HomeMy WebLinkAboutRelating to an Application by O'Brien Corporpation of Issuance of Revenue Bonds RESOLUTION
NO. 1365-85
Passed by the Common Council of the City of South Bend, Indiana,
Clot ho8r19 85 •
Attest: City Clerk
Attest: t,' , �'� �/ . _ `��" L President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
October 29 , 19 85 .
r. City Clerk
Approved and signed by me V C 2 9 / 1 /Li"
Mayor
RESOLUTION NO. Ia(og'-$g--
INDUCEMENT RESOLUTION
OF
THE CITY OF SOUTH BEND, INDIANA
RELATING TO AN APPLICATION BY
THE O' BRIEN CORPORATION,
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, The O' Brien Corporation, an Indiana corpo-
ration ("O' Brien" ) proposes to acquire economic development
facilities in South Bend, Indiana as defined in the Act if the
City will finance a portion of the costs of such economic
development facilities pursuant to the Act; and
WHEREAS, the South Bend Economic Development Commis-
sion has received an application by O'Brien for the issuance of
City of South Bend Economic Development Revenue Bonds in the
approximate principal amount of Two Million and no/100 Dollars
($2 , 000, 000 . 00) with the terms of repayment to be determined by
the market rates at the time the bonds are sold and the pro-
ceeds of the bonds will be used to acquire equipment and make
improvements to real estate to be used in the manufacturing
facility of O' Brien at 2001 West Washington Street, South Bend,
Indiana, resulting in a minumum of nineteen (19) full-time new
jobs added to O ' Brien' s payroll following completion of the
project with an increase in the company' s local annual payroll
of approximately three hundred and thirty-five thousand 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 economic development revenue bonds pursuant to the
Act and the City is willing, upon compliance with all provi-
sions of Indiana law to authorize approximately Two Million
no/100 Dollars ($2 , 000, 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
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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 .
. . ' I -1 /
•errof the C• e• • Council
Dated October , 1985
hiE6 5N CLERK'S OFFICE
PRESENTED I a -a g`g OCT " 1985
NOT APPROVED IRENE GAMMON
ADOPTED I d -a & 2 1 6- M' cn, �'GAMMON
FM
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