Economic Development Cole Associates Inc

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ORDINANCE NO. -7(. 3g-irG. AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA (THE "CITY") , TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BOND, SERIES 1986 (COLE ASSOCIATES, INC. PROJECT) , IN THE AGGREGATE PRINCIPAL AMOUNT OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500, 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 Cole Associates, Inc. (the "Company") and the Area Plan Commission has commented favorably thereon; and The Commission, after a public hearing held on May 2, 1986, has adopted a Resolution, which has been transmitted to this Council, (i) finding that the acquisition and construction by 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 operat- ing in or about the City, (ii) further finding that the pro- posed 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 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