HomeMy WebLinkAboutAuthorizing Revenue Bonds - Royal InnORDINANCE NO. 5407-72
Passed by the Common Council of the City of South Bend,
JUNE 26 IQ 72
k
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
JUNE 29 72
Clerk
Of Common Council
City
IRENE K. GAMMON
Approved and signed by me JUNE 30 �9 72
Q
Clerk
ORDINANCE N0. 5407 -72
AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE
AND MORTGAGE AND THE ISSUANCE OF ECONOMIC DEVELOP-
MENT REVENUE BONDS PERTAINING TO ROYAL INN OF
SOUTH BEND AS AMENDED
WHEREAS, the Common Council of the City of South Bend,
Indiana, heretofore has created the south Bend Economic Devel-
opment 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 Mortgage 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
Royal Inn of South Bend.
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 Mortgage
pertaining to the Royal Inn of South Bend facilities and the
issuance of the economic development revenue bonds pursuant
thereto are hereby approved.
Section 2. Said form of Lease and Mortgage is hereby in-
corporated 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 Mortgage shall be executed on
behalf of the Economic Development Commission of the City of
South Bend, Indiana, by the Mayor and City Clerk, but such
officers shall not execute such Lease and Mortgage 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 Royal Inn of
South Bend facilities, may beissued in a total sum not to exceed
Two Million Eight Hundred Thousand and no /100 ($2,800,000.00)
Dollars, repayable with interest thereon in monthly installments
over a period of twenty (20) years from the date of the issuance
of such bonds in accordance with the terms of said Lease and
Mortgage and that such bonds shall be executed on behalf of the
Economic Development Commission 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.
/s/ Peter J. Nemeth
Member of the Common Council
1st & 2nd READING 6 -26 -72
COMMITTEE OF THE WHOLE'
PUBLIC HEARING 6 -26 -72
3:d READIN06 -26 -72 ,- Suspension of Rules
NOT APPROW
REFERRER
PASSED 6 -26 -72 as amended