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Home My WebLink AboutAuthorizing Revenue Bonds - C.E. Lee Co IncORDINANCE No. 5438 -72 Passed by the Common Council of the City of South Bend, OCTOBER 10 tq 72 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, OCTOBER 11 in 72 Clerk Of Common Council IRENE K. GAMMON Approved and signed by me // —19 -7 Clerk ORDINANCE NO. 5438 -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 C. E. LEE COMPANY, INC. WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Develop- ment :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 insuf- ficient.employment opportunities, or insufficient diversification of industry, or insufficient pollution control measures, the econo- mic 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 leas- ing of the proposed facilities relating to C. E. Lee 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 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 Econo- mic 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 eco- nomic 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 C. E. Lee 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 pertaining to C. E. Lee 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 are hereby incorporated by refe- rence 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 Eco- nomic Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana by the Mayor and City Clerk, but -2- 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 C. E. Lee Company, Inc, facilities, may be issued in a total sum of not to exceed $197,000.00 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 ommon Council and appro- val by the Mayor. Passed and adopted by the Common Council of the City of South Bend, Indiana, on the day of , 1972. ............................ .... President of Council Attest: City Clerk Presented by me to the Mayor of the City of South Bend, Indiana on the day of , 1972, at the hour of " .M. of FILED IN CUPWS UWE Irene Gammon ll CITY CLERK. SOUTH BEND I SEP 1 1 1972 ..................... City Clerk This ordinance approved and signed by me on the day 1972, at the hour of M. 1st & 2nd READING COMMRTEE OE THE WHOLE ;PUBLIC HEARIKO 10 - 10• - A- Ud READING !a -/0. 7 :Z, NOT APPROVEa REFERREQ PASSED /0 - 10 -7 2 -3- Mayor TRANSMITTAL OF ORDINANCE AUTHORIZING EXECUTION OF LEASE AND TRUST INDENTURE AND 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 Develop- ment 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 and Trust Indenture together with economic development revenue bonds pertaining to facilities for C. E. Lee Company, Inc. You are requested to publish once in a newspaper in South Bend, Indiana, a notice that such proposed form of ordi- nance has been filed with you and present such proposed form of ordinance to the Common Council of South Bend, Indiana. Submittedthis day of September, 1972. SOUTH BEND ECONOMIC DEVELOPMENT FILED !N CLF WS WICE ~,'ne Gammon U7 i F:.K SOUTH BEND, IND. r SEP 11 1972 FILED IN OLEM Office Irene Gammon CITY CLERK, SOOTM SEND, INO. KNOW ALL MEN BY THESE PRFSVITS, that the City of South Bend, in the State of Indiana, subject to the terms hereof, promises to pay to First Bank and Trust Company of South Bend, South Bend, Indiana, the suss of One hundred Ninety Seven Thousand Dollars 0197,000.00) together with interest thereon at the rate of five and one -half per cent (5 -1/2%) per annum in amortized consecutive monthly instalments over a period of twenty (20) years with first Instalment being due and payable November 1, 19729 All principal and interest on this bond shall be payable at the office of First Bank and Trust Company of South Bend, South Bend, Indiana, Trustee, pursuant to the Lease and Trust Indenture dated , 19729 as executed by the City of South Bend, Indiana as "Less-0-P-, South Vend Economic Development Commission, as "Commission ", C. E. Lee Company, Inc., an Indiana corporation, as "Lessee ", and ?drat Bank and Trust Company of South Bend, South Bend, Indiana, as "Trustee" pertaining, to certain facilities, the terms of which Lease and Trust Indenture provide for the issuance of this bond In accordance with procedures established by the Municipal Economic Development Act of 1965, as amended (hereinafter referred to as "Act "), and are incorporated herein by reference. This bond is Issued pursuant to such Lease and Trust Indenture, subject to all of the terms therein set forth, together with the provisions of the Act, the execution of which bond has been authorized pursuant to ordinance of the Common Council of South Send, Indiana, as pro- vided in the Act. The Trustee is authorized to Take payment to the per- son or persons shown to be the holder of this bond on its records. No transfer of this bond shall be effective until a new bond has been issued by the City of South Bend and the Trustee has been ad- vised by it in writing as to the date of such Issuance and the name and address of the person or entity to whoa this bond is transferred. This bond shall not constitute a general obligation bond of the City of South Bend, and all obligations or payments required hereby are limited solely to the amounts received by the Trustee from the rental revenue and receluts derived from the lease, sale or disposition of the premises referred to in such Lease and Trust Indenture. Privi- lege is reserved to redeem this bond at any time without notice at the option of the issuer upon payment of the unpaid principal, to- gether with interest, to the date of such redemption. Executed at South Bend, Indiana, this day of , 1972. CITY OF SOUTH BEND, INDIANA Attest: Jerry J. Miller Its Mayor Irene K. Uammon Ttw T'!tv rl•rk CITY OF SOUTH BEND, INDIANA [So '11 INDUS( DEVELOPMENT C£AILee Coapany,Inc. Project� KNOW ALL MEN BY THESE PRFSVITS, that the City of South Bend, in the State of Indiana, subject to the terms hereof, promises to pay to First Bank and Trust Company of South Bend, South Bend, Indiana, the suss of One hundred Ninety Seven Thousand Dollars 0197,000.00) together with interest thereon at the rate of five and one -half per cent (5 -1/2%) per annum in amortized consecutive monthly instalments over a period of twenty (20) years with first Instalment being due and payable November 1, 19729 All principal and interest on this bond shall be payable at the office of First Bank and Trust Company of South Bend, South Bend, Indiana, Trustee, pursuant to the Lease and Trust Indenture dated , 19729 as executed by the City of South Bend, Indiana as "Less-0-P-, South Vend Economic Development Commission, as "Commission ", C. E. Lee Company, Inc., an Indiana corporation, as "Lessee ", and ?drat Bank and Trust Company of South Bend, South Bend, Indiana, as "Trustee" pertaining, to certain facilities, the terms of which Lease and Trust Indenture provide for the issuance of this bond In accordance with procedures established by the Municipal Economic Development Act of 1965, as amended (hereinafter referred to as "Act "), and are incorporated herein by reference. This bond is Issued pursuant to such Lease and Trust Indenture, subject to all of the terms therein set forth, together with the provisions of the Act, the execution of which bond has been authorized pursuant to ordinance of the Common Council of South Send, Indiana, as pro- vided in the Act. The Trustee is authorized to Take payment to the per- son or persons shown to be the holder of this bond on its records. No transfer of this bond shall be effective until a new bond has been issued by the City of South Bend and the Trustee has been ad- vised by it in writing as to the date of such Issuance and the name and address of the person or entity to whoa this bond is transferred. This bond shall not constitute a general obligation bond of the City of South Bend, and all obligations or payments required hereby are limited solely to the amounts received by the Trustee from the rental revenue and receluts derived from the lease, sale or disposition of the premises referred to in such Lease and Trust Indenture. Privi- lege is reserved to redeem this bond at any time without notice at the option of the issuer upon payment of the unpaid principal, to- gether with interest, to the date of such redemption. Executed at South Bend, Indiana, this day of , 1972. CITY OF SOUTH BEND, INDIANA Attest: Jerry J. Miller Its Mayor Irene K. Uammon Ttw T'!tv rl•rk