8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)

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. v: ORDINANCE NO. $ q LI 7--64 3 AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA(THE "CITY"), TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BOND (P.A.I. PROPERTIES, AN INDIANA PARTNERSHIP PROJECT, SERIES 1993),IN THE AGGREGATE PRINCIPAL AMOUNT OF FOUR HUNDRED FIFTY THOUSAND DOLLARS($450,000.00)AND APPROVING AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO STATEMENT OF PURPOSE AND INTENT: The City is a municipal corporation and political subdivision of the State of Indiana, and by virtue of Title 36, Article 7, Chapters 11.9 and 12, of the Indiana Code, as amended (the "Act"), is authorized and empowered to adopt this Ordinance and to carry out its provisions. The South Bend Economic Development Commission (the "Commission") has rendered its report concerning the proposed financing of economic development facilities for P.A.I. Properties, an Indiana partnership, and the Area Plan Commission has commented favorably thereon. The Commission, after a public hearing held on November 19, 1993, has adopted a Resolution, which has been transmitted to this Council, (i) finding that the construction by P.A.I. Properties, an Indiana partnership (the "Company") of the proposed economic development facilities described in said report will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the City, (ii) further finding that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and general welfare of the City and its citizens, (iii) further finding that the proposed economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act, (iv) approving the economic development revenue bond financing of such facilities, including the form and terms of the Loan Agreement, Mortgage and Security Agreement between the Company and the City, the Promissory Note from the Company to the City, the registered City of South Bend, Indiana, Economic Development Revenue Bond (P.A.I. Properties, an Indiana Partnership Project, Series 1993) from the City to the bondholders, The Trust Indenture between the City and 1st Source Bank(the "Trustee"), and this Ordinance,presented to the Commission, and (v) recommending that this Council find that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and general welfare of the City and its citizens, and complies with the purposes and provisions of the Act, and that this Council adopt an ordinance approving such financing. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: