Authorizing Assignment of the STC Recycling Inc Boliden Metech Inc

Home Browse Search

ORDINANCE NO. 7�/7- , AN ORDINANCE AUTHORIZING ASSIGNMENT OF THE STC RECYCLING, INC. PROJECT SERIES B ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF SOUTH BEND, INDIANA, TO BOLIDEN METECH, INC. STATEMENT OF PURPOSE AND INTENT The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission pursuant to the provisions of I .C. 36-7-12-1, et seq. On August 29 , 1983 , the City of South Bend, Indiana, issued certain Economic Development Bonds to STC Recycling, Inc. to finance construction and leasehold improvements at the STC Recycling, Inc. facility located at 445 N. Sheridan, South Bend, Indiana in the original principal amount of Two Hundred Twenty- nine Thousand, Two Hundred Fourteen Dollars ($229 ,214.00) . Boliden Metech, Inc. , a Delaware corporation, has made an application to the South Bend Economic Development Commission for assignment of said bond (STC Recycling, Inc. Project, Series B Bond) and proposes to fully assume the obligation of STC Recycling, Inc. under said bond. The South Bend Economic Development Commission has found by a written Resolution that because of insufficient employment opportunities, insufficient tax base and insufficient diversification of economic development facilities in and near the City of South Bend, Indiana, the economic welfare of the City of South Bend would be benefited by assignment of the STC Recycling, Inc. Project Series B Bond to Boliden Metech, Inc. and has further found by Resolution that the proposed assignment complies with the purposes and provisions of I .C. 36-7-12-1, as amended. The South Bend Economic Development Commission has prepared a report estimating the public services which would be made