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BILL NO. <br />ORDINANCE NO. 7.2ff-f_3 <br />AN ORDINANCE APPROVING THE ASSIGNMENT OF <br />ECONOMIC DEVELOPMENT BOND FINANCING BY <br />SOUTH BEND TOOL AND DIE CO., INC. <br />TO ART IRON, INC. RELATING TO THE <br />SOUTH BEND TOOL AND DIE COMPANY, INC. PROJECT <br />WHEREAS, the City of South Bend (the "City ") is a <br />municipal corporation and political subdivision of the State of <br />Indiana, and by virtue of Title 35, Article 7, Chapter 12 of <br />the Indiana Code, as amended (the "Act ") is authorized and <br />empowered to adopt this Ordinance and to carry out its provi- <br />sions; and <br />WHEREAS, the City of South Bend, Indiana issued its <br />Economic Development Revenue Bonds ( "Bonds ") for the South Bend <br />Tool and Die Co., Inc. Project ( "Project ") in the original <br />principal amount of Six Hundred Thousand Dollars ($600,000.00) <br />which Bonds were dated January 30, 1980, and the proceeds of <br />such Bonds were used to construct and equip economic develop- <br />ment facilities that were leased to South Bend Fabricating Co., <br />Inc., an Indiana corporation, for manufacturing purposes re- <br />sulting in increased employment in South Bend, Indiana; and <br />WHEREAS, South Bend Tool and Die Co., Inc., ( "Devel- <br />oper"), desires to assign and convey its interest in the Pro- <br />ject to Art Iron, Inc., an Ohio corporation; and <br />WHEREAS, the South Bend Tool and Die Co., Inc., and <br />the original guarantors of the Bonds will no longer remain <br />liable to the City of South Bend and holders of the Economic <br />Development Revenue Bonds during the term of such Bonds, but <br />