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CITY OF SOUTH BEND, INDIANA <br /> ORDINANCE NO. 75-81-Q's- <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF $2 ,500 ,000 .00 <br /> ECONOMIC DEVELOPMENT REVENUE BONDS (EAST RACE COMMERCIAL <br /> PROJECT) OF THE CITY OF SOUTH BEND, INDIANA, FOR THE <br /> PURPOSE OF FUNDING A LOAN TO T. BROOKS BRADEMAS OR HIS <br /> ASSIGNS ("BRADEMAS") , IN ORDER TO FINANCE THE ACQUISI- <br /> TION AND CONSTRUCTION OF CERTAIN REAL ESTATE AND ECONOMIC <br /> DEVELOPMENT FACILITIES LOCATED WITHIN ST. JOSEPH COUNTY, <br /> INDIANA, FOR USE BY BRADEMAS: AUTHORIZING EXECUTION OF <br /> THE LOAN AGREEMENT, AN INDENTURE OF TRUST APPROPRIATE <br /> FOR THE PROTECTION AND DISPOSITION OF THE REVENUES FROM <br /> THE FINANCING AGREEMENT: AND AUTHORIZING THE TERMS AND <br /> SALE OF SAID BONDS <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The City of South Bend, Indiana, (hereinafter called the <br /> "City") is a municipal corporation and political subdivision <br /> of the State of Indiana and by virtue of Indiana Code , Title <br /> 36 , Article 7 , Chapter 12 (hereinafter called the "Act") is <br /> authorized and empowered to acquire economic development <br /> facilities as those words are defined in the Act and to make <br /> direct loans to Users for the acquisition and construction of <br /> economic development facilities to overcome insufficient <br /> employment opportunities and insufficient diversification of <br /> industry in and near the City and to promote the general <br /> economic welfare of the area in and near the City and to <br /> issue its economic development revenue bonds to pay all costs <br /> of acquisition or construction of such economic development <br /> facilities , including engineering, legal fees , and all other <br /> expenses relating thereto during construction, including the <br /> costs of issuing the bonds and to secure said bonds pursuant <br /> to a Loan Agreement and Trust Indenture. <br /> Brademas has agreed to acquire and construct economic <br /> development facilities within the limits of the County of St . <br /> Joseph in the State of Indiana and thereby create new employ- <br /> ment opportunities and provide diversification of economic <br /> development in the City, and make payments pursuant to the <br /> „t.1 ; nnrinnc in an amount <br />