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HomeMy WebLinkAboutAppropriating proceeds derived from issuance of Bonds authorized in ordinance 9192-01 and deposited in EconDev Fund #210ORDINANCE No. 9286-01 Passed by the Common Council of the City of South Bend, Indiana November 12, Attest: Attest: 20 01 Presented by me to the Mayor of the City of South Bend, Indiana November 1 ~, 20 _~ City Clerk President of Common Council City Clerk Approved and signed by me November 13, 20 01 Mayor ORDINANCE NO. 12 D b "'~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING PROCEEDS (TOGETHER WITH INVESTMENT EARNINGS THEREON) DERIVED FROM THE ISSUANCE OF BONDS HERETOFORE AUTHORIZED IN ORDINANCE 9192-O1 AND DEPOSITED IN ECONOMIC DEVELOPMENT STATE GRANT FUND #210 FOR THE PURPOSE OF REMEDIATING ENVIRONMENTAL CONDITIONS IN CONNECTION WITH THE ROBERT BOSCH CORPORATION RETENTION PROJECT STATEMENT OF PURPOSE AND INTENT On January 22, 2001 this Council passed Ordinance #9192-01 which authorized the Mayor to apply for a loan of up to $1,300,000 from the Indiana Environmental Remediation Revolving Loan Program (the Program) sponsored by the Indiana Development Finance Authority (IDFA). The purpose of the loan as set forth in Ordinance 9192-01 was to borrow funds to remediate environmental conditions emanating from or on the property which Bosch Co. formerly leased from Honeywell (f/k/a Allied Signal), which property is the subject of an extensive improvement agreement between Bosch and the City of South Bend. Ordinance 9192-01 also authorized the issuance of bonds evidenced by the IDFA loan and secured by payments made by Bosch to the City per their agreement. These bonds were to be issued in two series, one series constituting the Forgivable Portion of the loan from the IDFA, i.e. a portion not to exceed 20% of the total amount of the loan. The other series of bonds were to be equal to the remainder of the principal part of the loan. Pursuant to Ordinance #9192-01 the City has applied for and received the IDFA Program loan funds in the full amount of $1,300,000 of which $260,000 has been deemed the Forgivable Portion. These funds have been deposited in the City's Economic Development State Grant Fund Account #210 and should be appropriated to pay for the site remediation costs of the Bosch Retention Project for which the loan was obtained. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: Section I. The proceeds derived from the issuance of the bonds authorized by this Council's prior Ordinance 9192-01 in an aggregate principal amount not to exceed One million three hundred dollars ($1,300,000) together with investment earnings thereon estimated to be Fifty Two Thousand Dollars ($52,000) shall be and the same are hereby appropriated to pay for the site environmental remediation costs of the Robert Bosch corporation Project together with any expenses incidental thereto including expenses in connection with the issuance of said bonds. Such appropriation shall be in addition to all appropriations provided for in the existing budget and levy, and shall continue in effect until the payment of the costs of the Project, together with expenses incidental thereto, including expenses in connection with the issuance of bonds to provide therefor. Any surplus of such proceeds shall be credited to the proper fund as required by law. Section II. The Clerk of the City is hereby directed to file a certified copy of this Ordinance with the Indiana State Board of Tax Commissioners in accordance with Indiana Code 6-1.1-18-5 and any other documents relating to the appropriation made herein. Section III. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor of the City. ~ ~ ~ ~ ~. Member, South Bend Co on Council 1 st READING ~ O "LZ-O, PUBLIC HEARING (~'~Z-'~~ 3 rd READING 1 ~"12. `fl~ NOT APPROVED REFERRED PASSED ~~-\L-o~ ..~. --~ q~ QQy+, q 0 (~ ys ie~es:.:::e.4 3Y© ~tl~~i i. ~ 4~t'Q~dB~i 9> ~ ~ ~~~5 L®:s's~it~e~. L'j3Do .._.. _._~.__._..~_ ~_~.-r.