HomeMy WebLinkAboutAuthorizing Revenue Bonds - Singer General Tire IncORDINANCE NO. 5571 -73
Passed by the Common Council of the City of South Bend,
SEPTEMBER 10, ig73_
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
SEPTEMBER 11, zq 73
Clerk
Of Common Council
Clerk
IRENE K.
ORDINANCE NO. 5 5 ? /- 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
SINGER GENERAL TIRE, 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 Singer General
Tire, 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
i
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
DEAHL,
WHEREAS, the South Bend Economic Development Commission
has transmitted this form of ordinance to the City Clerk of South
Bend, Indiana, for presentation to the Common Council of South
Bend, Indiana, and
WHEREAS, the City Clerk of South Bend, Indiana, has
published once in a newspaper published in South Bend, Indiana,
a notice that such form of ordinance has been filed with the
Clerk in accordance with the provisions of said Municipal
Economic Development Act of 1965, as amended, and
WHEREAS, the Common Council of South Bend, Indiana, finds
that the proposed development will be of public benefit to the
economic welfare of the City of South Bend, Indiana, by tending to
overcome the deficiencies previously found to exist and that such
benefit is greater than the costs of the public facility which
would be required by the proposed project relating to Singer
General Tire, Inc.
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
Singer General Tire, Inc. facilities and the issuance of the
economic development revenue bonds pursuant thereto are hereby
approved and adopted.
Section 2. Said forms of Lease and Trust Indenture and
Economic Development Revenue Bonds 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 kept on file by the City Clerk of South Bend, Indiana.
Section 3. The said 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, but
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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 such Singer
General Tire, Inc. facilities, may be issued in amounts not to
exceed $180,000.00 for a period of fifteen (15) years duration, and
for additional amounts not to exceed $20,000.00 for a period of not
to exceed 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
approval by the Mayor. p�
Member of Co r191 1
FILED IN CLERK'S OFFICE
1st READING P— a7 -73
PUBLIC hPPR,NG e- / o- 73 AUG 1 01973
2nd R`:_'I:,; ? - /o- 93
NOT Irene Gammo
AS .
PASSED q— 9 —i0 -7 3 CITY CLERK, SOUTH BEND, I
P D.
PAS
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