HomeMy WebLinkAboutIndustrial Development Revenue Bond - Series 1977 (Cole Associates, Inc. Project)RESOLUTION
NO. 2077 -93
Passed by the Common Council of the City of South Bend, Indiana
October
11, 19 i93
Clerk
Attest:` -r-r ��/a/ce President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
October 12, I9---93
Approved and signed by me /0 193
Clerk
Mayor
RESOLUTION NO. -20 7 7- %,?
RESOLUTION OF THE SOUTH BEND COMMON COUNCIL
INDUSTRIAL DEVELOPMENT REVENUE BOND - SERIES 1977
(COLE ASSOCIATES, INC. PROJECT)
The City of South Bend ( "City ") Issued Its Industrial Development
Revenue Bond ( "Cole Associates, Inc. Project ") ( "Bond ") In the aggregate
principal amount of Nine Hundred Ninety -Five Thousand Dollars ($995,000)
pursuant to a Lease and Trust Indenture dated September 19, 1977 ( "Indenture ")
from the City to St. Joseph Bank and Trust Company n /k /a Society National
Bank, Indiana as trustee ( "Trustee "). The City sold the Bond to St. Joseph
Bank and Trust Company n /k /a Society National Bank, Indiana ( "Bondholder ").
The City loaned the proceeds of the Bond to Cole Associates, Inc. ( "Company ").
Pursuant to the Indenture, the Trustee is acting as the representative of the
City and the Commission in order to perform their duties under the Indenture.
The Company entered Into an Agreement of Purchase and Sale of Assets
dated October 1, 1992 by which it agreed to sell all its assets including Its
name to a purchaser who has taken the name Cole Associates, Inc.
( "Purchaser "). The Company has formally changed Its name to CAI Development
Corporation. The Company, the Purchaser, the Trustee and the Bondholder have
entered Into an agreement ( "Agreement ") which provides that the Purchaser will
assume all of the obligations of the Company under the Indenture and that the
Company will be released from all of Its obligations under the Indenture.
The consent of the City to the Trustee's permitting the Purchaser to
assume all the obligations of the Company under the Indenture will be
beneficial to all parties including the City. It is therefore voted to adopt
the following resolution:
"RESOLVED the City of South Bend hereby agrees
that the provisions of the Indenture may be amended to
provide that the Purchaser will assume all the
obligations of the Company thereunder and that the
Company shall have no further obligations thereunder.
The Mayor Is hereby authorized and directed to sign
the Agreement which contains these terms."
t
This Resolution Is adopted by the South Bend Common Council this 1� —
day of —6 2' 1 1993.
Mem a of C mon Council
soc /dlz /resolution.2
PRESENTED /V - //- %'
NOT APPROVED
ADOPTED /O — //_ R3
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