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HomeMy WebLinkAboutAuthorizing Revenue Bonds - Pertaining to Curtis L CrofootORDINANCE No. 5525 -73 Passed by the Common Council of the City of South Bend, MAY 29 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Approved and signed by -973 j / Clerk of Common Council IRENE K. GAMMON Clerk 0 ORDINANCE NO. S" S d 5- ),3 AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE, TRUST INDENTURE, ECONOMIC DEVELOPMENT REVENUE BONDS AND MORTGAGE AND THE FORMS AND TERMS OF THE LEASE AND TRUST INDENTURE AND BONDS AND MORTGAGE AND THE ISSUANCE OF ECONOMIC DEVELOP- MENT REVENUE BONDS PERTAINING TO CURTIS L. CROFOOT 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 acquisi- tion and leasing to others of industrial facilities, and such resolu- tion 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 the estimated payroll on account of the acquisition and leasing of the proposed facilities relating to the Curtis L. Crofoot, 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, Trust Indenture, Bonds and Mortgage, 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 Develop- ment 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 Curtis L. Crofoot. 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, Trust Indenture, Mortgage and Economic Development Revenue Bonds as amended at this meeting pertaining to Curtis L. Crofoot facilities and the issuance of the economic development revenue bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Lease, Trust Indenture, Mortgage 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, Trust Indenture, Mortgage and Economic Development Revenue Bonds as amended at this meeting shall be executed on behalf of the City of South Bend, Indiana, by the -2- Mayor and City clerk, but such officers shall not execute such Lease, Trust Indenture, Mortgage and Economic Development Revenue Bonds within twenty (20) days following the adoption of this ordinance as provided by law. Section 4. The Economic Development Revenue Bonds, payable solely and only from the revenue derived from such Curtis L. Crofoot facilities, may be issued 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, Trust Indenture, and Mortgage 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 of the City of South Bend and its approval by the Mayor. 1st READING PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PA55ED s -iv - -23 s a9 - '23 S -a9_ -2 S -aq_�3 -3- Me er of Council FILED IN CLCRK'S OFFICE :AY 9 1973 Irene Gammon CITY CLERK, SOUTH BEND, IND.