Finding and adjudging the financing of facilities for Ridgedale Nursing Home

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RESOLUTION NO. 4 O O-7 3 A RESOLUTION FINDING AND ADJUDGING THAT THE FINANCING OF FACILITIES FOR RIDGEDALE NURSING HOME BY THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA, OF ITS ECONOMIC DEVELOP- MENT REVENUE BONDS PERTAINING TO SUCH FACILITIES FOR SUCH ENTITY WILL BE OF BENEFIT TO THE HEALTH OR WELFARE OF THIS MUNICIPALITY, AND APPROVING THE FINANCING THEREFOR WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission, hereinafter referred to as "Commission", pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended, supplemented or added to, including but not limited to the amendments, supplements or additions thereto, hereinafter referred to as the "Act"; and WHEREAS, Ridgedale Nursing Home has filed an application with the Commission to finance the addition to an existing facility which will consti- tute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and WHEREAS, in connection therewith the Commission has prepared and placed on file a report containing the subject matter as specified in Section 16 of IC-1973, 18-6-4.5 and has forwarded copies thereof to the Chair- man of the Area Plan Commission and to the Superintendent of the School Cor- poration in the area of which the facilities will be located, and has timely received favorable reports from each of them; and WHEREAS, the Commission held a public hearing on the proposed finan- cing of such facilities on November 9, 1973, after giving the required notice as provided for in Section 17 of IC-1973, 18-6-4.5; and WHEREAS, the Commission at such meeting by a duly adopted written resolution, incorporated herein by reference, found that the proposed finan- cing complies with the purposes and provisions of the Act, and approved such financing, including, but not limited to, the form and terms of the financing agreement consisting of the Lease and Trust Indenture and the Bonds; and WHEREAS, this Common Council of the City of South Bend, Indiana, now finds that the proposed financing of such facilities for Ridgedale Nursing Home will be of benefit to the health or welfare of the City of South Bend, Indiana, and that, accordingly, this resolution should be adopted. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City