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1 1D
<br />REGULAR MEETING
<br />MARCH 9, 1981_
<br />RESOLUTION NO. 871 -81
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA,
<br />RELATING TO AMERICAN ENERGY CORPORATION PROJECT.
<br />WHEREAS, at the present time there are insufficient employment opportunities and
<br />insufficient diversification of business, commerce and industry in and near the City
<br />of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />and construction of economic development facilities in St. Joseph County pursuant to
<br />the provisions of Indiana Code 18 -6 -4.5 (the "Act "); and
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />by American Energy for the issuance of City of South Bend Economic Development Revenue
<br />Bonds in an amount not to exceed Three Million Two Hundred Fifty Thousand and no /100
<br />Dollars ($3,250,000.00) repayable with interest thereon to be determined but not
<br />expected to exceed fourteen percent (14 %) over a period not to exceed twelve (12)
<br />years in order to purchase real estate and equipment and construct an industrial
<br />building for an anhydrous fuel grade alcohol distilling plant result in approximaterly
<br />fourteen (14) new jobs by the principal user with an annual payroll of approximately
<br />Two Hundred Thirty -four Thousand Dollars ($234,000.00) per year.
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves
<br />as follows:
<br />1. The project constitutes economic development facilities which shall be financed
<br />by the City through the issuance of revenue bonds pursuant to the Act and the City is
<br />willing, upon compliance with all provisions of Indiana law, to authorize approximately
<br />Three Million Two Hundred Fifty Thousand Dollars ($31,250,000.00) of its revenue bonds,
<br />which bonds will not be general obligations of the City but will be payable solely
<br />from the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the
<br />City and will comply with the purposes and provisions of the Act.
<br />3. American Energy may proceed with acquisition and construction of the economic
<br />development facilities in reliance upon this resolution.
<br />4. That the liability and obligation of the South Bend
<br />Commission, the South Bend Common Council, the City of South
<br />Joseph County Council and St. Joseph County shall be limited
<br />efforts to consummate such proceedings and issue such Bonds,
<br />Development Commission, the City of South Bend, Indiana and
<br />officers or agents, shall not incur any liability if for any
<br />issuance of such Bonds is not consummated.
<br />Economic Development
<br />Bend, Indiana, the St.
<br />solely to the good faith
<br />and the South Bend Economic
<br />St. Joseph County, their
<br />reason the proposed
<br />This IndCcement Resolution shall be in full force and effect from and after its
<br />adoption by the Common Counci'1 and approval by the Mayor.
<br />/s/ Lewis A. McGann
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr. Kenneth Fedder, attorney
<br />for the Economic Development Commission, indicated this project would be located in
<br />the County at State Road 4 and U.S. 31. He indicated they proposed to build an ethanol
<br />plant that would produce 200 gallons per hour. Council Member Dombrowski made a
<br />motion to adopt this resolution, seconded by Council Member Kopczynski. The resolution
<br />was adopted by a roll call vote of nine ayes.
<br />BILLS. FIRST READING
<br />BILL NO. 17 -81 A BILL AMENDING CHAPTER 21, OF THE MUNICIPAL CODE OF THE
<br />CITY OF SOUTH BEND, INDIANA,.BY AMENDING VARIOUS SECTIONS
<br />WITHIN ARTICLE 6.5 COMMONLY KNOWN AS THE HISTORIC PRESERVATION
<br />COMMISSION.
<br />This bill had first reading. Council Member Taylor made a motion to refer this bill
<br />to Area Plan, seconded by Council Member Dombrowski. The motion carried.
<br />ORDINANCE NO. 6898 -81
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF $9,000,000
<br />ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF SOUTH
<br />BEND, INDIANA, FOR THE PURPOSE OF MAKING A LOAN TO FIRST
<br />BANK CENTER LIMITED PARTNERSHIP IN ORDER TO FINANCE THE
<br />ACQUISITION, CONSTRUCTION AND DEVELOPMENT OF CERTAIN ECONOMIC
<br />DEVELOPMENT FACILITIES, LOCATED IN THE CITY OF SOUTH BEND,
<br />INDIANA; AUTHORIZING EXECUTION OF A LOAN AGREEMENT, AN INDENTURE
<br />OF TRUST AND A BOND PURCHASE AGREEMENT; AND APPROVING RELATED
<br />MATTERS.
<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 Kopczynski. 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 opponents
<br />were given an opportunity to be heard. Mr. Kenenth Fedder, attorney for the Economic
<br />Development Commission, made the presentation for the bill. He indicated this issue
<br />was for the First Bank to complete their construction. Council Member Szymkowiak
<br />made a motion to pass this bill, seconded by Council Member Dombrowski. The bill
<br />passed by a roll call vote of nine ayes.
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