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HomeMy WebLinkAboutAuthorize Revenue Bonds - Michiana Beverages IncORDINANCE No. 5497 -73 Passed by the Common Council of the City of South Bend, APRIL 9, 1973 E IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, APRIL 10, zg 73 Clerk Of Common Council Clerk IRENE K. GAMMON Approved and signed by me '/7"" . 'e, //. Ig �3 bl ORDINANCE NO. Ste/ 9 i- 73 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 MICHIANA BEVERAGES, INC. WHEREAS, The Common Council of the City of South Bend, Indiana, (herein- after called the "Common Council "), heretofore has created the South Bend Econo- mic 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, equip- ping, 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 esti- mated payroll on account of the acquisition and leasing of the proposed facilities relating to Michiana Beverages, 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 Devel- opment 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 $300,000.00 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 Co Isf READING '3 - --) G - '? 3 PUBLIC HEARING </- q- 7,3 2nd READING 4/- q - 123 NOT APPROVED REFERRED PASSED q -9 - -)3 - 2 - FILED IN CLERK'S OFFICE MAR 2 11973 Irene Gammon CITY CLERK,. SOUTH BEND, IND,.