HomeMy WebLinkAboutAuthorizing the Memorandum between City of South Bend and Columbine Carriers, Inc. RESOLUTION
NO. 933-81
Passed by the Common Council of the City of South Bend, Indiana
December 14 , iq 81
Attest:: City Clerk
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Attest: ( j President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
December 15, ig 81
J City Clerk
Approved and signed by me th(ffi G / ig OP/
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//' •• _ C Mayor
INDUCEMENT RESOLUTION OF THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA
RESOLUTION NO. 343-gi
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF
INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND COLUMBINE
CARRIERS, INC. , A DELAWARE CORPORATION AUTHORIZED TO DO BUSINESS
IN THE STATE OF INDIANA, PROVIDING FOR THE ISSUANCE BY SAID CITY
OF ITS ECONOMIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS
OF INDIANA CODE 36-7-12-1, AS AMENDED
The area still has insufficient employment opportunities
and insufficient diversification of industries, which conditions are
harmful to the economic stability and general welfare of the area,
and if not remedied, will be detrimental to the development of such
area.
The City of South Bend, Indiana (the "City" ) is authorized
under the provisions of Indiana Code 36-7-12-1, et. seq. , to acquire,
construct and finance economic development projects for the users
thereof and to provide for the issuance of revenue bonds in conjunc-
tion therewith.
The City, in order to implement the public purposes enumerated
under the Act and in furtherance thereto to induce Columbine Carriers,
Inc. , a Delaware corporation authorized to do business in the State
of Indiana (the "Borrower" ) , to build and construct a maintenance and
operational building as well as office buildings as a new structure
on the Northeast corner of Cleveland and Mayflower Roads in the City
of South Bend, Indiana, and to equip the same with the necessary equip-
ment, hereinafter collectively called (the "Project") within the
limits of the City of South Bend, has indicated its intent to issue
its revenue bonds under and pursuant to the provisions of the Act and
to apply the proceeds therefrom to the payment of the costs of the
Project.
The Borrower, after considering a number of possible loca-
tions within and outside the State of Indiana, and in reliance upon
the intent of the City to finance the Project through the issuance
of revenue bonds under the provisions of the Act above referred to,
has determined to construct the Project within the limits of the
City of South Bend, Indiana.
It is now deemed advisable to authorize the execution and
delivery by the City of a memorandum of intent expressing formally
and in writing the understanding heretofore formally agreed upon by
the City and Columbine Carriers , Inc. , a Delaware corporation authorized
to do business in the State of Indiana, the Borrower.
NOW, THEREFORE, be it resolved by the Common Council of
the City of South Bend, Indiana, as follows :
SECTION 1. The Mayor is hereby authorized and directed
to execute a Memorandum of Intent by and between the City and Columbine
Carriers, Inc. , a Delaware corporation authorized to do business in
the State of Indiana, the Borrower, and the City Clerk is hereby
authorized and directed to affix the seal of the City thereto and to
attest the same; and said Mayor and City Clerk are hereby authorized
and directed to cause said Memorandum of Intent to be delivered to,
accepted, and executed by Columbine Carriers, Inc. , said Memorandum
of Intent, which is hereby approved and incorporated by reference and
made a part of this authorizing resolution, to be in substantially
the form attached hereto.
SECTION 2 . The obligation of the City of South Bend, and
any of its Commissions, officers and employees and agents shall be
limited solely to good faith efforts to consummate said proceedings
and issue the bonds and neither the South Bend Economic Development
Commission, the Mayor, the Common Council, the City, its officers or
agents, shall incur any liability whatsoever if for any reason the
proposed issuance of the bonds is not consummated.
-2-
SECTION 3. All resolutions and orders , or parts thereof,
in conflict with the provisions of this resolution are, to the extent
of such conflicts, hereby repealed and this resolution shall be in
immediate effect from and after its adoption.
This Inducement Resolution shall be in full force and ef-
fect after its adoption by the Common Council and approval by the
Mayor.
ILA Member of the Common Coun it
AILED RI CLERK'S KILL
DEC 8 1981
Irene Gammon
CI Y CLERK,SOUTH BEND,IND.
PRESENTED - I -Ss '
NOT APPROVED -3-
I
ADOPTED