HomeMy WebLinkAboutAuthorizing Revenue Bonds - Petro Chem Automotive CorpORDINANCE No. 5422 -72
Passed by the Common Council of the City of South Bend,
11
72
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
Approved and signed by
12
72
Clerk
of Common Council
e•. °w (�— City Clerk
IRENE K. GAMMON
ORDINANCE NO. 5422 -72
AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE,
TRUST INDENTURE AND BONDS AND THE ISSUANCE OF ECON-
OMIC DEVELOPMENT REVENUE BONDS PERTAINING TO PETRO
CHEM AUTOMOTIVE CORP.
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 approved this form of ordinance authorizing the execution
of a Lease, 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 Co=non 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
Petro Chem Automotive Corp.
NOW, THEREFORE, BE IT ORDAINED by the Common Cc 1 of
TL6 IN CLERK'S OFFICE
the City of South Bend, Indiana, that: Irene Gammon
CITY CLERK, SODiN BEND, IND.
AN' 1 o 1972
Section 1. The form and terms of the Lease, Trust
Indenture and Bonds pertaining to the Petro Chem Automotive
Corp. facilities and the issuance of the economic development
revenue bonds pursuant thereto are hereby approved.
Section 2. Said form of Lease, Trust Indenture and
Bonds is hereby incorporated by reference into this ordinance
and said form 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, Trust Indenture and Bonds
shall be executed on behalf of the Economic Development
Commission of the City of South Bend, Indiana, by the Mayor
and City Clerk, but such officers shall not execute such
Lease, Trust Indenture and Bonds within twenty (20) days
following the adoption of this ordinance as provided by law.
Section 4. Economic Development revenue bonds, payable
solely and only from the revenue derived from such Petro
Chem Automotive Corp. facilities, may be issued in a total
sum of not to exceed $90,000.00 for a period not to exceed
15 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
Economic Development Commission 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 approved
by the Mayor.
1st & 2nd READING $ -4- � �-
COMMITTEE OF THE WHOLE
PUBLIC HEARING 9 - /!- 2•
30 READ,INB q -// �a
NOT APPROYLtN
REFERRM
PASSED, 9- / /-'7a
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Member Cou c'1
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