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HomeMy WebLinkAboutApproving Revenue Bonds National Computing CorpORDINANCE No. 5655 -74 Passed by the Common Council of the City of South Bend, APRIL 8, �9 74 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, APRIL 9, �9 74 Approved and signed by me Lh-wz —b�' la<, Clerk of Common Council /a- "� City Clerk IRENE K. GAMMON ORDINANCE NO. S' G 5 5 - AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO NATIONAL COMPUTING CORPORATION. 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 amendments, supplements or additions thereto, hereinafter referred to as the "Act "; and WHEREAS, National Computing Corporation 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 Commission has pre- pared and placed on file a report containing the subject matter as specified in Section 16 of IC -1973, 18 -6 -4.5 and has for- warded 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 March 29, 1974, after giving the required notice as provided for in Section 17, of IC -1973, 18- 6 -4.5; and WHEREAS, on the 8th day of April, 1974, this Common Council of the City of South Bend, Indiana, adopted a resolution pursuant to which':)such financing of such facilities for National Computing Corporation under the Act was approved after a finding that such proposed financing for such entity would be of bene- fit 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 National Computing Corporation facilities and the issuance of 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 National Computing Corporation facilities, may be issued in amounts not to exceed $700,000.00 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 Ordiance shall be in full force and effect from and after its passage by the Common Council and approved by tde Mayor. Presented by: Y� Councilman Passed and adopted by the Common Council of the City of South Bend, Indiana, an the gt� day of 6,.�,,;4 1974 Attest: X�JIJp President of t/ e Coun 'l City Clerk Presented by me to the Mayor of the City of South Bend, Indiana, on the 4 day of 1974, at the hour of o7 o'clock p M. �i �/ 2 /) l�R- o� City Clerk THIS ORDINANCE APPROVED AND SIGNED BY ME ON THE / -- DAY OF ' 1974, at the hour of t) • Q 0 o'clock /`�- . M. Attest: City Clerk 1st READING PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PASSED -�4- 8 -may 4I -8 - "7N N- 8-'7 y FILED IN CLERK'S OFFICE MAR 2 91974 Irene Gammon CITY CLERK, SOUTH BEND, IND.