HomeMy WebLinkAboutAppropriating the proceeds from the issuance of bonds to be issued and designated as Series 2001D to rehab Bosch
ORDINANCE No.
9267-01
Passed by the Common Council of the City of South Bend, Indiana
September 24,
Attest:
20
01
Presented by me to the Mayor of the Ciry of Soutlt Bend, Indiana
S,?Tntemk~~~~, 20 ~.1
City Clerk
President of Common Council
City Clerk
Approved and signed by me September 26, 20 O1
Mayor
ORDINANCE NO. 12 ~O ~ ~~'
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, APPROPRIATING THE PROCEEDS DERIVED FROM THE ISSUANCE OF
BONDS HERETOFORE AUTHORIZED TO BE ISSUED AND DESIGNATED AS
"CITY OF SOUTH BEND, INDIANA, REVENUE BONDS, SERIES 2001D," 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 Industrial Revolving Fund of South Bend, Indiana, 1St Source Bank,
South Bend, Indiana, trustee (the "IRF") to procure funds to be applied to the acquisition 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 2001D
(Robert Bosch Corporation Project)," in an aggregate principal amount not to exceed Five
Hundred Ten Thousand and 00/100 Dollars ($510,000.00), shall be and the same are hereby
appropriated to provide financing for the acquisition costs of the Project including the
reimbursement of the City for acquisition costs heretofore incurred, together with expenses
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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.
COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA
By: ~9. `
Member of the Common Co cil
1 st READING ~ ~~~ ~~~
PUBLIC HEARING Q-L~~~,
3 rd READING q-t,~1-~D~
NOT APpROVE6
REFERRED
PASSED ~ - L`l - O ~
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COMMITTEE REPORT
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
90-01 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, AUTHORIZING THE ISSUANCE OF REVENUE BONDS TO
EVIDENCE A LOAN FROM THE INDUSTRIAL DEVELOPMENT FUND OF
THE STATE OF INDIANA RELATING TO THE ROBERT BOSCH
CORPORATION RETENTION PROJECT, CITY OF SOUTH BEND,
INDIANA, REVENUE BONDS, SERIES 2001E
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 as substituted.
Andrew Udj ak
Chairman
I TOO COUNTY-CITY 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 SL 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 Derived from the Issuance of Bonds Heretofore Authorized to be Issued and
Designated as "City of South Bend, Indiana, Revenue Bonds, Series 2001 D," 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
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). 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 ely,
~>ti~ ~ ~~
Donald E. Inks, Director
Division of Economic Development
_- ~,a r,_ a,,..
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COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL ~C PROGRAM
PAMELA C. MEYER DONALD E. INKS MANAGEMENT
219/235-9660 219!235-4371 ELIZABETH LEONARD
FAx: 219/235-9697 219/235-9371