Authorizing Assignment of the STC Recycling Inc Boliden Metech Inc

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• -2- Area Plan Commission and the Area Plan Commission' s written comments, if any, having been made a part of their records. The South Bend Economic Development Commission has approved the assignment of bonds and has further approved the form of Ordinance authorizing the assignment of Economic Development Revenue Bonds in accordance therewith. The South Bend Economic Development Commission has transmitted this form of Ordinance to the City Clerk of the City of South Bend for presentation to the Common council of the City of 'South Bend, Indiana. The Common Council of the City of South Bend, Indiana, finds that the proposed assignment will be of public benefit to the economic welfare of the City of South Bend, Indiana, by tending to overcome the deficiencies previously found to exist and that such benefit is greater than the costs of the public facilities which would be required by the proposed project. NOW, THERFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. The assignment of the STC Recycling, Inc. Project Series B Economic Development Revenue Bond to Boliden Metech, Inc. is hereby approved and adopted. Section 2. The form of Loan Agreement, Indenture of Trust, Security Agreement, Mortgage, Note and Economic Development Revenue Bonds heretofore issued to STC Recycling, Inc. on August 29 , 1983 are hereby incorporated by reference into this Ordinance and the forms shall be inserted into the records of the Common Council of the City of South Bend, Indiana, and shall be kept on file by the Clerk of the City of South Bend, Indiana. Section 3. The STC Recycling, Inc. Series B Economic Development Revenue Bonds as assigned to Boliden Metech, Inc. by this Ordinance shall not be and shall never constitute an