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ORDINANCE NO. <br /> AN ORDINANCE OF THE COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND,INDIANA,AUTHORIZING THE CITY <br /> OF SOUTH BEND TO ISSUE ITS ECONOMIC DEVELOPMENT <br /> REVENUE BONDS OF 2011 AND APPROVING AND AUTHORIZING <br /> OTHER ACTIONS IN RESPECT THERETO <br /> $1,500,000 SOUTH BEND ECONOMIC DEVELOPMENT <br /> REVENUE BONDS, SERIES 2011 <br /> (SOUTH BEND CAREER ACADEMY PROJECT) <br /> STATEMENT OF PURPOSE AND INTENT <br /> The South Bend Economic Development Commission (the "Commission") has <br /> previously conducted a public hearing and adopted a resolution on September 19, 2011, which <br /> resolution has been transmitted to this Common Council, finding that the financing of certain <br /> economic development facilities of South Bend Career Academy, Inc. ("Borrower") complies <br /> with the purposes and provisions of Indiana Code 36-7-11.9 and Indiana Code 36-7-12, each as <br /> amended (collectively, the "Act"); and that such financing will be of benefit to the health and <br /> welfare of the City of South Bend, Indiana ("City") and its citizens. <br /> The South Bend Redevelopment Commission ("Redevelopment Commission") has <br /> adopted a resolution on September 12, 2011 (the "Pledge Resolution") approving of a pledge of <br /> Pledged Tax Increment (as defined in the Pledge Resolution) to be used to pay debt service on <br /> the City's Economic Development Revenue Bonds of 2011 (South Bend Career Academy <br /> Project) ("Bonds"), to offset payments required to be made by the Borrower, to be issued by the <br /> City pursuant to this Ordinance. The Bonds are being issued to finance the construction of <br /> economic development facilities consisting of a 106,000 square foot charter school located at <br /> 3801 Crescent Circle in the Blackthorn office park on South Bend's northwest side ("Project"). <br /> The Commission has heretofore approved and recommended the adoption of this form of <br /> ordinance by this Common Council, has considered the issue of adverse competitive effect and <br /> has approved the forms of and has transmitted for approval by the Common Council the Bond <br /> Purchase and Loan Agreement (including form of Note and Bonds) among the Issuer, the <br /> Borrower and the purchaser of the Bonds. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br /> THE CITY OF SOUTH BEND, INDIANA,AS FOLLOWS: <br /> Section L It is hereby found that: (i) the financing of the Project referred to in the <br /> Loan Agreement approved by the Commission and presented to this Common Council; (ii) the <br /> issuance and sale of the City's Economic Development Revenue Bonds of 2011 ("South Bend <br />