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SUBSTITUTE BILL NO. 139 <br /> ORDINANCE NO. 75'69. 2 C <br /> AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br /> INDIANA (THE "CITY") , TO ISSUE ITS "ECONOMIC <br /> DEVELOPMENT REVENUE BOND, SERIES 1985 <br /> (O'BRIEN CORPORATION PROJECT) , <br /> IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> TWO MILLION DOLLARS ($2 , 000, 000. 00) <br /> AND APPROVING <br /> AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The City is a municipal corporation and political <br /> subdivision of the State of Indiana, and by virtue of Title 36, <br /> Article 7, Chapter 12, of the Indiana Code, as amended (the <br /> "Act") , is authorized and empowered to adopt this Ordinance and <br /> to carry out its provisions; and <br /> The South Bend Economic Development Commission (the <br /> "Commission") has rendered its report concerning the proposed <br /> financing of economic development facilities for The O'Brien <br /> Corporation (the "Company") and the Area Plan Commission has <br /> commented favorably thereon; and <br /> The Commission, after a public hearing held on <br /> December 6, 1985, has adopted a Resolution, which has been <br /> transmitted to this Council, (i) finding that the acquisition <br /> and rehabilitation by the Company of the proposed economic <br /> development facilities described in said Report will not have <br /> an adverse competitive effect on any similar facilities already <br /> constructed or operating in or about the City, (ii) further <br /> finding that the proposed economic development revenue bond <br /> financing of such facilities will be of benefit to the health <br /> and welfare of the City and its citizens, (iii) further finding <br /> that the proposed economic development revenue bond financing <br /> of such fac4tes complies with the purposes and provisions of <br /> the Act, (iv) approving the economic development revenue bond <br /> financing of such facilities, including the form and terms of <br />