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REGULAR MEETING JANUARY 27 1975
<br />REGULAR MEETING - RECONVENED (CONTINUED)
<br />ORDINANCE NO. 5798 -75 AN ORDINANCE FIXING THE ANNUAL SALARIES,
<br />PAYABLE FROM THE GENERAL FUND, FOR
<br />OFFICERS OF THE CITY OF SOUTH BEND, TO
<br />BE ELECTED FOR THE TERM COMMENCING
<br />JANUARY 1, 1976, AND FIXING THE TIME
<br />WHEN THE SAME SHALL TAKE EFFECT.
<br />This ordinance had second reading. Councilman Miller made a motion to amend the ordinance as
<br />amended in the Committee of the Whole, seconded by Councilman Serge. The motion carried.
<br />Councilman Serge then made a motion to pass the ordinance, as amended, seconded by Councilman
<br />Miller. The ordinance passed by a roll call vote of six ayes (Councilmen Serge, Miller, Taylor,
<br />Kopczynski, Horvath and Parent) and three nays (Councilmen Szymkowiak, Nemeth and Newburn).
<br />RESOLUTIONS
<br />RESOLUTION NO. 470 -75 A RESOLUTION FINDING AND ADJUDGING THAT
<br />THE FINANCING OF FACILITIES FOR ATTCO
<br />MACHINE PRODUCTS, INC., BY THE ISSUANCE
<br />BY THE CITY OF SOUTH BEND, INDIANA, OF
<br />ITS ECONOMIC DEVELOPMENT REVENUE BONDS
<br />PERTAINING TO SUCH FACILITIES FOR SUCH
<br />ENTITY WILL BE OF BENEFIT TO THE HEALTH
<br />OR WELFARE OF THIS MUNICIPALITY, AND
<br />APPROVING THE FINANCING THEREFOR.
<br />WHEREAS, the Common Council of the City of
<br />created the South Bend Development Commission, h,
<br />pursuant to the provisions of the Public Law No.
<br />of Indiana for 1973, as such may be amended from
<br />limited to IC 18- 6 -4.5 -2 through IC 18- 6- 4.5 -28,
<br />and
<br />South Bend, Indiana, heretofore has
<br />Breinafter referred to as "Commission ",
<br />182 of the Acts of the General Assembly
<br />time to time, including but not
<br />hereinafter referred to as the "Act ";
<br />WHEREAS, Attco Machine Products, Inc. has filed an application with the Commission
<br />to finance the acquisition of real estate and the construction thereon of an industrial
<br />and commercial building (facilities) which will constitute economic development
<br />facilities resulting in a substantial number of new jobs as well as other benefits; and
<br />WHEREAS, in connection therewith the Commission has prepared and placed on file a
<br />report containing the subject matter as specified in Section 16 of IC -1973, 18 -6 -4.5 and
<br />has forwarded copies thereof to the Chairman of the Area Plan Commission and to the
<br />Superintendent of the School Corporation in the area of which the facilities will be
<br />located, and has timely received favorable reports from each of them; and
<br />WHEREAS, the Commission held a public hearing on the proposed financing of such
<br />facilities on December 27, 1974, after giving the required notice as provided for in
<br />Section 17 of IC -1973, 18- 6 -4.5; and
<br />WHEREAS, the Commission at such meeting by a duly adopted written resolution,
<br />incorporated herein by reference, found that the proposed financing complies with the
<br />purposes and provisions of the Act, and approved such financing, including, but not
<br />limited to, the forms and terms of the financing agreement consisting of the Lease and
<br />Trust Indenture and the Bonds; and
<br />WHEREAS, this Common Council of the City of South Bend, Indiana, now finds
<br />that the proposed financing of such facilities for Attco Machine Products, Inc., will
<br />be of benefit to the health or welfare of the City of South Bend, Indiana, and that
<br />accordingly, this resolution should be adopted.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana, that:
<br />Section 1. Such financing for Attco Machine Products, Inc., under the Act be
<br />and the same is hereby approved.
<br />Section 2. This resolution shall be in full force and effect from and after its
<br />passage by the Common Council and approval by the Mayor.
<br />s/ Walter T. Kopczynski
<br />Councilman
<br />A public hearing was held on the resolution at this time. Mr. Kenneth Fedder, Attorney for the
<br />South Bend Development Commission, indicated that the commission had met on December 27, 1974,
<br />and found that the proposed financing complied with the act. He stated that Mr. Richard Morgan,
<br />Attorney for Attco Machine Products, was present, along with Mr. Alfonse Verwilst, Jr., President,
<br />and Mr. Theodore Schafer, Secretary- Treasurer. Mr. Morgan indicated that the firm was located in
<br />Mishawaka and would relocate to the Airport Industrial Park. He stated that the construction woul,
<br />begin contingent upon the financing, within one month to six weeks. The amount of the bond was
<br />$325,000 at an interest rate of 7 3/4o annually. The annual payroll was anticipated at $315,000
<br />and 30 persons would be employed. At the start, 8 new employees would be added and, within one
<br />year, 18 more employees would be added. Mr. Verwilst indicated that the firm manufactured air-
<br />craft and missle components.
<br />Councilman Nemeth made a motion to adopt the resolution, seconded by Councilman Newburn. The
<br />resolution was adopted by a roll call vote of nine ayes (Councilmen Serge, Szymkowiak, Miller,
<br />Taylor, Kopczynski, Horvath, Nemeth, Newburn and Parent).
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