Repealing Ordinance 7501-85 Economic Development Revenue Bonds (Gem Partnership Project)

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ORDINANCE NO. 7.50 7-$'S AN ORDINANCE REPEALING ORDINANCE 7501-85 AND AUTHORIZING THE CITY OF SOUTH BEND, INDIANA (THE "CITY") , TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1985 (GEM PARTNERSHIP PROJECT) , IN THE AGGREGATE PRINCIPAL AMOUNT OF ONE MILLION DOLLARS ($1, 000, 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 GEM Partnership, and the Area Plan Commission has commented favorably thereon; and The Commission, after a public hearing held on August 2, 1985, has adopted a Resolution, which has been transmitted to this Council; (i) finding that the acquisition and construction by GEM Partnership (the "Partnership") 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 among the City, the Partnership, and American Fletcher National Bank and Trust Company, Indianapolis, Indiana ("AFNB") ("Loan Agreement") and Mortgage, Collateral Assignment of Rent, and Security Agreement ("Mortgage") between Partnership and the AFNB, the registered 1985 City of South Bend, Indiana Economic Development Revenue Bond ("Bond") (GEM Partnership Project) from the City to the bondholders, the Bond Purchase Agreement, 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. The Commission has by separate resolution after a public hearing -1-