HomeMy WebLinkAboutApproving Revenue Bonds Osthimer IncORDINANCE No. 5714 -74
Passed by the Common Council of the City of South Bend,
AUGUST 12, 19 74
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
AUGUST 13, 19 74
Clerk
of Common Council
A— Al o--� City Clerk
IRENE K. GAMMON
Approved and signed by me &w gat /9 19
ORDINANCE NO. S y_7c(
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
OSTHIMER, INC.
WHEREAS, the Common Council of the City of South Bend,
Indiana, heretofore has created the South Bend Development
Commission, herinafter referred to as "Commission ", pursuant to the
provisions 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, Osthimer, Inc., an Indiana Corporation, has
filed an application with the Commission to finance the acquisition
of real estate and the construction thereon of an industrial
and manufacturing building (facilities) which will constitute
economic development facilities resulting in a substantial number
of 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 -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 .7„1,, 19th , 1974,
after giving the required notice as provided for in Section 17 of
IC -1973, 18- 6 -4.5; and
WHEREAS, on the 12th day of August 1974, this
Common Council of the City of South Bend, Indiana, adopted a
resolution pursuant to which such financing of such facilities for
Osthimer, Inc., an Indiana 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 RESOLVED, 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 Bonds pertaining to
Osthimer, Inc. an Indiana 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
together 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 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
Osthimer, Inc., an Indiana Corporation, facilities, may be issued
in amounts not to exceed $300,000.00 for a period of twenty (20)
years, 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
-2-
effect from and after its passage by the Common Council and
approved by the Mayor
Presented by:
Passed and adopted by
n
Council of the City
of South Bend, Indiana, on the 1a�'day of , 1974
Presiden of C U�
City Clerk
Presented by me to the Mayor of the City of South Bend,
Indiana, on the 1,3t-J day of 1974, at the hour
of .M.
day of
Attest:
Kj
City Clerk
This Ordinance approved and signed by me on the 17
1974, at the hour of y.aa P.M.
City Clerk
1st READING
PUBLIC HEARING
2nd READING
NOT APPROVED
REFERRED
PASSED
8 -/a -may
�7- /9 -'7`/
U —3—
,.t; ?x7 n7 T 5-!7
r� n-.
1l i_ n
1974
Irene Gammon
CITY CLERK, SOUTH BEND, . IND,