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11-22-10 Council Agenda & Packet
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11-22-10 Council Agenda & Packet
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11/18/2010 11:36:24 AM
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City Council - City Clerk
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Center, LLC Project), Series 2010 (the "Bonds "), the use of the proceeds of the Bonds by the <br />Borrower to finance the Project, the payment of the Bonds by the Borrower under the Loan <br />Agreement, and the securing of said Bonds under the Loan Agreement and Trust Indenture <br />complies with the purposes and provisions of Indiana Code 36 -7 -11.9 and 12, and will be of <br />benefit to the health and welfare of the City and its citizens. <br />Section 2. The proceeds of the Bonds will be used for the financing of the Project to <br />be located on the northwest corner of Washington Street and Main Street, at 211 West <br />Washington Street, South Bend, Indiana. <br />Section 3. At the public hearing held before the EDC, the EDC considered whether <br />the Project would have an adverse competitive effect on any similar facilities located in or near <br />the City, and subsequently found, based on special findings of fact set forth in the Resolution <br />transmitted hereto, that the Project would not have an adverse competitive effect. The Council <br />hereby confirms the findings set forth in the EDC's Resolution, and concludes that the Project <br />will not have an adverse competitive effect on any other similar facilities in or near the City, and <br />the facilities will be of benefit to the health and welfare of the citizens of the City. <br />Section 4. The Loan Agreement and Trust Indenture in substantially final form <br />approved by the EDC are hereby approved (herein collectively referred to as the "Financing <br />Agreement" referred to in Indiana Code 36 -7 -11.9 and 12), and the Financing Agreement shall <br />be incorporated herein by reference and shall be inserted in the minutes of the Council and kept <br />on file by the City CIerk. In accordance with the provisions of Indiana Code 36- 1 -5 -4, two (2) <br />copies of the Financing Agreement are on file in the office of the City Clerk for public <br />inspection. <br />Section 5. The City shall issue its Bonds in the total principal amount of $31,750,000 <br />and maturing no later than January 1, 2045. Said Bonds are to be issued for the purpose of <br />procuring funds to pay the costs of the Project, as more particularly set out in the Financing <br />Agreement, which Bonds will be payable as to principal, premium, if any, and interest in <br />accordance with the Financing Agreement. The Bonds shall be issued in fully registered form <br />and shall be redeemable as provided in the Financing Agreement. Payments of principal of and <br />interest on the Bonds are payable in lawful money of the United States of America by check or <br />draft mailed or delivered to the registered owners thereof as provided in the Financing <br />Agreement. The Bonds shall not constitute a debt of the City or of the State of Indiana (the <br />
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