HomeMy WebLinkAboutAuthorize Revenue Bonds - Sergio IncORDINANCE No. 5498 -73
Passed by the Common Council of the City of South Bend, Indiana
r,U.A it
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
APRIL 10
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Clerk
of Common Council
IRENE K. GAMMON
Approved and signed by me a" 'e' e' / / , IQ *217
Clerk
ORDINANCE NO. 51-199 '23
AN ORDINANCE TO AUTHORIZE THE EXECUTION OF A LEASE, IN-
DENTURE OF TRUST, AND BONDS AND TO AUTHORIZE THE ISSUANCE
OF ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING TO
SERGIO, INC.
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 be-
cause 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 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 Sergio, Inc., (hereinafter called the "Lessee "), and
such report has been submitted to the Chairman of the Area Plan Commission and
to the President of the South Bend Community School Corporation Board of School
Trustees and the written comments of said Commission and of said Board 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 author-
izing 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 development
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. 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 2. 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.
Section 3. The said Lease, Indenture of Trust, and Economic Develop-
ment 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 4. 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 $375,000.00 for a period not to exceed
twenty (20) 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.
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.
ld READING '+3 - a & - 93
PUBLIC NEARING {/- Q- 7 3
2nd READING v - 9 - 3
NOT APPROVED
REFERRED
PASSED 1/_9_713
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MAR 2 11973;
Irene Gammon
RU CLERK. ,SOUTH K"D