Authorizing SAle of $3,000,000 Economic Development Revenue Bonds Beatrice Foods Co

Home Browse Search

subsidiary of the Company, at 21149 West Roosevelt Road, South Bend, Indiana in the unincorporated area of St. Joseph County if the City will finance a portion of the cost of such acquisition and construction; and WHEREAS, the South Bend Economic Development Commission has conducted a public hearing on the proposed financing of the Project through issuance of $3,000,000 of Economic Development Revenue Bonds of the City and the location and nature of the Project, and has performed all action required of it by the Act preliminary to the adoption of this Bond Ordinance and has approved and forwarded to this Common Council the forms of (1) Indenture of Trust (the "Indenture ") dated as of December 1, 1983, between the City and St. Joseph Bank and Trust Company, in South Bend, Indiana (the "Trustee "), containing a form of economic development revenue bond, (2) Loan Agreement (the "Loan Agreement ") dated as of December 1, 1983, between the City and the Company, including a form of Promissory Note from the Company, (3) Bond Purchase Agreement (the "Bond Purchase Agreement ") to be dated the date hereof among the City, the Company, and Thornton, Farish & Gauntt, Inc. (the "Underwriter "), (4) Offering Memorandum (the "Offering Memorandum ") to be dated the date hereof, and (5) this Bond Ordinance; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. Findings; Public Benefits. The Common Council of the City hereby finds and determines that the building, equipment and facilities in connection therewith that comprise the Project to be acquired and constructed with the proceeds of the Economic Development Revenue Bonds herein authorized are h