HomeMy WebLinkAboutAuthorizing Revenue Bonds - International Bakers Services IncORDINANCE No. 5439 -72
Passed by the Common Council of the City of South Bend,
OCTOBER 10
IQ 72
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
OCTOBER 11
72
Clerk
Of Common Council
IRENE K. GAMMON
Approved and signed by me 01-�� // 19 702
Clerk
ORDINANCE NO. 5439 -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 INTERNATIONAL
BAKERS SERVICES, 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 of the acquisition and
leasing of the proposed facilities relating to International
Bakers Services, 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
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
International Bakers Services, 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 International Bakers Services, 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-
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 International
Bakers Services, Inc. facilities may be issued in a total sum
of not to exceed $350,000.00 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 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
approval by the Mayor.
Passed and adopted by the Common Council of the City of
South Bend, Indiana, on the day of
President of Council
Attest:
City Clerk
1972.
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
FILED IN CLERK'S OFFICE
Irene GargMrPf 1972, at the hour of M.
CITY CLERK, SOUTH BEND, IND.
1st a god READING 9 d S-7 Z
COMMITTEE OE THE WHOLE
;PUBLIC HEARING (U ,1 O 7 1
Std READING 10 - r O- 7 z
SEP 2 0 1972 NOT APPROVED
REFERRED Mayor
PASSED / U - 10 7 Z
-3-