HomeMy WebLinkAboutAuthorizing Revenue Bonds - Automatic Molded Plastics IncORDINANCE No. 5523 -73
Passed by the Common Council of the City of South Bend, Indiana
Cicv Clerk
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
MAY 15, i9 73
Of Common Council
/�<J City Clerk
IRENE K. GAMMON
ORDINANCE NO. 5 S-,;2 3 - 'J 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
AUTOMATIC MOLDED PLASTICS, 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
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 Automatic Molded
Plastics, 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
reo Rn u:xc, uccn.�.
DEAHL. HARMAN.
CAREY G 'AURRAY
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 Automatic
Molded Plastics, 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
Automatic Molded Plastics, 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
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 shall be executed on behalf of
the City of South Bend, Indiana, by the Mayor and City Clerk, but
-2-
TY.ORN.IURG, WGILI,
D IHL, HARMANI.
CAREY G il!URRAY
DE.AHL, HARMAN,
CAREV C MURRAY
such officers shall not execute such Lease and Trust Indenture and
Economic Development Revenue Bonds within twenty (20) days follow-
ing 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 Automatic
Molded Plastics, Inc. facilities, may be issued in amounts not to
exceed $383,620.00 for a period of ten (10) years duration, and for
additional amounts not to exceed $466,380.00 for a period of not to
exceed twenty (20) years duration from the date of the issuance of
such bonds in accordance with the terms of said Lease and Trust
ture and that such bonds shall be executed on behalf of the
ty of South Bend, Indiana, by the Mayor and City Clerk of South
, Indiana, and shall be sealed with the corporate seal of said ci
Section 5. This ordinance shall be in full force and
ffect from and after its passage by the Common Council and
by the Mayor.
Passed and adopted by the Common Council of the City of
th Bend, Indiana, on the L
ttest:
62
y Clerk
Presented by me to the Mayor of the City of South Bend,
iana, on the _ day of 1973, at the hour
M.
City Clerk
This ordinance approved and signed by me on the
of
1st READING q - a 3 - 1),3
PUBLIC HEARING S-- i 14 - 73
2nd READING S- / '`!- '7 3
NOT APPROVED
REFERRED
PASSED S- / 1/- X 17
1973, at the hour of .M.
Mayor
FILED IN CLERK'S OFFICE
PR 18 1973
Irene Gammon
@ITY CLERK, SOUTH WAk va