Approving Economic Development Revenue Bond St Joseph Station II Project

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BILL NO. ORDINANCE NO. 7a8'/ - 047:3 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, MOR'T'GAGE AND SECURITY AGREEMENT, PROMISSORY NOTE, ECONOMIC DEVELOPMENT REVENUE BOND, TRUST INDENTURE, SURETY BOND AND OFFICIAL STATEMENT AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 83 -4 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE ST. JOSEPH STATION II PROJECT WHEREAS, the City of South Bend (the "City ") is a municipal corporation and political subdivision of the State of Indiana, and by virtue of Title 35, Article 7, Chapter 12, of the Indiana Code, as amended (the "Act ") , is authorized and empowerd to adopt this Ordinance and to carry out its provi- sions; and WHEREAS, the South Bend Economic Development Com- mission (the "Commission ") has prepared and placed on file a report containing the subject matter specified in Section 23 of the Act, and the Area Plan Commission and Superintendent of the School Corporation in the area in which the economic develop- ment facilities will be located have commented favorably there- on; and WHEREAS, the Commission, after a public hearing held on November 18, 1983, has adopted a Resolution, which has been transmitted to this Council, (i) finding that the acquisition, renovation and rehabilitation by St. Joseph Station II, an Indiana Limited Partnership, (the "Company ") , of the proposed economic development facilities described in said Report will not have an adverse competitive effect on any similar facil-