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HomeMy WebLinkAboutAppropriating proceeds from the issuance of bonds authorized to be issued and designated as revenue bondsORDINANCE No. Passed by the Common Councit of the City of South Bend, Indiana September 24, Attest: Attest. ~ . ~ ~ ~I 01 20 Presented by me to the Mayor of the Ciry of Sorrtl: Bend, Indiana ~e:{~mher2~T 20 ~1 City Clerk President of Common Council City Clerk Approved and signed by me September 26, 20 0 Mayor ORDINANCE NO. , ~ 2~O ~'-©` AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING THE PROCEEDS (TOGETHER WITH INVESTMENT EARNINGS THEREON) DERIVED FROM THE ISSUANCE OF BONDS HERETOFORE AUTHORIZED TO BE ISSUED AND DESIGNATED AS "CITY OF SOUTH BEND, INDIANA, REVENUE BONDS, SERIES 2001C," FOR THE PURPOSE OF FINANCING THE COSTS OF REHABILITATION OF PROPERTY IN CONNECTION WITH THE ROBERT BOSCH CORPORATION RETENTION PROJECT, TOGETHER WITH EXPENSES INCIDENTAL THERETO, INCLUDING EXPENSES IN CONNECTION WITH THE ISSUANCE OF THE BOND STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana (the "City"), has previously determined to offer certain assistance to Robert Bosch Corporation ("Bosch") in order to induce Bosch to retain and expand its facility in the City. Accordingly, the City and Bosch have agreed to undertake certain activities in connection with the acquisition, demolition, construction, rehabilitation, and environmental remediation of certain property (the "Property") which Bosch formerly leased from Honeywell (formerly known as Allied Signal), including infrastructure and other site improvements (the "Project"). The Common Council (the "Common Council")has previously considered the need to construct the Project and has adopted an ordinance determining to issue the bonds of the City in the form of a loan from the Business Development Corporation, South Bend, Mishawaka, St. Joseph County, Indiana (the "BDC") to procure funds to be applied to the rehabilitation portion of the Project, together with expenses incidental thereto, including expenses incurred by the City in connection with the issuance of said bonds. The Project and the financing by the City of the Project, together with expenses incidental thereto, are necessary and will be of general benefit to the City and its citizens. The City has insufficient funds available or provided for in the existing budgets or tax levies that maybe applied to the costs of the Project, together with expenses incidental thereto, including expenses in connection with the issuance of the bonds. The issuance of such bonds of the City, in an amount not to exceed Five Hundred Ten Thousand and 00/100 Dollars ($510,000.00), to finance the costs of the Project, together with expenses incidental thereto, including expenses in connection with the issuance of said bonds, has been heretofore authorized to procure the necessary funds and an extraordinary emergency and necessity exist for the making of the additional appropriation set out herein. The proceeds of such bonds of the City have not been included in any regular budget. Notice of a hearing on such appropriation has been published as required by law and such public hearing was held on such appropriation at which all taxpayers and interested persons had an opportunity to appear and express their views as to such additional appropriation. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION 1. The proceeds derived from the issuance of the bond heretofore authorized to be issued and designated as "City of South Bend, Indiana, Revenue Bond, Series 2001C (Robert Bosch Corporation Project)," in an aggregate principal amount not to exceed Five Hundred Ten Thousand and 00/100 Dollars ($510,000.00), together with investment earnings thereon in amount estimated not to exceed Forty Thousand Eight Hundred and 00/100 Dollars ($40,800.00), shall be and the same are hereby appropriated to provide financing for any or all or -2- :ODMA\MI-IODMA\SBIMAN1;103241;2 any portion of the costs of the Project, together with 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 2. 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 3. 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. 1st READING ~-~~ "0~ PUBLIC HEARING ~-L`~-R1~ 3 rd READING (~_Zy_ 0 NOT APPROVED REFERRED PASSEfl G~_Z.~-~jl ::ODMA~ODMA~SBIMAN 1;103241;2 COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA By: Member of the Common Co ci -3- f~5 y ~ a ~/+ A rA C '~,.~ LC3 ~~f77e'~ J. ~`~. clTVCi.~Ftil:,~o. ~e~fa, s°+. COMMITTEE REPORT TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 87-01 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING THE PROCEEDS (TOGETHER WITH INVESTMENT EARNINGS THEREON) DERIVED FROM THE ISSUANCE OF BONDS HERETOFORE AUTHORIZED TO BE ISSUED AND DESIGNATED AS "CITY OF SOUTH BEND, INDIANA, REVENUE BONDS, SERIES 2001C,"FOR THE PURPOSE OF FINANCING THE COSTS OF REHABILITATION OF PROPERTY IN CONNECTION WITH THE ROBERT BOSCH CORPORATION RETENTION PROJECT, TOGETHER WITH EXPENSES INCIDENTAL THERETO, INCLUDING EXPENSES IN CONNECTION WITH THE ISSUANCE OF THE BOND 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 1200 CAUNTY-CffY BUILDING SOUTH BEND, INDIANA 46601-1830 PHONE 219! 235-9371 Fax 219!235-9021 TDD 219/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY ~L ECONOMIC DEVELOPMENT September 5, 2001 JoN R. HUNT EXECUTIVE DIRECTOR Ms. Charlotte Pfeifer President, South Bend Common Council 435 County-City Building South Bend, Indiana 46601 Re: An Ordinance of the Common Council of the City of South Bend, Indiana, Appropriating the Proceeds (Together with Investment Earnings Thereon) Derived from the Issuance of Bonds Heretofore Authorized to be Issued and Designated as "City of South Bend, Indiana, Revenue Bonds, Series 2001 C," for the Purpose of Financing the Costs of Rehabilitation of Property in Connection with the Robert Bosch Corporation Retention Proj ect, Together with Expenses Incidental Thereto, Including Expenses in Connection with the Issuance of the Bond Dear Ms. Pfeifer: Attached for filing please find the above-referenced Ordinance for first reading by the Common Council at its September 10, 2001 meeting. This Ordinance appropriates the proceeds ofthe revenue bonds of the City of South Bend (the "City") in a principal amount not to exceed Five Hundred Ten Thousand and 00/100 Dollars ($510,000), together with investment earnings thereon in an amount estimated not to exceed Forty Thousand Eight Hundred and 00/100 Dollars ($40,800). The proceeds of the bonds will be used to provide financing for the costs of acquisition, demolition construction, rehabilitation, and environmental remediation of property acquired by the City and leased to Robert Bosch Corporation ("Bosch"), all 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 at the Council meeting, and the Committee meeting. Your favorable consideration is respectfully requested. Please do not hesitate to contact me if you need additional information. Sinc ly~ G i~r`."="~ Do ald E. Inks, Director Division of Economic Development o~. CITY Cl.~la3b, v£~.1r_be}, :`. °. COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL SC PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 2191235-9660 2191235-9371 ELIZABETH LEONARD FAx: 219/235-9697 2191235-9371