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HomeMy WebLinkAboutAuthorizing Revenue Bonds - South Bend Toy Manufacturing Co IncORDINANCE No. 5420 -72 Passed by the Common Council of the City of South Bend, AUGUST 28 72 Attest: X' J City Clerk IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Ind,ana AUGUST 30 Approved and signed by of Common Council IRENE K. GAMMON 31 ,A %a Clerk *`:. , > ORDINANCE NO. 5420 -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 THE SOUTH BEND TOY MANUFACTURING COMPANY, INC. 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 -,cif the acquisition and leasing,of the proposed facilities relating to The South Bend Toy Manufacturing Company, Inc. 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 Jam. . 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 The South Bend Toy Manufacturing Company, Inc. 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 as amended at this meeting pertaining to The South Bend Toy Manufacturing Company, Inc. 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 as amended at this meeting 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 Revenue Bonds as amended at this meeting shall be executed on behalf of the City of South Bend, Indiana, -2- \I 1 I� 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 The South Bend Toy Manufacturing Company, Inc. facilities, may be issued in a total sum of not to exceed $1,600,000.00 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 as amended at this meeting 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 Dealed 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 an Gvjapproval by the Mayor. M Passed and adopted by the Common Council of the City of South Bend, Indiana, on the Attest: City Clerk day of , 1972. Presiden of CbLNacil Presented by me to the Mayor of the City of South Bend, Indiana on the day of 1972, at the hour of � M. City Clerk This ordinance approved and signed by me on the day of , 1972, at the hour of 1st & 2nd READING lS 28.7 ; COMMITTEE OF. THE WME PUBLIC NEARING 8 a& 9 z Std READING NOT APPROVEC REFERRED PASSED 9',994 22 M. .1 NOTICE OF FILING OF ORDINANCE Notice is hereby given that on August 16, 1972, the South Bend Economic Development Commission filed with the City Clerk of South bend, Indiana, a proposed form of ordinance entitled An Ordinance Authorizing the Execution of a Lease and Trust Indenture and Economic Redevelopment Revenue Bonds and the form and terms of the Lease and Trust Indenture and Economic Redevelopment Revenue Bonds, and the Issuance of Economic Development Revenue Bonds pertaining t6 The South Bend Toy Manufacturing Company, Inc. The South Bend Economic Development Commission having approved the aforesaid documents, which documents are presently on file with the City Clerk of South Bend, Indiana, and open for public inspection, the terms of the bonds being in the amount of $1,600,000.00 for a period not to exceed 20 years duration. Said ordinance having been proposed by a member of the Common Council of the City of South Bend will be publicly considered and heard at the regular meeting of the Common Council of the City of South Bend, Indiana, to be held at 8:00 o'clock p.m. on August 28, 1972, in the chambers of the Common Council of the City of South Bend, Indiana, in the County City Building at South Bend, Indiana. Irene K. Gammon, City Clerk of South Bend, Indiana