Issue its Economic Development Revenue Bond (Allied Products Corp Project) $1,000,000.00

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SUBSTITUTE BILL NO. 164 ORDINANCE NO. 7s-7 V-8J' AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA (THE "CITY") , TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BOND, SERIES 1985 (ALLIED PRODUCTS CORPORATION PROJECT) , IN THE AGGREGATE PRINCIPAL AMOUNT OF ONE MILLION DOLLARS ($1, 000, 000. 00) AND APPROVING AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. STATEMENT OF PURPOSE AND INTENT: The City is a municipal corporation and political sub- division 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 Allied Pro- ducts Corporation (the "Company") and the Area Plan Commission has commented favorably thereon; and The Commission, after a public hearing held on Decem- ber 16, 1985, has adopted a Resolution, which has been trans- mitted to this Council, (i) finding that the acquisition and rehabilitation for the Company 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