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HomeMy WebLinkAboutApproving Revenue Bonds Industrial Packaging CorpORDINANCE NO. 5679 -74 Passed by the Common Council of the City of South Bend, MAY 28 IRENE K. GAMMON 74 Presented by me to the Mayor of the City of South Bend, MAY 2 a Approved and signed by me `Z 74 Clerk of Common Council IRENE K. GAMMON Clerk ORDINANCE NO. $G 7 Q -7 q AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO INDUSTRIAL PACKAGING CORPORATION WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the Sout hereinafter referred to as "Commission ", of the Public Law No. 182 of the Acts of Indiana for 1973, as such may be amended but not limited to IC 18- 6 -4.5 -2 through referred to as the "Act "; and z Bend Development Commission, pursuant to the provisions the General Assembly of from time to time, including 18- 6- 4.5 -28, hereinafter WHEREAS, Industrial Packaging Corporation has filed an application with the Commission to finance the construction of an industrial and commercial building (Facilities) which will con- stitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, in connection therewith the Commission has pre- pared 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 pro- posed financing of such facilities on May 3, 1974, after giving the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5; and WHEREAS, on the 28th day of May, 1974, this Common Council of the City of South Bend, Indiana, adopted a resolution pursuant to which such financing of such facilities for Industrial Packaging Corporation 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 Industrial Development Revenue Bonds pertaining to Industrial Packaging Corporation facilities and the issuance of the Industrial Development Revenue Bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Lease and Trust Indenture to- gether with Industrial 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 Industrial 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. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenue derived from such Industrial Packaging Corporation facilities, may be issued in amounts not to exceed $300,000.00 for a period of twenty (20) years under 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. Presented by Councilman Passed and adopted by the Common Council of the City of South Bend, Indiana, on the aaL4day of � �-�� 1974. ATTEST: City Clerk President of 06 Co 1 Presented by me to the Mayor of the City of South Bend, Indiana, on the �2qC4 day of , , 1974, at the hour of ao R.M. City Clerk This Ordinance approved and signed by me on the�9 day of 1 f+, a -CA, 1974, at the hour of _.M. r. U '- o , ATTEST: City Clerk lsf READING PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PASSED s -a 8- '7 '4 FILED IN CLERIC'S OFFICE MAY 14 1974 Irene Gammon CITY CLERK, SOUTH BEND, IND.