HomeMy WebLinkAboutApproving Revenue Bonds Real America Development IncORDINANCE No. 5687 -74
Passed by the Common Council of the City of South Bend, Indiana
Attest. 4"' /�— ` '` City Clerk
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
JUNE 11 zq 74
of Common Council
xr�° `�'"- "�°-~ City Clerk
IRENE K. GAMMON
Approved and signed by me
XIFZI U,i O. MIi ILt.
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ORDINANCE NO. 56 g -7 _ 7 cF
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE
BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
REAL AMERICA DEVELOPMENT, INC.
WHEREAS, the Common Council of the City of South Bend,
Indiana, heretofore has created the South Bend Development Commis-
sion, hereinafter referred to as "Commission ", pursuant to the pro-
visions of the Public Law No. 182 of the Acts of the General
Assembly of Indiana for 1973, as such may be amended from time to
time, including but not limited to IC 18- 6 -4.5 -2 through IC 18- 6 -4.5-
28, hereinafter referred to as the "Act "; and
WHEREAS, Real America Development, Inc, has filed an
application with the Commission to finance the acquisition of real
estate and the construction thereon 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 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 / 7 , 1974, after
giving the required notice as provided for n Section 17 of IC -1973,
18- 6 -4.5; and
WHEREAS, on the L day of , 1974, this
Common Council of the City of South Ben P, Indiana, adopted a re-
solution pursuant to which such financing of such facilities for
Real America Development, 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 Industrial Development Revenue Bonds pertaining to
Real America Development, Inc. 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 Real
Development, Inc. facilities, may be issued in amounts not
to exceed $1,700,000.00 for a period of twenty (20) years from
January 1, 1975 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 approv-
ed by the Mayor.
Presented by
Councilman
THORNBURG. 11cGiu, ist READING
o�AHL, HaM4AN• PUBLIC HEARING �° - �0 a..e_..w.c_�.✓
CnR =_Y s MURRAY 2nd READING e, - / 0 - i 2 _
NOT APPROVED -
REFERRED
PASSED
FILED IN CLERK'S OFFICE
MAY 2 31974
Irene Gammon
CITY CLERK, SOUTH BEND, IND.
Passed and adopted by the Common Council of the City of
Bend, Indiana, on the 16Vday of —1 1974.
t:
President of the Council
ity Clerk
Presented by me to the Mayor of the City of South Bend,
Indiana, on the g–� day of 1974, at the hour of
t U U _ )'.M.
City Clerk
day of
Attest:
City Clerk
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This ordinance approved and signed by me on the 13 �
1974, at the hour of
_.M.
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