Laserfiche WebLink
ject) from the City to the bondholders, the Trust Indenture <br /> between the City and St. Joseph Bank and Trust Company (the <br /> "Trustee") , and this Ordinance, presented to the Commission, <br /> and (v) recommending that this Council find that the proposed <br /> economic development revenue bond financing of such facilities <br /> will be of benefit to the health and welfare of the City and <br /> its citizens, and complies with the purposes and provisions of <br /> the Act, and that this Council adopt an ordinance approving <br /> such financing, <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND, INDIANA, THAT: <br /> Section 1. This Council finds that the facilities <br /> described in said report and in the attached Loan Agreement and <br /> Security Agreement are "economic development facilities" within <br /> the meaning of the Act, and that such facilities will not have <br /> an adverse competitive effect on any similar facilities already <br /> constructed or operating in or about the City. <br /> Section 2 . This Council further finds that the <br /> proposed economic development revenue bond financing of such <br /> facilities will be of benefit to the health and welfare of the <br /> City and its citizens. <br /> Section 3 . This Council further finds that the <br /> proposed economic development revenue bond financing of such <br /> facilities complies with the purposes and provisions of the Act. <br /> Section 4. This Council hereby approves the proposed <br /> economic development revenue bond financing of such facilities, <br /> including (i) the form and terms of the aforementioned Loan <br /> Agreement and Security Agreement, Promissory Note, Economic <br /> Development Revenue Bond and Trust Indenture attached hereto <br /> and incorporated herein by reference (two (2) copies of which <br /> are on file in the Office of the Clerk of the City for public <br /> inspection) , (ii) the issuance and sale of said Economic <br />