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HomeMy WebLinkAboutApproving Revenue Bonds Miles Distributing IncORDINANCE No. 5659 -74 Passed by the Common Council of the City of South Bend, APRIL 22 19 74 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, APRIL 23, ro 74 Clerk of Common Council /U' City Clerk IRENE K. GAMMON Approved and signed by me C!' o{ 1 V ORDINANCE NO. 5 (� S 9- 7 `i AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO MILES DISTRIBUTING, INC. WHEREAS, the Common Council of the City of South Bend, Indiana heretofore has created the South Bend Development Commission, here- inafter referred to as "Commission ", pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended, supple- mented or added to, including but not limited to the amendments, supplements or additions of IC -1973, 18- 6 -4.5, or any other amend- ments, supplements or additions thereto, hereinafter referred to as the "Act "; and WHEREAS, Miles Distributing, Inc. has filed a application with the Commission to finance the acquisition of real estate and the construction hhereon of an industrial and commercial building (facilities) which will constitute economic development facilities resulting in a substantial number of new jobs as well as other bene- S_fits; and WHEREAS, in connection wherewith 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; and WHEREAS, the Commission held a public hearing on the proposed financing of such facilities on March 22 , 1974, after giving the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5; and WHEREAS, on the 22 day of April , 1974, this Common Council of the City of South Bend, Indiana, adopted a resolution pursuant to which such financing of such facilities for Miles Distributing, Inc. 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 Miles Distributing Inc. 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 sh:All be kept on file by the City Clerk of South Bend, Indiana. Section 3. The 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 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. Said Economic Development Revenue Bonds, payable solely and only from the revenue derived from such Miles Distributing, Inc. may be issued in amounts not to exceed $135,000.00 for a period of Twenty (20) years duration from the date of the issuance of the bonds in accordance with the terms of said Lease and Trust Indenture and that such bonds shall be executed on behalff 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 approved by the Mayor. Presented by j Councilman Passed and adopted by the Common Council of the City of South Bend, Indiana, on the ;�.A day of _, 1974, Attest: Pre ii e nt of Cou it City Clerk Presented by me to the Mayor of the City of South Bend, Indiana, on the 3 day of Q;L 1974, at the hour of °Z , 0 M. City Clerk This Ordinance approved and signed by me on the 1L S day of , 1974, at the hour of J.'ov 9 M. ist READING `i - a ,;z - --) y PUBLIC HEARING 44 - a a - 44 2nd READING y - :z a NOT APPROVED 1 REFERRED .�`•.,` -z'- -� PASSED tl - IR - - 12 Y APR 10 1974 Irene Gammon CITY CLERK. SOUTH BEND, IND.