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HomeMy WebLinkAboutAuthorize Revenue Bond Pertaininf to Ironwood PartnershipORDINANCE No. 5657 -74 Passed by the Common Council of the City of South Bend, Indiana APRIL 22 IRENE K. GAMMON 74 Presented by me to the Mayor of the City of South Bend, Indiana APRIL 23 74 Clerk of Common Council City Clerk IRENE K. GAMMON Approved and signed by me a12 _ : p, `/ ; 192y- ORDINANCE NO. SG S­7 -,J q AN ORDINANCE TO AUTHORIZE THE EXECUTION OF A LEASE FINANCING AGREEMENT AND TRUST INDENTURE, ECONOMIC DEVELOPMENT REVENUE BOND AND MORTGAGE, AND THE FORMS AND TERMS OF THE LEASE FINANCING AGREEMENT AND TRUST INDENTURE AND BOND AND MORTGAGE AND THE ISSUANCE OF AN ECONOMIC DEVELOPMENT REVENUE BOND PERTAINING TO IRONWOOD PARTNERSHIP WHEREAS, the Common Council (hereinafter called "Common Counc South Bend Development Commission pursuant to the provisions of the of 1965 as continued by P.L. 182, 18- 6- 4.5 -28. WHEREAS, The Commission has of the City of South Bend, Indiana, Ll "), heretofore has created the (hereinafter called the "Commission" Municipal Economic Development Act Acts 1973, IC 18- 6 -4.5 -1 to IC found by a written resolution that because of existing insufficient deversification of industry or in- sufficient pollution control measures, the economic welfare of the City of South Bend, Indiana (hereinafter called the "City ") would be benefited by the construction, equipping, and leasing to others of industrial facilities, and such resolution and findings has been approved by the Common Council; and WHEREAS, the City previously issued bonds to finance the proposed project by Ordinance No. 5583 -73 in the amount of $300,000.00 but said amount is not sufficient to complete the project; and WHEREAS, the City has determined that the total amount of $300,000.00 is necessary to complete the said project, and that it is therefore, necessary to issue an additional Economic Development Revenue Bond in the amount of $350,000.00 to complete the project; and to redeem in full the previously issued bond. WHEREAS, the Commission has prepared a second report estimating the public services which would be desirable by the proposed project, and the expenses thereof, the total cost of the proposed project and the number of jobs and estimated payroll on account of the acquisition and leasing of the proposed facilities relating to Ironwood Partnership, (hereinafter called the "user ") pursuant to P.L. 182, Acts 1973, IC- 18 -6 -4.5 et sea., and such report has been submitted to the Chairman of the Area Plan Commission and the Super- intendent of the School Corporation, and the written comments of said Commission and Superintendent have been received by the Commission and such reports and comments have been favorable; and WHEREAS, the Commission has approved this form of ordinance authorizing the execution of a Lease Financing agreement and Trust Indenture, Mortgage and Bond, and the issuance of an Economic Devel- opment Revenue Bond in accordance therewith; and WHEREAS, the Commission has transmitted this form of ordinance to the City Clerk for the presentation to the Common Council; and WHEREAS, the Commission held a public hearing on the pro- posed refinancing of such facilities on March 8 , 1974, after giving the required notice as provided for in P.L. 182, Acts, 1973, IC- 18 -6 -4.5 to IC- 18- 6- 4.5 -29; and WHEREAS, the City Clerk has published in a newspaper published in South Bend, Indiana, a notice that such form of ordinance has been filed with the City Clerk in accordance with the provisions of P.L. 182, Acts 1973, IC- 18 -6 -4.5 to IC- 18- 6- 4.5 -28; and WHEREAS, the Common Council finds that the proposed de- velopment will be of public benefit to the economic welfare of the City by tending to overcome the deficiencies previously found to exist and that such benefit is greater than the cost of the public facilities which would be required by the proposed project relating to the user. 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 Financing Agreement and Trust Indenture, Mortgage, and Economic Development Revenue Bond pertaining to the facilities of the user of the issuance of an Economic Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said form of Lease Financing Agreement and Trust Indenture, Mortgage and Economic Development Revenue Bond are hereby incorporated by reference into this ordinance and said forms shall be inserted into the minutes of the Common Council of South Bend, Indiana, and shall be Rept on file by the City Clerk. Section 3. The said Lease Financing Agreement and Trust Indenture, Mortgage and Economic Development Revenue Bond shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk. Section 4. An Economic Development Revenue Bond pursuant to this ordinance payable solely and only from the rental derived from such facilities under the Lease Financing Agreement and Trust Inden- ture, may be issued in a total sum not to exceed $350,000.00 for a period not to exceed 20 years duration in accordnace with the terms of the said Lease Financing Agreement and Trust Indenture, and that such bond shall be executed on behalf of the City of South Bend, Indiana by the Mayor and the City Clerk and shall be sealed with the corporate seal of the said City. Section 5. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval'. by the Mayor. Me er of Cou rcA 1 I,t READING --7 y PUBLIC HEARING H - L2 - FILED IN CLERKS OFFICE 2nd READING NOT APPROVED REFERRED PASSED H- a- ,PR 101974 Irene Gammon air K. SguTM UND, mo.