Approving the financing by the City of South Bend of Economic Development Facilities for allied products corporation

Home Browse Search

WHEREAS, the City has also caused a notice of a public hearing on the proposed financing to be given by publication on July a , 1973 in the a daily newspaper published and having a general circulation within said City and by posting of such notice in three public places within said City and has held a public hearing on the proposed financing at the time and place specified in such notice; NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. It is hereby found by the Common Council of the City of South Bend, Indiana that the proposed financing by the City for lease to Allied Products Corporation of economic development facilities described on Exhibits A and B to the hereinafter described Lease and Indenture will be of benefit to the economic welfare of the City. Section 2. The proposed financing involving the issuance of $3,900,000 principal amount of Economic Development Revenue Bonds, Series 1973 (Allied Products Corporation Project) of the City for the purpose of paying a portion of the cost of such economic development facilities is hereby approved and authorized. Section 3. The revenue bonds hereby authorized shall be payable solely from the sources, shall have such terms and provisions and shall be secured as provided by the Indenture of Trust (Security Agreement) dated as of July 1, 1973 between the City and The St. Joseph Bank and Trust Company, South Bend, Indiana, an Indiana Banking Institution, as Trustee, the Lease Agreement dated as of July 1, 1973 between the City and Allied Products Corporation, as lessee, and the Official Statement of the City describing the bonds and the financing, which documents are before this Common Council and are hereby approved. The form of the Bond Purchase Agreement -2-