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HomeMy WebLinkAboutAuthorizing Revenue Bonds Service Printers IncORDINANCE No. 5370 -71 Passed by the Common Council of the City of South Bend, December 13, _ 19 71 Presented by me to the Mayor of the City of South Bend, Approved and signed by December 15, �9 71 Clerk )f Common Council TN[ FARM FARM. dRIL*& PIIILtZHINO CO. ORDINANCE NO. 5370 -71 AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE ADiD TRUST INDENTURE AND THE ISSUANCE OF ECONOMIC DEVELOPME14T REVENUE BONDS PERTAINING TO SERVICE PRINTERS 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 approved this form of ordinance authorizing the execution of a Lease and Trust Indenture and the issuance of.economic develop- ment 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 cost of the public facilities which would be required by the proposed project relating to Service Printers Inc. 14OW 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 pertaining to the Service Printers Inc. facilities and the issuance of the economic development revenue bond pursuant thereto are hereby approved. Section 2. Said form of Lease and Trust Indenture is hereby incorporated by reference into this ordinance and said form 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 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 within twenty (20) days following the adoption of this ordinance as provided by law. Section 4. Economic development revenue bonds payable solely and only from the revenue derived from such Service Printers Inc. facilities may be issued in a total sure of One Hundred Thirty- - Five Hundred Thousand Dollars (*135,000.00) repayable with interest thereon at the rate of six percent (6 %) per annum in monthly installments over a period of fifteen (15) years 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 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. Ilember of Council 1st & 2nd READING 12 -6 -71 COMMITTEE OF THE WHOLE PUBLIC HEARING 12 -13 -71 3rd READING 12 -13 -71 NOT APPROVED REFERRED PASSED 12 -13 -71 (Special meeting) FILED IN CLERK'S OFFICE DEC 1 1971 Kathryn L. Blough City Clerk, South Bend, Ind. (dotttmi##ee �epur# to At Tomm u (Qounrd of * (lug of oout4 Mend: Your Committee OF THE WHOLE to whom was referred AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE AND TRUST INDENTURE AND THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING TO SERVICE PRINTERS INC. Respectfully report that they have examined the matter and that in their opinion the Ordinance go to the Council as favorable Chairman FR6L FRE99 FV BLI9XI N4 CO.