HomeMy WebLinkAboutApproving Revenue Bonds Great Northern Distributors IncORDINANCE No. 5553 -73
Passed by the Common Council of the City of South Bend, Indiana.
JULY 23
M
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Ind*ana
JULY 24, ro 73
A
Clerk
of Common Council
IRENE K. GAMMON
Approved and signed by me \�\-- 64- 2—,6 I9-73
Clerk
ORDINANCE NO. SSS:3- ?3
AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND
TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS,
AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO
GREAT NORTHERN DISTRIBUTORS, INC.
WHEREAS, the Common Council of the City of South Bend,
Indiana, heretofore has created the South Bend Economic Develop-
ment Commission, hereinafter referred to as "Commission ", pursuant
to the provisions of the Municipal Economic Development Act of
1965, as amended, supplemented or added to by IC -1971, 18 -6 -4 as
amended, supplemented or added to by IC -1973, 18- 6 -4.5, or any other
amendments, supplements or additions thereto, hereinafter referred
to as the "Act ";
WHEREAS, Great Northern Distributors, Inc. has filed an
application with the Commission to finance the acquisition of real
estate and the construction thereon of a warehouse (facilities)
which will constitute economic development facilities resulting in
a substantial number of new jobs as well as other benefits;
WHEREAS, in connection therewith the Commission has pre-
pared and placed on file a report containing the subject matter as
specified in Section 16 of IC -1973, 18 -6 -4.5 and has forwarded
copies thereof to the Chairman of the Area Plan Commission and to
the Superintendent of the School Corporation in the area of which
the facilities will be located, and has timely received favorable
reports from each of them;
WHEREAS, the Commission held a public hearing on the pro-
posed financing of such facilities as of July 6, 1973 after giving
the required notice as provided for in Section 17 of IC -1973,
18-6-4.5;
WHEREAS, as of the r�?34ci day of July, 1973, this Common
Council of the City of South Bend, Indiana, adopted a resolution
pursuant to which such financing of such facilities for Great
Northern Distributors, Inc. under the Act was approved after a find-
ing that such proposed financing for such entity would be of benefit
to the health or welfare of the City of South Bend, Indiana.
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
Great Northern Distributors, Inc. facilities and the issuance of
the Economic Development Bonds pursuant thereto are hereby approved
and adopted.
Section 2. Said forms of Lease and Trust Indenture to-
gether with Economic Development Revenue Bonds which are on file
with the Commission are hereby incorporated by reference into this
Ordinance, and said forms shall be inserted into the minutes of
the Common Council of the City of South Bend, Indiana, and shall be
kept on file by the City Clerk of South Bend, Indiana.
Section 3. The Lease and Trust Indenture and Economic
Development Revenue Bonds shall be executed on behalf of the City
of South Bend, Indiana by the Mayor and City Clerk and sealed with
the corporate seal of such City, but such execution shall not take
place until the elapse of twenty (20) days following the adoption
of this Ordinance as provided by law.
Section 4. Such Economic Development Revenue Bonds,
payable solely and only from revenues and receipts derived from
such Great Northern Distributors, Inc. facilities, may be issued
- 2 -
in a total sum of not to exceed $300,000.00 for a period not to
exceed fifteen (15) years' duration from the date of the issuance
of such Bonds in accordance with the terms of said Lease and Trust
Indenture.
Section 5. This Ordinance shall be in full force and
effect from and after its passage by the Common Council and ap-
proval by the Mayor.
A Member of th v outh e ommon Council
FILED IN CLERK'S OFFICE
JUL 91973
1st READING ?—
PUBLIC HEARING ?- Q3 -?I3 Irene Gammon
2nd READING '2-Q 3 - 3 •`.- �•7'°- -` -e-^'J CITY CLERK, SOUTH BEND, IND.
NOT APPROVED
REFERRED
PASSED -? _ a s _ ?3 - 3 -