Authorzing the Economic Development Revenue Bonds National Composites Inc

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ORDINANCE NO. va SS-Q,k AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA, TO ISSUE ITS "CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BONDS, (NATIONAL COMPOSITES, INC. PROJECT) " , LOAN THE PROCEEDS THEREOF TO NATIONAL COMPOSITES, INC. , AN INDIANA CORPORATION, AND AUTHORIZING AND APPROVING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana (the "City") , is a municipal corporation and political subdivision of the State of Indiana and by virtue of IND. CODE 36-7-11.9 and IND. CODE §§ 36-7-12-1 et seq. , as amended (the "Act") , is authorized and empowered to adopt this ordinance (the "Bond Ordinance") and to carry out its provisions. National Composites, Inc. , an Indiana corporation (the "Borrower") desires to finance acquisition and installation of equipment for use in its manufacturing operations conducted at 2629 Foundation Drive, South Bend, Indiana (the "Project") . The Borrower has duly filed its application with the City for the issuance of bonds (the "Bonds") to finance the Project and costs related thereto and to the issuance of the Bonds. The South Bend Economic Development Commission (the "Commission") had rendered its report concerning the proposed financing of economic development facilities for Borrower. The Commission, after a public hearing held on April 24, 1992, has adopted a Resolution, which has been transmitted to this Council, (i) finding that the acquisition and installation 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