|
REGULAR MEETING DECEMBER 16, 1985
<br />project will consist of a sixty unit motel, restaurant and marina. He indicated
<br />that approximately 137 permanent jobs will be created. Council Member Puzzello made
<br />a motion to pass this bill, seconded by Council Member Zakrzewski. The motion
<br />carried.
<br />ORDINANCE NO. 7582 -85
<br />AN ORDINANCE AMENDING GENERAL ORDINANCE NO. 6622 -79,
<br />PASSED AUGUST 13, 1979, AUTHORIZING THE ISSUANCE OF
<br />$6,000,000 CITY OF SOUTH BEND, INDIANA, ECONOMIC
<br />DEVELOPMENT FIRST MORTGAGE REVENUE BONDS (SOUTH BEND
<br />FORGE, INC., PROJECT) (ABS INDUSTRIES, INC, GUARANTOR)
<br />AS AMENDED AND GENERAL ORDINANCE NO. 67.81 -80, PASSED
<br />MAY 27, 1980, AUTHORIZING THE ISSUANCE OF $3,000,000
<br />CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT FIRST
<br />MORTGAGE REVENUE BONDS, SERIES 1980 . (SOUTH BEND FORGE,
<br />INC., PROJECT) (ABS INDUSTRIES, INC. - GUARANTOR) AS
<br />AMENDED; AND AUTHORIZING THE EXECUTION AND DELIVERY OF
<br />AMENDED BONDS AND OF A THIRD SUPPLEMENTAL TRUST
<br />INDENTURE AND THIRD SUPPLEMENTAL LOAN AGREEMENT.
<br />This bill had first reading. Council Member Serge made a motion to suspend the
<br />rules and have public hearing and second reading on this bill, seconded by
<br />Puzzello. The motion carried on a roll call vote of nine ayes. This being the time
<br />heretofore set for public hearing on the above bill, proponents and opponents were
<br />given an opportunity to be heard. Kenneth Fedder, attorney for the Economic
<br />Development Commission, made the presentation for the bill. He indicated the bill
<br />should be amended by substitution of a new bill on file with the City Clerk.
<br />Council Member Taylor made a motion to accept the substitute bill, seconded by
<br />Council Member Zakrzewski. The motion carried. He indicated that in 1984 the
<br />Series 1979 and 1980 bonds went into default, and there is a principal balance
<br />outstanding of $6,300,000. He indicated that through negotiations SBF, ABS and the
<br />Trustee have an agreement by which the default would be remedied, by the National
<br />City Bank of Cleveland purchasing the bonds from the current bondholders. Council
<br />Member Puzzello made a motion to pass this bill, as amended, seconded by Council
<br />Member Serge. The bill passed by a roll call vote of nine ayes.
<br />BILL NO. 177 -85 A BILL ANNEXING TO AND BRINGING WITHIN THE CITY LIMITS
<br />OF SOUTH BEND, INDIANA, CERTAIN LAND LOCATED AT 22901
<br />CLEVELAND ROAD EXTENSION IN ST. JOSEPH COUNTY, INDIANA.
<br />This bill had first reading. Council Member Zakrzewski made a motion to set this
<br />bill for second reading and public hearing January 13, and refer it to the Zoning
<br />and Vacation Committee, seconded by Council Member Voorde. The motion carried.
<br />BILL NO. 178 -85
<br />A BILL TRANSFERRING $32,030.00 AMONG VARIOUS ACCOUNTS
<br />WITHIN THE SOUTH BEND WATER WORKS.
<br />This bill had first reading. Council Member Serge made a motion to set this bill
<br />for second reading and public hearing December 18, seconded by Council Member
<br />Taylor. The motion carried.
<br />ORDINANCE NO. 7583 -85
<br />AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND,
<br />INDIANA (THE "CITY ") TO ISSUE ITS "ECONOMIC DEVELOPMENT
<br />REVENUE BOND, SERIES 1985 (HARRISON MANAGEMENT COMPANY
<br />AN INDIANA PARTNERSHIP PROJECT), IN THE AGGREGATE
<br />PRINCIPAL AMOUNT OF SEVEN HUNDRED THOUSAND DOLLARS
<br />($700,000.00) AND APPROVING AND AUTHORIZING CERTAIN
<br />ACTIONS WITH RESPECT THERETO.
<br />This bill had first reading. Council Member Taylor made a motion to suspend the
<br />rules and have public hearing and second reading on this bill, seconded by Council
<br />Member Puzzello. The motion carried on a roll call vote of nine ayes. This being
<br />the time heretofore set for public hearing on the above bill, proponents and
<br />opponents were given an opportunity to be heard. Richard Morgan, attorney, made the
<br />presentation for the bill. He indicated it was necessary to pass a new ordinance
<br />changing the interest back to 75 %. Council Member Taylor made a motion to pas this
<br />bill, seconded by Council Member Zakrzewski. The motion carried on a roll call vote
<br />of nine ayes.
<br />ORDINANCE NO. 7584 -85
<br />AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND,
<br />INDIANA (THE ( "CITY ") TO ISSUE ITS "ECONOMIC
<br />DEVELOPMENT REVENUE BONS, SERIES 1985 (CONTAINER
<br />SERVICE CORPORATION PROJECT), IN THE AGGREGATE
<br />PRINCIPAL AMOUNT OF EIGHT HUNDRED THOUSAND DOLLARS
<br />($800,000.00) AND APPROVING AND AUTHORIZING CERTAIN
<br />ACTIONS WITH RESPECT THERETO.
<br />This bill had first reading. Council Member Taylor made a motion to suspend the
<br />rules and have public hearing and second reading on this bill, seconded by Council
<br />Member Puzzello. The motion carried on a roll call vote of nine ayes. This being
<br />the time heretofore set for public hearing on the above bill, proponents and
<br />opponents were given an opportunity to be heard. Richard Morgan, attorney, made the
<br />presentation for the bill. He indicated it was necessary to pass a new ordinance
<br />changing the interest back to 75 %. Council Member Serge made a motion to pas this
<br />bill, seconded by Council Member Taylor. The motion carried on a roll call vote of
<br />nine ayes.
<br />
|