HomeMy WebLinkAboutAssignment & Assumption of City of South Bend Industrial Development Revenue Bond - Bath Insurance Agency, Inc. RESOLUTION
NO. 1360-85
Passed by the Common Council of the City of South Bend, Indiana,
October 21 ,19 R5.
Attest: I' City Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
October 22,19 85 .
Ku āw City Clerk
Approved and signed by me 0 C.W-'u-tn, a 3 19 es-.
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RESOLUTION NO. (7\iā() - `ā
RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND RELATING TO AN ASSIGNMENT AND
ASSUMPTION OF CITY OF SOUTH BEND
INDUSTRIAL DEVELOPMENT REVENUE BOND
(BATH INSURANCE AGENCY, INC. PROJECT)
STATEMENT OF PURPOSE AND INTENT:
The South Bend Economic Development Commission inves-
tigated, studied, surveyed and reported to the Mayor and the
Common Council of the City of South Bend, Indiana, that a need
exists in the community for additional job opportunities and
business and commercial diversification within and near South
Bend, Indiana; and
Richard J. Van Mele, as Trustee under a trust agree-
ment dated April 25 , 1984 ( "Seller" ) is the owner of a tract of
land with improvements thereon located in the City of South
Bend ("Property" ) ; and
On March 30, 1979 , Seller financed the acquisition of
the Property by borrowing the proceeds of Industrial Develop-
ment Revenue Bonds (the "Bonds" ) issued by the City of South
Bend, Indiana (the " Issuer" ) in the original principal amount
of $700, 000 . 00 ; and
On March 30, 1979 , American National Bank and Trust
Company, now known as Valley American Bank and Trust Company, a
banking institution organized under the laws of Indiana,
entered into an Indenture of Trust with the Issuer to act as
Bond Trustee; and
Mastic Corporation ("Purchaser" ) has agreed to acquire
the Property from Seller, to continue to operate the facility
as an office building subject to the approval of and appro-
priate official action by the Issuer and the Issuer ' s Economic
Development Commission, and to assume Seller ' s obligations with
respect to the Bond; and
To improve and promote job opportunities and commer-
cial diversification within and near South Bend, Indiana, said
assignment should be approved; and
Valley American Bank and Trust Company as Trustee and
as owner of the Bonds has consented to the proposed transfer
and assignment of the Bonds; and
By Resolution dated October 4, 1985, the South Bend
Economic Development Commission approved said assignment and
assumption; and
To induce Purchaser and Seller to consummate the
assignment and to evidence its consent thereto, the South Bend
Common Council desires to adopt this resolution; and
It is apparent that the assignment will increase and
preserve job opportunities and business diversification in and
near South Bend, Indiana, resulting in a benefit to the welfare
of the public in South Bend, Indiana.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL
OF THE CITY OF SOUTH BEND THAT:
Section 1 . The South Bend Common Council approves the
assignment from Seller to Purchaser and Purchaser ' s assumption
of all Seller ' s obligations with respect to the Bonds .
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Section 2 . The South Bend Common Council and the City
of South Bend, Indiana, their officers or agents , shall not
incur any liability if for any reason the proposed assignment
of such Bonds is not consummated.
Section 3 . This Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approved by the Mayor .
DATED this day of October, 1985 .
SOUTH BEND COMMON COUNCIL
By VO I. "` .
Member
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