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9722-06 Authorizing the sale of an Aggregate Principal amount not to exceed $8,500,000
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9722-06 Authorizing the sale of an Aggregate Principal amount not to exceed $8,500,000
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Last modified
10/4/2010 4:04:32 PM
Creation date
11/16/2007 9:18:10 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/27/2006
Ord-Res Number
9722-06
Bill Number
81-06
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ORDINANCE NO. ~ ~ ZZ-~~ <br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF AN <br />AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED EIGHT <br />MILLION FIVE HUNDRED THOUSAND DOLLARS ($8,500,000) OF THE <br />CITY OF SOUTH BEND, INDIANA VARIABLE RATE ECONOMIC <br />DEVELOPMENT REVENUE BONDS, SERIES 2007 (PEI/GENESIS <br />PROJECT); DESIGNATING THE BONDS AS LIMITED OBLIGATIONS <br />OF THE CITY; APPROVING THE FORM OF, AND AUTHORIZING <br />THE EXECUTION AND DELIVERY OF, THE TRUST INDENTURE, <br />LOAN AGREEMENT AND OTHER DOCUMENTS RELATED TO THE <br />ISSUANCE AND SALE OF THE BONDS; AND AUTHORIZING PROPER <br />OFFICERS TO DO ALL OTHER THINGS DEEMED NECESSARY OR <br />ADVISABLE IN CONNECTION THEREWITH AND APPROVING AND <br />AUTHORIZING OTHER ACTIONS IN RESPECT THERETO. <br />STATEMENT OF PURPOSE AND INTENT <br />The City of South Bend, Indiana (the "C~") is a political subdivision of the State of <br />Indiana, and by virtue of Title 36, Article 7, Chapters 11.9 and 12, of the Indiana Code, as <br />amended (the "Act"), is authorized and empowered to adopt this Ordinance and to carry out its <br />provisions. <br />The South Bend Economic Development Commission (the "Commission") has rendered <br />its report concerning the proposed financing and refinancing of economic development facilities <br />for PEUGenesis, Inc., a Pennsylvania corporation ("PEl') and Tuliptree Associates, LLC, a <br />Pennsylvania limited liability company ("Tuliptree") (PEI and Tuliptree, collectively, the <br />"Borrower"). <br />The Commission, after a public hearing held on November 17, 2006, has adopted a <br />Resolution, which has been transmitted to this Council, (i) finding that the acquisition, <br />construction and equipping by the Borrower of the proposed economic development facilities to <br />be f nanced and the economic development facilities to be refinanced (collectively, the <br />"Pr ,iect") will not have an adverse competitive effect on any similar facilities already <br />constructed or operating in or about the City, (ii) further finding that the proposed financing and <br />refinancing of the Project will be of benefit to the health and general welfare of the City and its <br />citizens, (iii) further finding that the proposed financing and refinancing of the Project complies <br />with the purposes and provisions of the Act, (iv) approving the financing and refinancing of the <br />Project, including the form and terms of the Loan Agreement, the Bonds from the City to the <br />bondholders and the Trust Indenture, more fully described below, and this Ordinance, presented <br />
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