HomeMy WebLinkAboutAuthorizing Revenue Bonds - Gentner Packing Co IncORDINANCE No. 5417 -72
Passed by the Common Council of the City of South Bend,
AUGUST 14
72
Presented by me to the Mayor of the City of South Bend,
Approved and signed by
AUGUST 16
A"
72
Clerk
Of Common Council
i-7
z
Clerk
ORDINANCE NO. 5417 -72
AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE AND
TRUST INDENTURE AND THE ISSUANCE OF ECONOMIC DEVELOP-
MENT REVENUE BONDS PERTAINING TO GENTNER PACKING CO. 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
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 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
Gentner Packing Company, Inc.
NOW, THEREFORE, BE IT ORDAINED, by the Common Council of
the City of South Bend, Indiana, that: FILED INCWT)K'S0KICE
Irene Gammon
CRY CLERK, SOUTH SEND, IND.
- Av•-f
rAt� 2 0 1972
Section 1. The form and terms of the Lease and Trust
Indenture pertaining to the Gentner Packing Company, Inc.
facilities and the issuance of the economic development
revenue bonds 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 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 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 Gentner
Packing Company, Inc. facilities, may be issued in a total sum
not to exceed Five Hundred Thousand and no /100 ($500,000.00)
Dollars, repayable with interest thereon in monthly installments
over a period of twenty (20) years from the date of issuance
of such bonds in accordance with the terms of said Lease and
Trust Indenture 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.
1st & 2nd READING 7,;e /' 9)--
COMMITTEE OE TR WHOLE
PUBLIC NEAR{ g_
y_ 7
NOiR� r y -y
REFER
PASSER g- -7