Issue its 1985 Economic Development Revenue Bond (Frank Darnell Project) $2,400,000

Home Browse Search

ORDINANCE NO. 7,5"y AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA (THE "CITY" ) , TO ISSUE ITS 1985 ECONOMIC DEVELOPMENT REVENUE BOND, (FRANK DARNELL PROJECT) , IN THE AGGREGATE PRINCIPAL AMOUNT OF TWO MILLION FOUR HUNDRED THOUSAND DOLLARS ($2,400,000 ) AND APPROVING AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO STATEMENT OF PURPOSE AND INTENT: The City is a municipal corporation and political subdivision of the state of Indiana, and by virtue of Title 36, Article 7, Chapter 12, of the Indiana Code, as amended (the "Act" ) , is authorized and empowered to adopt this Ordinance and to carry out its provisions; and The South Bend Economic Development Commission (the "Commission" ) has rendered its report concerning the proposed financing of economic development facilities for Frank D. Darnell, and the Area Plan Commission has commented favorably thereon; and The Commission, after public hearing held on November 15, 1985, has adopted a Resolution, which has been transmitted to this Council; (i) finding that the construction and acquisition by Frank D. Darnell ( "Mr. Darnell" ) of the proposed economic development facilities described in said Report will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the City; (ii) further finding that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens; (iii) further finding that the proposed economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act; (iv) approving the economic development revenue bond financing of such facilities, including the form and terms of the Loan Agreement, Mortgage and Security Agreement between the City and Frank D. Darnell, "Loan Agreement, " Promissory Note of Frank D. Darnell to the City, the Trust Indenture between the City and Valley American Bank and Trust Company ( "VAB" ) , the registered 1985 City of South Bend, Indiana Economic Development Revenue Bond ( "Bond" ) (Frank Darnell Project) from the City to the bondholder, a form of Lease, and this Ordinance presented to the Commission; and (v) recommending that this Council find that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens and complies with the purposes and provisions of the Act and that this Council adopt an ordinance approving such financing. 1.