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BILL NO. 67-22 <br />ORDINANCE NO. 10902-22 <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA AUTHORIZING THE <br />CITY OF SOUTH BEND, INDIANA TO FUND ITS <br />"TAXABLE ECONOMIC DEVELOPMENT REVENUE <br />NOTE, SERIES 2022 (SOUTH BEND CHOCOLATE <br />DESTINATION PROJECT)" AND APPROVING AND <br />AUTHORIZING OTHER ACTIONS IN RESPECT <br />THERETO <br />STATEMENT OF PURPOSE AND INTENT <br />This ordinance authorizes the funding of the City of South Bend, Indiana ("City") Taxable <br />Economic Development Revenue Note, Series 2022 (South Bend Chocolate Destination Project) <br />issued in one or more series ("Series 2022 Note") in an amount not to exceed Two Million Seven <br />Hundred Thousand Dollars ($2,700,000) ("Loan") and further approves and authorizes other <br />actions in respect thereto. <br />Indiana Code 36-7-11.9 and 12 (collectively, "Act") declares that the financing and <br />refinancing of economic development facilities constitutes a public purpose and pursuant to the <br />Act, the City is authorized to make loans for the purpose of financing, reimbursing or refinancing <br />all or a portion of the costs of acquisition, construction, renovation, installation and equipping of <br />economic development facilities in order to foster diversification of economic development and <br />creation or retention of opportunities for gainful employment in or near the City. The South Bend <br />Chocolate Company, Inc., an Indiana corporation, the Indiana Dinosaur Museum Inc., an Indiana <br />nonprofit corporation, or an affiliate of either (collectively, the "Borrower") has proposed the <br />development, construction, renovation, and equipping of three (3) buildings totaling <br />I <br />