HomeMy WebLinkAboutApproving Revenue Bonds Ironwood PartnershipORDINANCE No. 5583 -73
Passed by the Common Council of the City of South Bend,
SEPTEMBER 24, ig 73
Attest: y5a — /, a" � )6' . f' o , b .. n . City Clerk
iRFNF K (:AMMC)N
Presented by me to the Mayor of the City of South Bend, Indiana
Approved and signed by
IRENE K.
of Common Council
Clerk
ORDINANCE NO. S s 90 -70
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
IRONWOOD PARTNERSHIP
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, Ironwood Partnership has filed an application
with the Commission to finance the acquisition of real estate
and the construction thereon of a 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
prepared and placed on file a report containing the subject
matter as specified in Section 16 of IC -1973, 18 -6 74.5 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; and
WHEREAS, the Commission held a public hearing on the
proposed financing of such facilities on July 27, 1973, after
giving the required notice as provided for in Section 17 of
IC -1973, 18- 6 -4.5; and
WHEREAS, on the -� Y 9lday of NY, , 1973, this
Common Council of the City of South Bend, Indiana, adopted a
resolution pursuant to which such financing of such facilities
for Ironwood 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
Ironwood Partnership facilities andthe issuance of the
Economic Development Bonds pursuant thereto are hereby approved
and adopted.
Section 2. Said form 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 shal
City of South Bend, Indiana by
sealed with the corporate seal
shall not take place until the
following the adoption of this
Section 4. Said Economic
L be executed on behalf of the
the Mayor and City Clerk and
of such City, but such execution
elapse of twenty (20) days
Ordinance as provided by law.
Development Revenue Bonds,
payable solely and only from the revenue derived from such
Ironwood Partnership facilities, may be issued in amounts not
to exceed $300,000.00 for a period of twenty (20) years' duration
from the date of the issuance of such bonds in accordance with
1st READING
PUBLIC HEARING
2nd READING
NOT APPROVED
REFERRED
PASSED
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 coporate 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
approved by the Mayor.
Presented by
Councilman
Passed and adopted by the Common Council of the City
of South Bend, Indiana, on the a V t-A- day ofe
1973.
Attest:
President of Co cil
Presented by me to the Mayor of the City of South Bend,
Indiana, on the AS day of zr� / 1973, at the hour
of M.
City Clerk T � e-
This ordinance approved and signed by me on the ?-k``day
of s6eTtyx , 1973, at the hour of iQ ` &d A M.
Attest:
4�6a_ W ,," �o. e-- Z City Clerk ��(7'
9 -a N -�3
q_av -?3 A ��
V
9 av 73
FILED IN CLERK'S OFFICE
SEP 1 1 1973
Irene Gammon
CITY CLERK, SOUTH BEND,, IND;