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/ Iq <br />RESOLUTION NO. 70 S - i 9 <br />A RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT <br />WITH SIMON BROS., INCORPORATED, OR ANY SUBSIDIARY <br />THEREOF, RELATING TO THE CONSTRUCTION AND INSTALLATION <br />OF ECONOMIC DEVELOPMENT FACILITIES TO BE USED IN THE <br />SALE OF VARIOUS TYPES OF FOODS, PAPER, SUPPLIES AND <br />OTHER COMMODITIES, WITHIN THE BOUNDARIES OF THE CITY <br />OF SOUTH BEND, INDIANA <br />WHEREAS, the City of South Bend, Indiana (the "Issuer "), <br />by virtue of the laws of the State of Indiana, including the <br />Municipal Economic Development Act of 1965, as amended, Indiana <br />Code of 1971, Title 18, Article 6, Chapter 4.5 (the "Act "), is <br />authorized and empowered, among other things, (a) to provide funds <br />to pay costs of economic development facilities within the bounda- <br />ries of the Issuer, to be owned and used by Simon Bros., Incorporated, <br />or any subsidiary thereof (the "Company "), (b) to issue economic <br />development revenue bonds for the purpose of paying the costs of <br />such construction and financing costs, (c) to secure such economic <br />development revenue bonds by an indenture, including the pledge <br />and assignment of revenues derived from such economic development <br />facilities to the payment of said revenue bonds and the granting <br />of a mortgage on such facilities for the benefit of the bondholders, <br />and (d) to enter into a loan agreement hereinafter mentioned; and <br />WHEREAS, the Company is a corporation duly organized under <br />the laws of the State of Indiana and desires to construct economic <br />development facilities within the Issuer to be used in the sale <br />of various types of foods, paper, supplies, and other commodities <br />(the "Facility "); and <br />WHEREAS, it is the desire of the members of the Common <br />Council of the Issuer that the additional jobs and employment <br />opportunities resulting from the Facility be provided at the <br />earliest possible moment and that the economic improvement produced <br />by the operation of the Facility within the Issuer occur at the <br />earliest possible time; and <br />WHEREAS, under the provisions of the Act it will be <br />necessary for the South Bend Economic Development Commission (the <br />-1- <br />