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Economic Development Revenue Bond P.A.I. Properties $722,000
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Economic Development Revenue Bond P.A.I. Properties $722,000
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Last modified
1/14/2013 3:03:32 PM
Creation date
1/14/2013 3:03:30 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/8/1986
Ord-Res Number
7708-86
Bill Number
123-86
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ORDINANCE NO. 77 ' 4 <br /> AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br /> INDIANA (THE "CITY") , TO ISSUE ITS "ECONOMIC <br /> DEVELOPMENT REVENUE BOND, <br /> (P.A. I . PROPERTIES, AN INDIANA PARTNERSHIP PROJECT, <br /> SERIES 1986) , IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> SEVEN HUNDRED TWENTY-TWO THOUSAND DOLLARS ($722, 000 . 00) <br /> AND APPROVING <br /> AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. <br /> WHEREAS, the City is a municipal corporation and poli- <br /> tical subdivision of the State of Indiana, and by virtue of <br /> Title 36, Article 7, Chapter 12, of the Indiana Code, as <br /> amended (the "Act") , is authorized and empowerd to adopt this <br /> Ordinance and to carry out its provisions; and <br /> WHEREAS, the South Bend Economic Development Commis- <br /> sion (the "Commission") has rendered its report concerning the <br /> proposed financing of economic development facilities for <br /> P.A. I . Properties, an Indiana partnership, and the Area Plan <br /> Commis- sion has commented favorably thereon; and <br /> WHEREAS, the Commission, after a public hearing held <br /> on December 5, 1986, has adopted a Resolution, which has been <br /> transmitted to this Council, (i) finding that the construction <br /> by P.A. I . Properties, an Indiana partnership (the "Company") of <br /> the proposed economic development facilities described in said <br /> Report will not have an adverse competitive effect on any simi- <br /> lar facilities already constructed or operating in or about the <br /> City, (ii) further finding that the proposed economic develop- <br /> ment revenue bond financing of such facilities will be of bene- <br /> fit to the health and welfare of the City and its citizens, <br />
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