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ORDINANCE NO. 740_) —;g T <br />AN ORDINANCE PROVIDING FOR THE FINANCING BY <br />THE CITY OF SOUTH BEND, INDIANA OF AN ECONOMIC <br />DEVELOPMENT FACILITIES PROJECT; AUTHORIZING <br />THE ISSUANCE OF A $1,550,000 ECONOMIC DEVELOP- <br />MENT REVENUE BOND, SERIES 1984 (CLARK <br />INFORMATION TECHNOLOGIES CORPORATION PROJECT) <br />AND CONFIRMING THE SALE THEREOF; AUTHORIZING <br />THE EXECUTION AND DELIVERY OF A LOAN AGREE- <br />MENT, A MORTGAGE AND SECURITY AGREEMENT, AN <br />ASSIGNMENT AND AGREEMENT, A BOND PURCHASE <br />AGREEMENT AND RELATED DOCUMENTS; AND RELATED <br />MATTERS. <br />STATEMENT OF PURPOSE OF INTENT: <br />The City of South Bend, Indiana, a municipal <br />corporation and political subdivision of the State of Indiana <br />(the "Issuer ") is authorized.by Indiana Code Section 36 -7 -12, as <br />supplemented and amended (the "Act "), to finance "economic <br />development facilities ", as that term is defined in the Act, in <br />order to further the public purposes of the Act; and <br />As a result of negotiations between the Issuer and <br />Clark Information Technologies Corporation, a Michigan <br />corporation (the "Company "), contracts have been or will be <br />entered into by the Company for the construction of an approxi- <br />mately 16,000 square -foot building and the acquisition of <br />machinery, equipment and related property to be installed therein <br />(the "Project "), which Project is to be owned and used by the <br />Company as a computer facility for the data processing, voice <br />transfer and related functions and to be located at Landmark <br />Business Park, South Bend, Indiana, and it is proposed that the <br />Issuer shall enter into a Loan Agreement with the Company (the <br />"Agreement "), pursuant to which the Issuer shall lend the Company <br />a sum sufficient, together with other moneys of the Company, to <br />accomplish such acquisition, construction and installation, and <br />the Issuer is willing to issue its revenue bond to finance the <br />Project upon terms which will be sufficient to pay a portion of <br />the cost of the acquisition, construction and installation of the <br />Project as evidenced by such revenue bond, all as set forth in <br />the details and provisions of the Agreement; and <br />It is estimated that the costs of the Project, <br />including costs relating to the preparation and issuance of the <br />revenue bond, will be at least $1,550,000; and <br />