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ORDINANCE NO. 7j -rJ-- <br /> AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br /> INDIANA (THE "CITY") , TO ISSUE ITS "ECONOMIC <br /> DEVELOPMENT REVENUE BONDS, SERIES 1985 <br /> (INDUSTRIAL FUELS AND RESOURCES, INC. , PROJECT) , <br /> IN THE AGGREGATE PRINCIPAL AMOUNT OF APPROXIMATELY <br /> SEVEN HUNDRED FIFTY THOUSAND DOLLARS <br /> ($750, 000 .00) 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 sub- <br /> division of the State of Indiana, and by virtue of Title 35, <br /> Article 7, Chapter 12 , of the Indiana Code, as amended (the <br /> "Act") , is authorized and empowerd to adopt this Ordinance and <br /> to carry out its provisions . <br /> The South Bend Economic Development Commission (the <br /> "Commission") has rendered its report concerning the proposed <br /> financing of economic development facilities for Industrial _ <br /> Fuels and Resources, Inc . and the Area Plan Commission has <br /> commented favorably thereon. <br /> The Commission, after a public hearing held on Decem- <br /> ber 16, 1985, has adopted a Resolution, which has been trans- <br /> mitted to this Council, (i) finding that the acquisition and <br /> construction by Industrial Fuels and Resources, Inc. (the "Com- <br /> pany") of the proposed economic development facilities de- <br /> scribed in said Report will not have an adverse competitive <br /> effect on any similar facilities already constructed or oper- <br /> ating in or about the City, (ii) further finding that the pro- <br /> posed economic development revenue bond financing of such <br />