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ORDINANCE NO. -7,1o6-911 <br />AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, <br />INDIANA (THE "CITY "), TO ISSUE ITS "ECONOMIC <br />DEVELOPMENT REVENUE BONDS, SERIES 1984 <br />(AUTOMATIC PROJECT)," IN THE AGGREGATE PRINCIPAL <br />AMOUNT OF SEVEN HUNDRED FIFTY THOUSAND ($750,000.00) <br />DOLLARS AND APPROVING AND AUTHORIZING CERTAIN <br />ACTIONS WITH RESPECT THERETO. <br />STATEMENT OF PURPOSE OF INTENT <br />The CITY is a municipal corporation and political <br />subdivision of the State of Indiana, and, by virtue of Title 35, <br />Article 7, Chapter 12, of the Indiana Code, as amended (the <br />"Act "), is authorized and empowered to adopt this Ordinance and <br />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 Automatic Molded <br />Plastics, Inc., and the Area Plan Commission and South Bend <br />Community School Corp. have commented favorably thereon; and <br />The Commission, after a public hearing held on November <br />16, 1984, has adopted a Resolution, which has been transmitted to <br />this Council, (i) finding that the acquisition by Automatic <br />Molded Plastics, Inc. (the "Company ") of the proposed economic <br />development facilities 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 and <br />welfare of the CITY and its citizens; (iii) further finding that <br />the proposed economic development revenue bond financing of such <br />