HomeMy WebLinkAboutApproving Revenue Bonds Pertaining to KLMS RealtyORDINANCE No. 5582 -73
Passed by the Common Council of the City of South Bend, Indiana
SEPTEMBER 24
Attest: ;60-16 � _a i . e ,) - -t—( City Clerk
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
SEPTEMBER 25, tg 73
Approved and signed by
IRENE K.
of Common Council
Clerk
ORDINANCE NO. 6_ S Ba -? 3
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE
AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE
BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAIN-
ING TO KLMS REALTY, AN INDIANA PARTNERSHIP.
WHEREAS, the Common Council of the City of South Bend, Indiana,
heretofore has created the South Bend Economic Development Commission,
hereinafter referred to as "Commission," pursuant to the provisions
of the Municipal Economic Development Act of 1965, as amended, sup-
plemented or added to by IC -1971, 18 -6 -4 as amended, supplemented or
added to by IC -1973, 18- 6 -4.5, or any other amendments, supplements
or additions thereto, hereinafter referred to as the "Act;"
WHEREAS, KLMS.Realty, an Indiana Partnership, has filed an
application with the Commission to finance the acquisition of real
estate and the construction thereon of an office building (facilities)
which will constitute economic development facilities resulting in
a substantial number of new jobs as well as other benefits;
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 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;
WHEREAS, the Commission held a pub --l''ii�c hearing on the proposed
financing of such facilities as ofAfx 7 ,1973, after giving
the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5;
WHEREAS, as of the o?4 �A day of & x,1973, this
Common Council of the City of South Bend, Indiana, adopted a
resolution pursuant to which such financing of such facilities for
KLMS Realty, an Indiana Partnership, 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 and Trust Indenture
and Economic Development Revenue Bonds pertaining to KLMS Realty, an
Indiana Partnership 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 Develop-
ment 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. Such Economic Development Revenue Bonds, payable
solely and only from revenues and receipts derived from such KLMS Realty,
an Indiana Partnership facilities, may be issued in a total sum of not
- 2 -
to exceed $400,000.00 for a period not to exceed eighteen (18)
years' duration from the date of the issuance of such Bonds in
accordance with the terms of said Lease.and Trust Indenture.
Section 5. This Ordinance shall be in full force and effect
from and after its passage by the Common Council and approved
the Mayor. -
Passed and adopted by the Common Council of the City of South
Bend, Indiana, on the a 4/� day of �, _ ��,, , 1973.
a, L1f2,,,A
reside& of Council
ATTEST/:
City Clerk
Presented by me to the Mayor of the City of South Bend, Indiana
on the 4 5t,-day of ,1973, at the hour of M.
Citv Clerk
This Ordinance approved and signed by me on the aLou day of
1973, at the hour of
M.
1st READING
9 a U - 12 3
PUBLIC HEARING
c?-,2 N --2 3
2nd READING
NOT APPROVED
REFERRED
_ A,e�J _ 3
PASSED
9- a v --7 3
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