Laserfiche WebLink
to the Commission, and (v) recommending that this Council find 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, and complies with the purposes and provisions of the Act, and that this Council adopt an <br />ordinance approving such financing. <br />This Council believes it is in the best interests of the City and its citizens to provide a <br />program for financing and refinancing economic development facilities for developers or users <br />thereof through the issuance of taxable or tax-exempt bonds. <br />The City, as requested by the Borrower, has determined to issue, sell and deliver the City <br />of South Bend, Indiana Variable Rate Economic Development Revenue Bonds, Series 2007 <br />(PEUGenesis Project) in an aggregate principal amount not to exceed $8,500,000 to make funds <br />available for the Project (the "Bonds"). <br />The City desires to sell the Bonds through an underwritten offering pursuant to a Bond <br />Purchase Agreement (the Bond Purchase Agreement"), among the City, the Borrower and <br />NatCity Investments, Inc. (the "Underwriter"). <br />There have been submitted to this Common Council (the "CounciP') proposed forms of: <br />(i) the Trust Indenture (the "Indenture") between the City and U.S. Bank <br />National Association, as trustee (the "Trustee"), pursuant to which the Bonds will be <br />issued; <br />(ii) the Loan Agreement (the "Loan A,Qreement") between the City and the <br />Borrower; and <br />(iii) the Bond Purchase Agreement pursuant to which the Bonds will be sold. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA AS FOLLOWS: <br />SECTION 1. Incorporation of Recitals. The recitals contained in this Ordinance are true <br />and correct and are incorporated in this Ordinance by this reference. <br />SECTION 2. Findings; Public Benefits. This Council finds that the facilities that <br />constitute the Project to be financed and refinanced as described in said Loan Agreement are <br />"economic development facilities" within the meaning of the Act and that such facilities will not <br />have an adverse competitive effect on any similar facilities already constructed or operating in or <br />about the City. This Council further finds that the proposed financing and refinancing of the <br />Project will be of benefit to the health and general welfare of the City and its citizens. This <br />Council further finds that the proposed financing and refinancing of the Project complies with <br />the purposes and provisions of the Act. <br />SECTION 3. Issuance of the Bonds. The Council hereby authorizes, as part of a <br />program for financing and refinancing the aforementioned economic development facilities, the <br />issuance of an aggregate principal amount not to exceed $8,500,000 of the Bonds by the City, for <br />the purpose of procuring funds to loan to the Borrower in order to finance and refinance the <br />2 <br />