-...........,.._4 COMMITTEE REPORT TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 107-01 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING PROCEEDS (TOGETHER WITH INVESTMENT EARNINGS THEREON) DERIVED FROM THE ISSUANCE OF BONDS HERETOFORE AUTHORIZED IN ORDINANCE 9192-01 AND DEPOSITED IN ECONOMIC DEVELOPMENT STATE GRANT FUND #210 FOR THE PURPOSE OF REMEDIATING ENVIRONMENTAL CONDITIONS 1N CONNECTION WITH THE ROBERT BOSCH CORPORATION RETENTION PROJECT Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Council with a favorable recommendation. Andrew Udj ak Chairman NOTICE OF PUBLIC HEARING OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA REGARDING ADDITIONAL APPROPRIATION The Common Council of the City of South Bend, Indiana (the "City") will hold a public hearing on November , 2001 at 7:00 p.m. (local time) in the Council Chambers, located at 4`'' Floor, County-City Building, 227 W. Jefferson, South Bend, Indiana to consider the following additional appropriation which is in addition to all appropriations provided for in the existing budget and tax levy: An appropriation of the proceeds of the City of South Bend, Indiana, Revenue Bonds from an Indiana Development Finance Authority (IDFA) environmental loan, in an amount not to exceed One Million Three Hundred Thousand Dollars ($1,300,000), together with investment earnings thereon expected to be in the amount of Fifty Two Thousand Dollars ($52,000) said proceeds to be applied for the purpose of the environmental remediation ofproperty acquired by the City and leased to Robert Bosch Corporation, together with all expenses necessarily incurred in connection with the proceedings relating thereto and all expenses incurred in connection with or on account of the issuance of the bonds, therefor, including expenses incurred by the City in connection with the issuance of the bonds. All interested parties may appear at such hearing and have the right to be heard on the necessity of such additional appropriation. Dated this ,day of , 2001 CITY OF SOUTH BEND, INDIANA Loretta J. Duda, City Clerk [To be published on one time on November , 2001, in the South Bend Tribune and the Tri-County News.] 1200 COUNTY-C17Y BUILDING SOUTH BEND, INDUwA 46601-1830 JON R. HUNT EXECUTIVE DIRECTOR October 15, 2001 Ms. Charlotte Pfeifer President, South Bend Common Council 4th Floor County-City Building South Bend, IN 46601 Re: An Ordinance Appropriating Proceeds Derived From the Issuance of Bonds Pursuant to a $1.3 Million Dollar Loan From the Indiana Environmental Remediation Revolving Loan Program (the "Program") Sponsored by the Indiana Development Finance Authority ("IDFA") in Connection with Site Remediation Costs of the Bosch Retention Project Dear Ms. Pfeifer: Attached for filing is an Ordinance for first reading by the Common Council at its October 22, 2001 meeting. This Ordinance appropriates the proceeds of revenue bonds of the City of South Bend in a principal sum of $1,300,000, which bonds were authorized by the Council's prior Ordinance #9192-01. The proceeds of these bonds will be used to pay for the site remediation costs of the Bosch Retention Project for which this loan was specifically obtained. Thus, these loan proceeds will be used in conformity with the restrictions imposed by the IDFA Program. This is further in accordance with the terms of the Agreement for the Use and Rehabilitation of Real Property previously entered into by and between the City and Bosch. Bob Case will present this Ordinance to the Council at its meeting as well as at its prior committee meeting. Meanwhile, if you have any questions about this Ordinance, feel free to contact me. The Council's favorable consideration of this Ordinance is respectfully requested. Thank you. PHONE 219/ 235-9371 FAx 219/235-9021 TDD 219/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY ~L ECONOMIC DEVELOPMENT b~Jeo 'e.+4 b~ ~7f 1'i ~~Ce~ Ci"~iti~~r,W„ N e i /R, ~y p~ pry. °"'""`~"`u 3 L'.J3'V~LOY~~. Lr~.lSri3 y Sin ely, Donald E. nks, Director Division of Economic Development MUNCI'Y'DEVELOPMENT'°~^°-~--~^-~^-~^~^°_°~^ ECONOMIC DEVELOPMENT FINANCIAL SL PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 219/235-9660 219/235-9371 ELIZABETH LEONARD FAx: 219/235-9697 219/235-9371