- / ? - 9 3 2nd READING NOT APPROVED REFERRED PASSED / a - / 7 - ? 3 RLEY IN CLERX I W(11YG DEC 5 1973 Irene Gammon CITY CLERK, SOUTH BEND, IND.