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ORDINANCE NO. 7,5-47-2,r <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF <br /> $20, 000, 000. 00 ECONOMIC DEVELOPMENT REVENUE BONDS <br /> OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE <br /> OF MAKING A LOAN TO FINANCE THE ACQUISITION, AND CON- <br /> STRUCTION OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES <br /> LOCATED IN THE CITY PERTAINING TO MILL RACE, AN INDIANA <br /> LIMITED PARTNERSHIP; AUTHORIZING THE EXECUTION OF <br /> A LOAN AGREEMENT; PROVIDING FOR THE DELIVERY OF A <br /> NOTE AND ASSIGNMENT THEREOF AS SECURITY FOR SAID BOND; <br /> AUTHORIZING AN INDENTURE OF TRUST APPROPRIATE FOR <br /> THE PROTECTION AND DISPOSITION OF THE REVENUES FROM <br /> SUCH NOTE; AND AUTHORIZING THE TERMS AND SALE OF SAID <br /> BOND. <br /> STATEMENT OF PURPOSE OF INTENT: <br /> The City of South Bend, Indiana (hereinafter called the <br /> "City") is a political subdivision of the State of Indiana and <br /> by virtue of IC 36-7-11.9 and 12 as amended (hereinafter called <br /> the "Act") is authorized and empowered to adopt this Ordinance <br /> (the "Bond Ordinance") and to carry out its provisions; and <br /> The Elkhart City Economic Development Commission (the "Comm- <br /> ission") has performed all actions required of it by the Act <br /> preliminary to the adoption of this Bond Ordinance and has approved <br /> and forwarded to this City Council the forms of (1) Indenture <br /> of Trust (the "Indenture") dated as of December 15, 1985, between <br /> the City and Midwest Commerce Banking Company, of Elkhart, Indiana <br /> (the "Trustee") , containing a form of economic development revenue <br /> bond (the "Bond") , (2) Loan Agreement dated as of December 15, <br /> 1985, between the City and Mill Race, an Indiana limited partnership <br /> (the "Company") , containing a form of Series 1985 Note from <br /> the Company to the City; (3) form of Regulatory Agreement; (4) <br /> form of Investment Agreement; (5) form of Preliminary Official <br /> Statement; (6) form of Mortgage and Security Agreement; (7) <br /> form of Bond Purchase Agreement; and (4) this Bond Ordinance; <br /> and <br /> The City is authorized and empowered to acquire economic <br /> development facilities as those words are defined in the Act <br /> 1 <br /> MRORD <br /> 11117, _ <br /> i F <br /> 1 <br />