HomeMy WebLinkAboutRelating to an Application by Container Service Corporpation and Harrison Management Co. for Issuance of Revenue Bonds RESOLUTION
NO. 1364-85
Passed by the Common Council of the City of South Bend, Indiana,
October 28, 19 85
Attest: � (` City Clerk
pp
Attest: At_c_ki President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
October 29, 85
19
— /1C. City Clerk
Approved and signed by me 0 (, a 19 if
V/ / 412-ArTayor
RESOLUTION NO. 004-7 C
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
CONTAINER SERVICE CORPORATION AND
HARRISON MANAGEMENT COMPANY
FOR THE ISSUANCE OF
CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS
WHEREAS, at the present time there are insufficient
employment opportunities and insufficient diversification of
business , commerce and industry in and near the City of South
Bend, Indiana (the "City" ) ; and
WHEREAS, the economic welfare of the City would be
benefited by the acquisition of economic development facilities
within the corporate limits of the City pursuant to the provi-
sions of Indiana Code 36-7-12 (the "Act") ; and
WHEREAS, Container Service Corporation, a Michigan
corporation and Harrison Management Company, an Indiana part-
nership (hereinafter collectively referred to as "Applicants" )
propose to acquire economic development facilities in South
Bend, Indiana as defined in the Act if the City will finance
costs of such economic development facilities pursuant to the
Act; and
WHEREAS, the South Bend Economic Development Commis-
sion has received an application by Applicants for the issuance
of City of South Bend Economic Development Revenue Bonds in the
approximate principal amount of One Million Five Hundred Thou-
sand and no/100 Dollars ($1, 500, 000 . 00) with the terms of
repayment to be determined by the market rates at the time the
bonds are sold and the proceeds of the bonds will be used to
acquire real estate, make improvements to real estate and
acquire equipment to be used as a manufacturing facility
located in the Airport Industrial Park in South Bend, Indiana,
resulting in a minumum of forty (40) full-time jobs at the
facility following completion of the project with an annual
payroll of approximately one million dollars per year .
NOW, THEREFORE, the Common Council of the City of
South Bend, Indiana resolves as follows :
1 . The project constitutes economic development
facilities which shall be financed by the City through the
issuance of revenue bonds pursuant to the Act and the City is
willing, upon compliance with all provisions of Indiana law to
authorize approximately One Million Five Hundred Thousand and
no/100 Dollars ($1, 500 , 000 . 00) of its revenue bonds, which
bonds will not be general obligations of the City but will be
payable solely from the limited sources authorized and permit-
ted by the Act .
2 . The proposed financing will be of benefit to the
economic welfare of the City and will comply with the purposes
and provisions of the Act .
3 . The Company may proceed with acquisition and con-
struction of the economic development facility in reliance upon
this resolution.
4 . That the liability and obligation of the South
Bend Economic Development Commission, the South Bend Common
-2-
Council and the City of South Bend, Indiana, shall be limited
solely to the good faith efforts to consummate such proceedings
and issue such Bonds, and the South Bend Economic Development
Commission and the City of South Bend, Indiana, their officers
and agents , shall not incur any liability if for any reason the
proposed issuance of such Bonds is not consummated.
This Inducement Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approval by the Mayor .
Member of the Co �f Council
Dated October at. 1985
Fit � i C[ RWS OFFICE
OCT 1985
IRENE GAMMON
CITY CIcRK, SO. 6FND, IN
PRESENTED I 0 a,8 -Sfax
NOT APPROVED
ADOPTED ( O -� E'gS -3