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05-22-2017 Packet
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05-22-2017 Packet
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5/18/2017 3:17:10 PM
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5/18/2017 3:11:53 PM
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City Council - City Clerk
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Commission on .tune 5, 2017 ("Public Hearing"), and following such Public Hearing, the <br /> Commission has approved and recommended the adoption of this form of ordinance by this <br /> Common Council, has considered the issue of adverse competitive effect and has approved the <br /> forms of and has transmitted for approval by the Common Council the Financing and Covenant <br /> Agreement between the Developer and the City, dated as of June 1, 2017 ("Financing and <br /> Covenant Agreement"); the Trust Indenture (including forn of Bonds) between the Issuer and <br /> the Trustee, dated as of June 1, 2017 ("Indenture"); and the Bond Purchase Agreement between <br /> the Issuer and the purchaser of the Bonds (collectively with the Financing and Covenant <br /> Agreement and the Indenture, "Financing Agreement"). <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br /> THE CITY OF SOUTH BEND,INDIANA AS FOLLOWS: <br /> SECTION 1. It is hereby found that: (i) the financing of the Bond Project referred to in <br /> the Financing Agreement approved by the Commission and presented to this Common Council; <br /> (ii) the issuance and sale of the City's Taxable Economic Development Revenue Bonds, Series <br /> 2017 (Studebaker Project) ("Bonds"); (iii) the payment of the principal on the Bonds from TIF <br /> I <br /> Revenues pledged by the South Bend Redevelopment Commission for such purpose in the <br /> amount of $3,500,000 under the Financing Agreement which pledge constitutes a non- <br /> shareholder contribution to the Developer for federal tax purposes; and (iv) the securing of the <br /> Bonds by granting a security interest in the Trust Estate (as defined in the Indenture) to the <br /> Trustee under the Indenture; complies with the purposes and provisions of IC 36-7-11.9, -12, -14 <br /> and -25 (collectively, "Act"), and will be of benefit to the health and welfare of the City and its <br /> citizens. <br /> -2 - <br /> 1\1 1852954.5 <br />
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