Amend its Economic Development Revenue Bond South Bend Forge Inc Project

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ORDINANCE NO. 716 Q,_ Q4, AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA (THE "CITY") , TO AMEND ITS ECONOMIC DEVELOPMENT REVENUE BOND, SERIES 1979 AND SERIES 1980 (SOUTH BEND FORGE, INC. PROJECT) , (THE "BONDS") IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF NINE MILLION DOLLARS ($9 , 000 ,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 , Chapter 12 , of the Indiana Code , as amended (the "Act") , is authorized and empowered to adopt this Ordinance and to carry out its provisions ; and The South Bend Economic Development Commission (the "Commission") has rendered its report concerning the proposed financing of economic development facilities for ABS Indus- tries , Inc. (the "Company") ; and The Commission, after a public hearing held on February 7 , 1986 , has adopted a Resolution, which has been transmitted to this Council, (i) finding that the South Bend Forge, Inc. Project does not and 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 amendments to the existing economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens , (iii) further finding that the proposed amendments to the existing economic development revenue bond financing of such facil- ities complies with the purposes and provisions of the Act, (iv) approving the proposed amendments to the existing economic development revenue bond financing of such facil- ities , including the form and terms of the Bonds , the Third Supplemental Trust Indenture and Third Supplemental Loan Agreement and this Ordinance. presented to the Commission,