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60-18 Bond Financing for the Community Center Project
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60-18 Bond Financing for the Community Center Project
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11/7/2018 2:09:11 PM
Creation date
11/7/2018 2:08:28 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/12/2018
Bill Number
60-18
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FINANCING AGREEMENT <br /> This FINANCING AGREEMENT, dated as of November 1, 2018 (the "Financing <br /> Agreement") between ST. JOSEPH COUNTY PUBLIC LIBRARY, an Indiana non-profit Public <br /> Library (the "Public Library"), and the CITY OF SOUTH BEND, INDIANA (the "Issuer" or <br /> "City"), a municipal Public Library duly organized and validly existing under the laws of the <br /> State of Indiana(the"State"). <br /> RECITALS <br /> WHEREAS, Indiana Code, Title 36, Article 7, Chapters 11.9 and 12, as supplemented <br /> and amended (collectively, the "Act"), authorizes and empowers the Issuer to issue revenue <br /> bonds and enter into agreements with companies to allow companies to acquire or construct <br /> economic development facilities and vests the Issuer with powers that may be necessary to <br /> enable it to accomplish such purposes; and <br /> WHEREAS, after giving notice in accordance with the Act and Indiana Code 5-3-1, the <br /> City of South Bend Economic Development Commission (the "Economic Development <br /> Commission") held a public hearing regarding the Project (as defined herein), and, upon finding <br /> that the Project and the proposed financing of the acquisition, construction, expansion, <br /> renovation, equipping, furnishing and improvement thereof(i) will create or retain employment <br /> opportunities in the City, (ii) will benefit the health and general welfare of the citizens of the City <br /> and the State, and (iii) will comply with the purposes and provisions of the Act, the Economic <br /> Development Commission adopted a resolution, and the Common Council of the Issuer (the <br /> "Common Council") adopted an ordinance, approving the proposed financing for the Project; <br /> and <br /> WHEREAS, the Issuer intends to issue its City of South Bend, Indiana, Community <br /> Education Center Project Economic Tax Increment Development Revenue Bonds, Series 20_ <br /> (Community Education Center Project), in the aggregate principal amount not to exceed <br /> $4,800,000 (the "Series 20_ Bonds"), pursuant to a Trust Indenture, dated as of 1, <br /> 20_ (the "Indenture"), by and between the Issuer and , as trustee (the <br /> "Trustee"), for the purpose of providing funds to pay a portion of the costs of the Project and <br /> costs related to the issuance of the Series 20 Bonds; and <br /> WHEREAS, the Series 20_ Bonds issued under the Indenture will be payable solely <br /> from incremental real property taxes derived from all taxable property in the Allocation Area(as <br /> defined herein). <br /> In consideration of the premises, the representations, warranties and commitments given <br /> by the Public Library to the Issuer, and other good and valuable consideration, the receipt of <br /> which is hereby acknowledged, the Public Library and the Issuer hereby further covenant and <br /> agree as follows: <br /> (end of recitals) <br />
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