HomeMy WebLinkAboutAuthorizing Revenue Bonds - J. E. Walz IncORDINANCE No. 5446 -72
Passed by the Common Council of the City of South Bend, Indiana
OCTOBER 10
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
OCTOBER 11
Approved and signed by
Clerk
of Common Council
• - City Clerk
IRENE K. GAMMON
i
7a
ORDINANCE NO. 5446 -72
AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE AND
TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS
AND THE FORM AND TERMS OF THE LEASE AND TRUST INDENTURE
AND BONDS AND THE ISSUANCE OF ECONOMIC DEVELOPMENT
REVENUE BONDS PERTAINING TO J. E. WALZ, INC. OF SOUTH BEND,
INDIANA
WHEREAS, the Common Council of the City of South Bend,
Indiana, heretofore has created the South Bend Economic
Development Commission pursuant to the provisions of the
Municipal Economic Development Act of 1965, as amended, and
WHEREAS, the South Bend Economic Development Commission
has found by a written resolution that because of existing
insufficient employment opportunities, or insufficient
diversification of industry, or insufficient pollution control
measures, the economic welfare of the City of South Bend,
Indiana, would be benefited by the acquisition and leasing to
others of industrial facilities, and such resolution and finding
has been approved by the Common Council of the City of South
Bend, Indiana, and
WHEREAS, the South Bend Economic Development Commission
has prepared a report estimating the public services which
would be desirable by the proposed project, and the expenses
thereof, the total project costs of the proposed project
and the number of jobs and estimated payroll on account of the
acquisition and leasing of the proposed facilities relating
to J. E. Walz, Inc. of South Bend and such report has been
submitted to the Chairman of the Plan Commission and to the
Superintendent of the South Bend Community School Corporation
and their written comments have been received by the Clerk
of the Common Council of the City of South Bend, Indiana,
and such reports and comments have been appropriately made to
such Council, and
WHEREAS, the South Bend Economic Development Commission
has approved this form of ordinance authorizing the execution
of a Lease and Trust Indenture and Bonds, and the issuance
of economic development revenue bonds in accordance therewith,
and
WHEREAS, the South Bend Economic Development Commission
has transmitted this form of ordinance to the City Clerk of
South Bend, Indiana, for presentation to the Common Council
of South Bend, Indiana, and
WHEREAS, the City Clerk of South Bend, Indiana, has
published once in a newspaper published in South Bend, Indiana,
a notice that such form of ordinance has been filed with the
Clerk in accordance with the provisions of said Municipal
Economic Development Act of 1965, as amended, and
WHEREAS, the Common Council of South Bend, Indiana, finds
that the proposed development will be of public benefit to the
economic welfare of the City of South Bend, Indiana, by
tending to overcome the deficiencies previously found to exist
and that such benefit is greater than the costs of the public
facility which would be required by the proposed project
relating to J. E. Walz, Inc. of South Bend.
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
J. E. Walz, Inc. of South Bend facilities and the issuance of
the economic development revenue bonds pursuant thereto are hereby
approved and adopted.
Section 2. Said forms of Lease and Trust Indenture and
Economic Development Revenue Bonds are hereby incorporated by
reference into this ordinance and said forms shall be inserted
into the minutes of the Common Council of South Bend, Indiana,
and shall be kept on file by the City Clerk of South Bend,
Indiana.
Section 3. The said Lease and Trust Indenture and
Economic Development Rbvenue Bonds shall be executed on behalf
of the City of South Bend, Indiana by the Mayor and City
Clerk, but such officers shall not execute such Lease and
Trust Indenture and Economic Development Revenue Bonds within
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
J. E. Walz, Inc. of South Bend facilities, may be issued in
a total sum of not to exceed $300,000.00 for a period not
to exceed 20 years duration from the date of the issuance
of such bonds in accordance 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
approval by the Mayor.
President Counci
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NOT APPROVED
REFERRED G2GG1,
PASSED / O ( - 7 '�-- V
SEP 2 7 1972