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Home My WebLink AboutRepeal Ordinance No 5407-72 Revenue Bonds Royal Inns of South BendORDINANCE No. 542-72 Passed by the Common Council of the City of South Bend, AUGUST 28 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, AUGUST 30 Approved and signed by '3( 72 Clerk of Common Council IRENE K. GAMMON Clerk ORDINANCE NO. 5421 -72— AN ORDINANCE TO REPEAL ORDINANCE NO. 5407 -72 AND TO AUTHORIZE THE EXECUTION OF A LEASE, TRUST INDENTURE, AND BONDS AND TO AUTHORIZE THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING TO ROYAL INNS OF SOUTH BEND, A LIMITED PARTNERSHIP 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 Royal Inn of South Bend, a Limited Partnership, 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 the 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 Royal Inn of South Bend, A Limited Partnership. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. Ordinance No. 5407 -72, adopted by the Common Council on June 26, 1972, is hereby repealed. Section 2. The form and terms of the Lease and Trust Indenture and Economic Development Revenue Bonds as amended at this meeting pertaining to Royal Inn of South Bend, A Limited Partnership, facilities and the issuance of the economic development revenue bonds pursuant thereto are hereby approved and adopted. Section 3. 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. OFAE Section 4. 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, 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 5. Said Economic Development Revenue Bonds, payable solely and only from the revenue derived from such Royal Inn of South Bend, A Limited Partnership facilities may be issued in a total sum of not to exceed $2,800,000.00 for a period not to exceed 25 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 6. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. W44 FILED IN CI_F. "' Irene Gal- CITY CLERK, SOUTH st —, •.•� 1st & 2nd READING 9 28.92- COMMITTEE OF THE WHOLE PUBLIC HEARING 8 28- -7 AUG 2 $ 1972 3W READING NOT APPROVED C.EFERRED PASSED ?-•a$.1�- /J�1o�va�w p t1, TRANSMITTAL OF ORDINANCE AUTHORIZING EXECUTION OF LEASE, TRUST INDENTURE, AND BOND & ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS TO: Irene K. Gammon City Clerk City of South Bend County -City Building South Bend, Indiana 46601 The South Bend Economic Development Commission hereby transmits to you in accordance with the Municipal Economic Development Act of 1965, as amended, a proposed form of ordinance for enactment by the Common Council of South Bend to authorize the execution of a Lease, Trust Indenture, and Bond, which documents, and the terms, conditions, and forms thereof, have been approved by the Economic Development Com- mission, together with Economic Development Revenue Bonds per- taining to facilities for Royal Inns of South Bend, a limited partnership. You are requested to publish once in a newspaper in South Bend, Indiana, a notice that such proposed form of ordinance and Lease, Trust Indenture, and Bonds have been filed with you and present such proposed form of ordinance and said documents to the Common Council of South Bend, Indiana. Submitted this 16 day of August, 1972. SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION FILED IN CLEI,! "Q rn !CE (( Irene CITY CLERK, SOUTH UENO, IND. AUG 1 6 1972 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 to Repeal Ordinance No. 5407 -72 and to Authorize the Execution of a Lease, Trust Indenture, and Bonds and to Authorize the Issuance of Economic Development Revenue Bonds Pertaining to Royal Inns of South Bend, a Limited Partnership. The South Bend Economic Development Commission has approved the form and terms of the aforesaid documents, which documents are presently on file with the City Clerk of South Bend, Indiana, and opened for public inspection, the terms of the bonds being in an amount not to exceed $2,800,000.00 for a period not to exceed 25 years duration. Said ordinance, having been proposed by a member of the Common Council of the City of South Bend, together with the said documents 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 Fit P Ir! 1 1 F v OUICE I, CITY CLERK, SUUTN LEND, HID. AU G 1 6 1972