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HomeMy WebLinkAboutAuthorizing Revenue Bonds - Hoffman Bros. Sales & ServiceORDINANCE No. 5458 -72 Passed by the Common Council of the City of South Bend, Indiana. NOVEMBER 13 �9 72 Ir IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana NOVEMBER 14 72 Clerk of Common Council City Clerk IRENE K. GAMMON Approved and signed by me k2&- - /`/ i9 Z NO. 5458 -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 HOFFMAN BROS. SALES AND SERVICE AND /OR "AUTO ELECTRIC WAREHOUSING, 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 Hoffman Bros. Sales and Service and /or Auto Electric Warehousing, Inc., and such report has been submitted to the Chairman of the Plan Commission and to the Superintendent of the South Bend Cbmmunity 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 Hoffman Bros. Sales & Service and /or Auto Electric Warehousing, 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 Hoffman Bros. Sales and Service and /or Auto Electric Warehousing, 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, 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 Hoffman Bros. Sales and Service and /or Auto Electric Warehousing, Inc. facilities may be issued in a total sum of not to exceed $110,000.00 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. FILED IN CLERK'S 0' '!':E Irene CITY CLERK, SOUTH BEND, e.o. Preside of o it 1st &t= READING /� -i� �a COMMITTEE OF THE WHOLE PUBLIC HEARING / /- t 3.1 )- 3sdREADING % / -i3.1i s 1972 NOT APPROVED goo 2 REFERRED �`� PASSED /I- /3, Id, Y NOTICE OF FILING OF Notice is hereby given that on October 26, 1972, the South Bend Economic Development Commission filed with the City Clerk of South Bend, Indiana, a proposed form of ordinance entitled 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 Economic Development Revenue Bonds pertaining to Hoffman Bros. Sales and Service, Inc., and /or Auto Electric Warehousing, Inc. The South Bend Economic Development Commission having approved the aforesaid documents, which documents are presently on file with the City Clerk of South Bend, Indiana, and open for public inspection, the terms of the bonds being in the amount of $110,000.00 for a period not to exceed 20 years duration. Said ordinance having been proposed by a member of the Common Council of the City of South Bend 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 November 13, 1972, in the chambers of the Common Council of the City of South Bend, Indiana, in the County City Building at South Bend, Indiana. FILED IN CLERK'S OFFICE Irene Gammon CITY CLERK, SOUTH BEND, 1?,D OCT 2 6 1972 Irene K. Gammon, City Clerk of South Bend, Indiana 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 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 and Trust Indenture together with economic development revenue bonds pertaining to facilities for Hoffman Bros. Sales and Service, Inc., and /or Auto Electric Warehousing, Inc. You are requested to publish once in a newspaper in South Bend, Indiana, a notice that such proposed form of ordinance has been filed with you and present such proposed form of ordinance to the Common Council of South Bend, Indiana. Submitted this 26 FILED IN CLERK'S OFFICE Irene Gammon CITY CLERK, SOUTH BEND, IND, OCT OCT 2 6 1972 day of October-, 1972. SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION i V'CF 7-