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Approving Economic Development Reveune Bonds Inland Distributing Corp Project
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Approving Economic Development Reveune Bonds Inland Distributing Corp Project
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3/20/2013 11:28:55 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/29/1985
Ord-Res Number
7442-85
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ORDINANCE NO. 7 /� <br /> AN ORDINANCE APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, INDENTURE <br /> OF TRUST, AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXE- <br /> CUTION THEREOF, AND APPROVING THE RESOLUTION OF THE SOUTH BEND ECONOMIC <br /> DEVELOPMENT COMMISSION RELATING TO THE INLAND DISTRIBUTING CORPORATION <br /> PROJECT. <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The Common Council of the City of South Bend, Indiana, heretofore <br /> has created the South Bend Economic Development Commission (hereinafter <br /> referred to as the "Commission") pursuant to the provisions of Indiana <br /> Code 36-7-12 , as amended (hereinafter referred to as the "Act") . <br /> Inland Distributing Corporation, an Indiana corporation filed an <br /> application with the Commission to finance .certain economic development <br /> facilities resulting in a substantial number ofnew jobs as well as <br /> other benefits, and in connection therewith, the Commission has pre- <br /> pared and placed on file a report containing the subject matter as <br /> specified in Section 23 of the Act and has forwarded copies thereof <br /> to the Chairman of the Area Plan Commission of St. Joseph County, <br /> Indiana, and to the Superintendent of the South Bend Community School <br /> Corporation, being the area in which the proposed facilities will be <br /> located, and has timely received favorable reports from each of them, <br /> and the Commission held a public hearing on the proposed financing of <br /> such economic development facilities in accordance with the Act after <br /> giving the required notice as provided in the Act, and adopted a <br /> resolution finding that such proposed financing complies with the <br /> purposes and provisions of all applicable Indiana statutes governing <br /> the issuance of Economic Development Revenue Bonds, including but not <br /> limited to the Act, and approving the form and terms of the Loan Agree- <br /> ment, Indenture of Trust, and Bonds, and further approving this form <br /> of Ordinance, authorizing the execution thereof, and further finding <br /> that such economic development facilities will not have an adverse <br /> competitive effect on similar facilities already constructed and opera- <br /> ting in the City of South Bend, Indiana. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE Common Council of the City <br /> of South Bend, Indiana _ that . <br />
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