HomeMy WebLinkAboutAuthorizing Revenue Bonds - Pertaining to First Bank & Trust CoORDINANCE No. 5482 -73
Passed by the Common Council of the City of South Bend, Indiana.
JANUARY 22, r9 7 3
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
JANUARY 23, 19 73
Clerk
of Common Council
Clerk
IRENE K. GAMMON
Approved and signed by me _ a -s19 �7 3
ORDINANCE NO. -2 3
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
FIRST BANK AND TRUST COMPANY OF SOUTH BEND TRUSTEE
FOR LAND TRUST NO. 29 -5121
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 measure, 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 First Bank
and Trust Company of South Bend, Trustee for Land Trust No. 29 -5121, 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 First
Bank and Trust Company of South Bend, Trustee for Land Trust #29-5121.
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 First Bank and Trust Company
of South Bend, Trustee for Land Trust #29 -5121, 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 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 Develop-
ment Revenue Bonds shall be executed on behalf of the City of South Bend,
-2-
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 First Bank and Trust
Company of South Bend Trustee for Land Trust #29 -5121 facilities, may be
issued in a total sum of not to exceed $1,800,000.00 for a period not to
exceed 21 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 Common Council and approval by the Mayor.
1st PEADING /-F--13
PU"ttC H- 1ARING / - °Z a_ 7 3
2nd 1-aa -7 3
NOT ;,PPR0VrE1
PASS.p /- a a - 9 3
-3-
P esfd nt of Council
FILED IN CLERK'S OFFICE
Irene Gammon
CITY CLERK, SOUTH SEND, IND,
JAN 3 1973