HomeMy WebLinkAboutAuthorizing Revenue Bonds - Ed J Luther Beverages IncORDINANCE No. 5570 -73
Passed by the Common Council of the City of South Bend,
SEPTEMBER 10, ig 71 _
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
SEPTEMBER 11, IQ=
Clerk
of Common Council
Clerk
IRENE K.
Approved and signed by me - AZ JWS��l Z� 19z�
ORDINANCE NO. $5,70 -73
AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE
AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE
BONDS AND THE FORM AND TERMS OF THE LEASE AND
TRUST INDENTURE AND BONDS AND THE ISSUANCE OF
ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING TO
ED J. LUTHER BEVERAGES, INC.
WHEREAS, the Common Council of the City of South Bend,
Indiana, heretofore has created the South Bend Economic Develop-
ment Commission pursuant to the provisions of the Municipal
Economic Development Act of 1965, as amended, and
WHEREAS, the South Bend Economic Development Commission
has found by a written resolution that because of existing insuf-
ficient employment opportunities, or insufficient diversification
of industry, or insufficient pollution control measures, the
economic welfare of the City of South Bend, Indiana, would be
benefited by the acquisition and leasing to others of industrial
facilities, and such resolution and finding has been approved by
the Common Council of the City of South Bend, Indiana, and
WHEREAS, The South Bend Economic Development Commission
has prepared a report estimating the public services which would
be desirable by the proposed project, and the expenses thereof,
the total project costs 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 Ed J. Luther
Beverages, Inc. and such report has been submitted to the Chairman
of the Plan Commission and to the Superintendent of the South Bend
Community School Corporation and their written comments have been
received by the Clerk of the Common Council of the City of South
Bend, Indiana, and such reports and comments have been appropriately
made to such Council, and
WHEREAS, the South Bend Economic Development Commission
has approved this form of ordinance authorizing the execution of
a Lease and Trust Indenture and Bonds, and the issuance of economic
development revenue bonds in accordance therewith, and
WHEREAS, the South Bend Economic Development Commission
transmitted this form of ordinance to the City Clerk of South
d, Indiana, for presentation to the Common Council of South
, Indiana, and
WHEREAS, the City Clerk of South Bend, Indiana, has
lashed once in a newspaper published in South Bend, Indiana,
notice that such form of ordinance has been filed with the
lerk in accordance with the provisions of said Municipal
c Development Act of 1965, as amended, and
WHEREAS, the Common Council of South Bend, Indiana, finds
the proposed development will be of public benefit to the
welfare of the City of South Bend, Indiana, by tending to
the deficiencies previously found to exist and that such
it is greater than the costs of the public facility which
be required by the proposed project relating to Ed J. Luther
, Inc.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of
City of South Bend, Indiana, that:
Section 1. The form and terms of the Lease and Trust
ure and Economic Development Revenue Bonds pertaining to
. J. Luther Beverages, Inc. facilities and the issuance of the
development revenue bonds pursuant thereto are hereby
and adopted.
Section 2. Said forms of Lease and Trust Indenture and
Development Revenue Bonds are hereby incorporated by
e into this ordinance and said forms shall be inserted into
minutes of the Common Council of South Bend, Indiana, and shall
kept on file by the City Clerk of South Bend, Indiana.
Section 3. The said Lease and Trust Indenture and
Development Revenue Bonds shall be executed on behalf of
City of South Bend, Indiana, by the Mayor and City Clerk, but
THORNBURG. MCGILL.
DEAHL. HARMAN.
CAREY h MURRAY
.> >..... ...c GILL.
such officers shall not execute such Lease and Trust Indenture and
Economic Development Revenue Bonds within twenty (20) days follow-
ing 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 Ed J. Luther
Beverages, Inc. facilities, may be issued in amounts not to
exceed $100,000.00 for a period of not to exceed fifteen (15) 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
approval by the Mayor. 4
Member of Co c 1
FILED Is CLERK'S OFFICE
E'-a7 - ?3
1st R ?.DING 9_io -'73 AUG 10 1973
;DARING 4 /0-7 3
'.DING Irene Gammon
.R„ i '37ROVED RE ERRED 0 - � 0 CITY CLERK, SOUTH BEND, INO.
q _ /
PASSED