Authorizing $110,000 Economic Development Revenue Bond to Hohhman Brothers Auto Electric Inc

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ORDINANCE NO. 7 t 6/'3 -eY- ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF RUBIN HOFFMAN, DECEASED, SARA LILLIAN HOFFMAN, AND ELSIE HOFFMAN, UNDER THE $110,000 CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT REVENUE BOND TO HOFFMAN BROTHERS AUTO ELECTRIC, INC. STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana has previously issued a $110,000 City of South Bend, Indiana Economic Development Revenue Bond (Hoffman Brothers Sales & Service, Inc.) (the "Bond") pursuant to authority granted by Indiana law. The interest of Hoffman Brothers Sales & Service, Inc. in said bond was assigned to Rubin Hoffman, Sara Lillian Hoffman, and Elsie Hoffman, shareholders of Hoffman Brothers Sales & Service, Inc., on the 4th day of June, 1982, and the estate of Rubin Hoffman, Sara Lillian Hoffman, and Elsie Hoffman are current in their payments under the bond issue. Hoffman Brothers Auto Electric, Inc. desires to assume the right, title, interest, duties, liabilities, and responsibilities of the estate of Rubin Hoffmann, Sara Lillian Hoffman, and Elsie Hoffman under the bonds. Such assumption is consistent with the provision or preservation of employment opportunities and the other goals for which the bond was originally issued. Such an assignment is allowed by law and by the terms of the bond and the instruments executed in connection therewith. The South Bend Economic Development Commission has approved and consented to such assumption. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: Section 1. The City of South Bend, Indiana hereby consents to the assignment of the right, title, interest, duties, liabilities, and responsibilities of Rubin Hoffman, Sara Lillian Hoffman, and Elsie Hoffman, as Assignees of Hoffman Brothers Sales & Service, Inc. , under