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REGULAR MEETING DECEMBER 5, °1983
<br />ORDIAANCE NO. 7276 -83 AN ORDINANCE TRANSFERRING MONIES BETWEEN VARIOUS ACCOUNTS IN
<br />VARIOUS DEPARTMENTS WITHIN VARIOUS FUNDS IN THE CITY OF
<br />SOUTH BEND, INDIANA.
<br />This bill had second reading. Council Member Taylor made a motion to amend this
<br />bill, as amended in the Committee of the Whole, seconded by Council Member McGann.
<br />The motion carried. Council Member Taylor made a motion to pass this bill, as amended,
<br />seconded by Council Member Zielinski. The bill passed by a roll call vote of nine
<br />ayes.
<br />ORDINANCE NO. 7277 -83 AN ORDINANCE TRANSFERRING MONIES FROM VARIOUS ACCOUNTS TO
<br />VARIOUS ACCOUNTS WITHIN VARIOUS DEPARTMENTS WITHIN VARIOUS
<br />FUNDS OF THE CITY OF SOUTH BEND, INDIANA.
<br />This bill had second reading. Council Member Taylor made a motion to amend this
<br />bill, as amended in the Committee of the Whole, seconded by Council Member McGann.
<br />The motion carried. Council Member Serge made a motion to pass this bill, as amended,
<br />seconded by Council Member McGann. The bill passed by a roll call vote of nine ayes.
<br />RESOLUTIONS
<br />RESOLUTION NO. 1104 -83
<br />A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
<br />BEND, INDIANA (STEEL WAREHOUSE CO., INC.)
<br />WHEREAS, the City of Suth Bend, Indiana (the "Issuer ") is authorized by IC 36 -7-
<br />12 (the "Act) to issue revenue bonds for the financing of economic development facilities,
<br />the funds from said financing to be used for the acquisition, construction and equipping
<br />of said facilities, and said facilities to be either sold or leased to a company or
<br />directly owned by a company; and
<br />WHEREAS, Steel Warehouse Co., Inc., an Indiana corporation (the "Applicant ") has
<br />advised the South Bend Economic Development Commission (the "Commission ") and the
<br />Issuer that it proposes that the Issuer either acquire, construct and equip an economic
<br />development facility and sell or lease the same to the Applicant or loan proceeds of
<br />an economic development financing to the Applicant for the same, said economic developamen
<br />facility to consist of the construction of a 10,400 square foot addition to the Applicant'
<br />existing steel manufacturing facility and the acquisition of a temper mill and other
<br />machinery and equipment to be installed therein, so that the Applicant may expand its
<br />business in the area of heavy gauge, low carbon, hot rolled steel, said existing
<br />facility being located at 2722 Tucker Drive, in the City of South Bend, on an approximate
<br />22 acre tract of land ( "Project "); and
<br />WHEREAS, the diversification of industry and increase in job opportunities (6 to
<br />12 new jobs) to be achieved by the construction and equipping of the Project will be
<br />of public benefit to the health, safety and general welfare of the Issuer and its
<br />citizens; and
<br />WHEREAS, having received the advice of the South Bend Economic Development Commission
<br />it would appear that the financing of the Project would be of public benefit to the
<br />health, safety and general welfare of the Issuer and its citizens; and
<br />WHEREAS, it is preliminarily found that the acquisition and construction of the
<br />facility will not have an adverse competitive effect on any similar facility already
<br />constructed or operating in South Bend, Indiana;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE Common Council of the CIty of South Bend,
<br />as follows:
<br />1. The Common Council of the City of South Bend finds, determines, ratifies and
<br />confirms that the promotion of diversification of economic development and job opportuniti
<br />in and near South Bend, indiana, is desirable to preserve the health, safety and
<br />general welfare of the citizens of the Issuer; and that it is in the public interest
<br />that the Commission and the Issuer take such action as they lawfully may to encourage
<br />economic development, diversification of industry and promotion of job opportunities
<br />in and near the Issuer.
<br />2. The Common Council of the City of South Bend approves, determines, ratifies
<br />and confirms that the issuance and sale of economic development revenue bonds in an
<br />amount of approximately $1,750,000 of the Issuer under the Act for the acquisition,
<br />construction and equipping of the Project and the sale or leasing of the Project to
<br />the Applicant or the loan of the proceeds of the revenue bonds to the Applicant, will
<br />serve the public purposes referred to above, in accordance witht the Act.
<br />3. In order to induce the Applicant to proceed with the acqusition, constructin
<br />and equipping of the Project, the Common Council of the City of South Bend hereby
<br />approves, determines, ratifies and confirms that (i) it will take or cause to be
<br />taken such actions pursuant to the Act as may be required to implement the aforesaid
<br />financing, or as it may deem appropriate in pursuance thereof; provided that all of
<br />the foregoing shall be mutually acceptable to the Issuer and the Applicant; and (ii)
<br />it will adopt such ordinances and resolutions and authorize the execution and delivery
<br />of such instruments and the taking of such action as may be necessary and advisable
<br />for the authorization, issuance and sale of said economic development revenue bonds;
<br />and (iii) it will use its best efforts at the request of Applicant to authorize the
<br />issuance of additional bonds for refunding and refinancing the outstanding principal
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