HomeMy WebLinkAboutAuthorizing Revenue Bonds - First Bank & Trust CoORDINANCE NO. 5411 -72
Passed by the Common Council of the City of South Bend, Indiana
JULY 24
IRENE K. GAMMON
72
Presented by me to the Mayor of the City of South Bend, Ind'ana
JULY 25
Approved and signed by
J-
�9 72
Clerk
of Common Council
IRENE K. GAMMON
Clerk
southwest corner
Michigan and Wayne
ORDINANCE NO. 5411 -72
AN ORDINANCE AUTHORIZING THE EXECUTION OF A
LEASE AND TRUST INDENTURE AND THE ISSUANCE OF
ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING
TO FIRST BANK AND TRUST COMPANY OF SOUTH BEND
TRUSTEE FOR LAND TRUST NO. 29 -5094
WHEREAS, the Common Council of the City of South Bend, Indiana, hereto-
fore 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 development revenue bonds in accordance therewith, and
WHEREAS, the South Bene 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 or 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 First Bank and Trust Company
of South Bend, Trustee for Land Trust No. 29 -5094.
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 pretaining
to the First Bank and Trust Company of South Bend, Trustee for Land Trust No. 29 -5094
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 First Bank and Trust Company of South Bend,
Trustee for Land Trust No. 29 -5094 facilities may be issued in a total sum of
Two Hundred Thirty -Five Thousand Dollars ($235,000.00) repayable with interest
thereon at the rate of six percent (6 %) per annum in monthly installments over a
period of nineteen (19) years starting August 1, 1973 and interest from the date of
the issuance of such bonds to August 1, 1973 shall be payable on August 1, 1973
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.
13t b 2nd REAp1Ng
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