HomeMy WebLinkAboutApproving Revenue Bonds General Sheet Metal IncORDINANCE No. 5653 -74
Passed by the Common Council of the City of South Bend, Indiana
APRIL 8
IRENE K. GAMMON
74
Presented by me to the Mayor of the City of South Bend,
Approved and signed by me
74
Clerk
of Common Council
IRENE K. GAMMON
Clerk
ORDINANCE NO. S Co S 0 7
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
GENERAL SHEET METAL, INC.
WHEREAS, the Common Council of the City of South Band,
Indiana, heretofore has created the South Bend Development
Commission, hereinafter referred to as "Commission ", pursuant to the
provisions of the Municipal Economi+evelopment 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, General Sheet Metal 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 facilitits
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
tht Superintendent of the School Corporation of 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 February 15 , 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 1974, this
Common Council of the City of South Bend, Indiana, adopted a
resolution pursuant to which such financing of such facilities for
General Sheet Metal, 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 an& -Trust
Indenture and Economic Development Revenue Bonds pertaining to
General Sheet Metal, Inc. 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
General Sheet Metal, =Inc. facilities, may be issued in amounts not
to exceed $35,000.00 for a period of ten (10) 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. Ij "" —
Presented by:
Councilman
Passed and adopted by the Common Council of the City
of South Bend, Indiana, on the $ t_k day of
1974.
Attest:
Pr sident of Co cil
City Clerk
Presented by me to the Mayor of the City of South Bend,
Indiana, on the g (2- day of J 1974, at:the
hour of 15 ) M.
City Clerk
This ordinance approved and signed by me on the /.)-
day of / 1974, at the hour of /U. )i2 zbm-
Tin IN CURK11 CI TICE
MAR 12 1974
1st READING
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PUBLIC HEARING
41
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Irene Gammon
2nd READING
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NOT APPROVED
CITY CLERK, SOUTH SEND, IND.
REFERRED
N Q PASSED
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