HomeMy WebLinkAboutRepeal Ordinance No. 5417-72 Revenue Bonds - Gentner Packing Co IncWAIVER OF ANNEXATION NEVER FILED. ORDINANCE
NOT IN EFFECT. SEE ORDINANCE NO. 5417 -72
JMD RESOLUTION NO. 3 / a - 7 a .
ORDINANCE NO. 5496 -7
Passed by the Common Council of the City of South Bend,
MARCH 261_ ig 73
Attest:
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
MARCH 27, 19-73-
Clerk
of Common Council
Clerk
IRENE K. GAMMON
Approved and signed by me_ 5 Y J -? -, �9 '7\3
ORDINANCE NO. 5496 -73
AN ORDINANCE TO REPEAL ORDINANCE NO. 5417 -72, TO
AUTHORIZE THE EXECUTION OF A LEASE, INDENTURE OF
TRUST, AND BONDS, AND TO AUTHORIZE THE ISSUANCE
OF ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING
TO THE GENTNER PACKING COMPANY, INC., PROJECT.
WHEREAS, the Common Council of the City of South Bend,
Indiana (hereinafter called the "Common Council "), heretofore has
created the South Bend Economic Development Commission (hereinafter
called the "Commission "), pursuant to the provisions of the
Municipal Economic Development Act of 1965, as amended; and
WHEREAS, the Commission has found by a written resolution
that because of existing insufficient diversification of industry,
or insufficient pollution control measures, the economic welfare
of the City of South Bend, Indiana (hereinafter called the "City "),
would be benefited by the construction, equipping and leasing to
others of industrial facilities, and such resolution and finding has
been approved by the Common Council; and
WHEREAS, the City previously issued Bonds to finance the
proposed project by Ordinance No. 5417 -72, in the amount of $500,000,
but said amount is not sufficient to complete the project; and
WHEREAS, the City has determined that the total amount of
$650,000 is necessary to complete said project, and that it is,
therefore, necessary to issue an Economic Development Revenue Bond
in the amount of $650,000 to refinance and complete the project; and
WHEREAS, the Commission has prepared a report estimating
the public services which would be desirable by the proposed project,
and the expenses thereof, the total costs of the proposed project
and the number of jobs and estimated payroll on account of the
acquisition and leasing of the proposed facilities relating to Gentner
Packing Company, Inc. (hereinafter called the "Lessee "), and such
report has been submitted to the Chairman of the Area Plan Commission
and the written comments of said Commission have been received by
the Clerk of the Common Council and such reports and comments have
been appropriately made to such Council; and
WHEREAS, the Commission has approved this form of ordinance
authorizing the execution of a lease and Indenture of Trust and Bonds,
and the issuance of economic development revenue bonds in accordance
therewith; and
WHEREAS, the Commission has transmitted this form of
ordinance to the City Clerk for the presentation to the Common Council;
and
WHEREAS, the City Clerk has published in a newspaper published
in South Bend, Indiana, a notice that such form of ordinance has been
filed with the City Clerk in accordance with the provisions of said
Municipal Economic Development Act of 1965, as amended; and
WHEREAS, the Common Council finds that the proposed develop-
ment will be of public benefit to the economic welfare of the City,
by tending to overcome the deficiencies previously found to exist
and that such benefit is greater than the costs of the public
facilities which would be required by the proposed project relating
to the Lessee.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of
the City of South Bend, Indiana, that:
Section 1. Ordinance No. 5417 -72 is repealed effective
the date of the issuance of Bonds hereunder.
Section 2. The form and terms of the Lease, Indenture of
Trust, and Economic Development Revenue Bonds pertaining to the
facilities of the Lessee and the issuance of the economic development
revenue bonds pursuant thereto are hereby approved and adopted.
Section 3. Said forms of Lease, Indenture of Trust, and
Economic Development Revenue Bonds 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.
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Section 4. The said Lease, Indenture of Trust, and
Economic Development Revenue Bonds shall be executed on behalf of
the City of South Bend, Indiana, by the Mayor and City Clerk, but
such officers may not execute such Lease, Indenture of Trust, and
Economic Development Revenue Bonds within twenty (20) days following
the adoption of this ordinance, as provided by law.
Section 5. Economic Development Revenue Bonds, payable
solely and only from the rental derived from such facilities under
the Lease, may be issued in a total sum not to exceed $650,000.00
for a period not to exceed 15 years duration in accordance with the
terms of said Lease and Indenture of Trust, and that such Bonds
shall be executed on behalf of the City of South Bend, Indiana, by
the Mayor and City Clerk and shall be sealed with the corporate
seal of said City. The proceeds from the sale of the Bonds shall be
used in part for the redemption of the Bonds issued and sold pursuant
to Ordinance No. 5417 -72, and the City and the Commission shall do
every act necessary to redeem said Bonds.
Section 6. This ordinance shall be in full force and
effect from and after its passage by the Common Council and approval
by the Mayor, and the filing of a written waiver of annexation.
Member of t e ommon Council
Passed March 26, 1973, as amended.
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