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ORDINANCE NO. 7S0 / - 83- <br /> AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br /> INDIANA (THE "CITY") , TO ISSUE ITS "ECONOMIC <br /> DEVELOPMENT REVENUE BONDS, SERIES 1985 <br /> (GEM PARTNERSHIP, PROJECT) , <br /> IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> ONE MILLION DOLLARS <br /> ($1 ,000,000.00) 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 <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 GEM <br /> Partnership, and the Area Plan Commission has commented <br /> favorably thereon; and <br /> The Commission, after a public hearing held on August <br /> 2 , 1985, has adopted a Resolution, which has been transmitted to <br /> this Council , (i) finding that the acquisition and construction <br /> by GEM Partnership (the "Partnership") of the proposed economic <br /> development facilitiies described in said Report will not have an <br /> 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 of <br /> such facilities complies with the purposes and provisions of the <br /> Act, ( iv) approving the economic development revenue bond <br /> financing of such facilities, including the form and terms of <br /> the Loan Agreement, Mortgage and Security Agreement between the <br /> Partnership and the City, the Promissory Note from the <br /> Partnership to the City, the registered City of South Bend, <br /> Indiana, Economic Development Revenue Bond, Series 1985 (GEM <br /> Partnership, Project) from the City to the bondholders, the Bond <br /> Purchase Agreement, a form of lease and this Ordinance, presented <br /> to the Commission, and (v) recommending that this Council find that <br /> the 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, and complies with the purposes and <br /> provisions of the Act, and that this Council adopt an ordinance <br /> approving such financing. <br />