HomeMy WebLinkAboutRelating to Assignment & Assumption by Prairie Properties Inc. RESOLUTION
NO. 1457-86
Passed by the Common Council of the City of South Bend, Indiana,
November 24, 19 86.
Attest: ° � e K City Clerk
Attest: < _ President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
November 25 , 19 86
`°"J City Clerk
Approved and signed by me \ 19 53G,
Mayor
RESOLUTION 1457- “,
A RESOLUION OF THE CITY OF SOUTH BEND, INDIANA
RELATING TO THE ASSIGNMENT AND ASSUMPTION BY
PRAIRIE PROPERTIES, INC. , AN INDIANA CORPORATION
OF THE 1985 SERIES SOUTH BEND ECONOMIC DEVELOPMENT
REVENUE BONDS, ISSUED FOR THE INLAND DISTRIBUTING
CORPORATION PROJECT
WHEREAS, Inland Distributing Corporation, an Indiana
corporation ("Inland") applied for the issuance of the City of
South Bend Economic Development Revenue Bonds in the sum of
$625, 000. 00, and
WHEREAS, said bonds were issued by the City of South
Bend as Economic Development Revenue Bonds , Series 1985 Inland
Distributing Corporation Project ; and
WHEREAS, said bonds were issued pursuant to an Inden-
ture of Trust dated April 1, 1985 ; and
WHEREAS, said bond and all terms and conditions rela-
ting to it are current ; and
WHEREAS, the shareholders of Inland Distributing Cor-
poration have sold the stock of Inland Distributing Corporation
to Bunzl Building Materials Service, Inc . , an Indiana corpora-
tion; and
WHEREAS, the shareholders intend to keep the real
estate in the name of a newly formed corporation, namely Prairie
Properties , Inc . ; and
WHEREAS, said bond issue has been assigned to and all
rights, obligations and duties have been assumed by Prairie Pro-
perties, Inc. ; and
WHEREAS, the original intent of the bond issue has been
fulfilled and will continue to be fulfilled by the sale, and said
assignment is in the best interests of the City of South Bend .
NOW, THEREFORE, the Common Council of the City of South
Bend hereby resolves as follows :
1. The Project constitutes an Economic Development
Facility and continues to do so which has been financed by the
City through the issuance of revenue bonds pursuant to the provi-
sions of Indiana Code 36-7-12.
2. The financing has benefitted and will continue to
benefit the economic welfare of the City and will comply with the
provisions of said Act .
3. The assignment and assumption of the responsibili-
ties and obligations of Inland Distributing Corporation by
Prairie Properties, Inc . furthers the initial financing and re-
quirements of the Act.
4. That the liabilities and obligations of the South
Bend Economic Development Commission, the South Bend Common Coun-
cil and the City of South Bend , Indiana, shall continue to be
limited solely through its good faith efforts in the issuance of
said bonds, and that the said South Bend Economic Development
Commission and the City of South Bend , their officers and agents
shall not incur any liability for any reason under said bond
issue .
5 . That said assignment and assumption by Prairie Pro-
perties is hereby approved.
This Resolution shall be in full force and effect from
and after its adoption by the Common Council .
Dated this day of , 1986.
��c Mh � i
M ber , South Bend /ronuio Council
PRESENTED /7 9'- g(o
■_m'. 1386
NOT APPROVED
ADOPTED It - Q`E - -2-
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