HomeMy WebLinkAboutRelating to an Assignment & Assumption of City of South Bend Economic Development Revenue Bonds RESOLUTION
NO. 1320-85
Passed by the Common Council of the City of South Bend, Indiana,
August 5, 19 85 .
Attest: C li � City Clerk
sb)Attest: "64.--• f�'_. 9' / President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
August 6, 19 85 .
Tc,,^s .. ,....—o-•"--- City Clerk
Approved and signed by men C/ 19 g's .
7:74,-L / Cr
RESOLUTION NO. 13x0 HS
RESOLUTION OF THE COMMON COUNNCIL OF CITY OF SOUTH BEND
RELATING TO AN ASSIGNMENT AND
ASSUMPTION OF CITY OF SOUTH BEND
ECONOMIC DEVELOPMENT REVENUE BONDS
WHEREAS, the South Bend Economic Development
Commission investigated, 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
WHEREAS, Twenty Three North Partnership, an Indiana
partnership ("Seller") is the owner of a tract of land with
improvements thereon ("Property") ; and
WHEREAS, on July 25, 1984, Seller financed the acquis-
ition of the Property by borrowing the proceeds of Industrial
Development Revenue Bonds (the "Bonds") issued by the City of
South Bend, Indiana (the "Issuer") in the amount of
$1,050, 000.00; and
WHEREAS, on July 25, 1984, 1st Source Bank, a banking
institution organized under the laws of Indiana, entered into
an Indenture of Trust with the Issuer to act as Bond Trustee;
and
WHEREAS, Hugh M. Silberman and LaVon D. Silberman
("Purchaser") have agreed to acquire the Property from Seller,
to continue to operate the facility as an economic development
facility subject to the approval of and appropriate official
action by the Issuer and the Issuer's Economic Development
Commission, and to assume Seller's obligations with respect to
the Bond; and
WHERERAS, to improve and promote job opportunities and
commercial diversification within and near South Bend, Indiana,
said assignment should be approved; and
WHEREAS, the South Bend Economic Development
Commission approved the assignment by resolution dated July 19,
1985; and
WHEREAS, 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
WHEREAS, it is apparent that the assignment will
increase 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, that 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; and
BE IT FURTHER RESOLVED, that the South Bend Common 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.
DATED this day of August, 1985.
FLED E CLERIC'S 5U SOUTH BEND COMMON COUNCIL
PRESENTED B-.T- 8'J
JuL 3 l 1985
NOT APPROVED By At /A ```t 9
$-S- 8s IRENF ti\ UN
ADOPTED �.?�°;�,,;�.�,�.:� � +er
CITY CLERK, SO. BEND, IN
BARNES & THORNBURG
600 1ST SOURCE BANK CENTER
1313 MERCHANTS BANK BUILDING FEDERAL BAR BUILDING
II SOUTH MERIDIAN STREET 100 NORTH MICHIGAN 1815 H STREET, N.W.
INDIANAPOLIS,INDIANA 48204 SOUTH BEND, INDIANA 46601 WASHINGTON, D C 12021 955 4500 20008
13171 838 1313
12191 233-1171
305 FIRST NATIONAL BANK BUILDING
301 SOUTH MAIN STREET TWX 810-341-3427 B&T LAW IND
ELKHART, INDIANA 46516
12191293-0881 TELECOPIER 12191 237-1125
MARK C. KRCMARIC
HAND DELIVERED
July 31, 1985
Mrs. Irene K. Gammon, City Clerk
City of South Bend
Fourth Floor, County-City Building
South Bend, Indiana 46601
Re: Assignment of Economic Development
Revenue Bond
Dear Mrs. Gammon:
Enclosed are two (2) copies of a Resolution, which we
ask that you place on the City Council agenda for the meeting
of August 5, 1985, relating to the assignment of the Twenty
Three North Partnership 1984 industrial revenue bond issue.
The Loan Agreement in this transaction requires as a condition
to the assignment that the City indicate its consent. The
South Bend Economic Development Commission approved a similar
resolution on July 19, 1985.
We thank you for your assistance.
Very truly yours,
BARNES & THORNBURG
/
Mark C. Krcmaric
MCK/cac
Enclosure
cc: Kenneth P. Fedder, Esq. (w/encl. )
Richard W. Morgan, Esq. (w/encl. )