Authorizing Economic Development revenue Bonds Lock Joint Tube Company Inc $1,250,000.00

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ORDINANCE NO. AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA TO ISSUE ITS ECONOMIC DEVELOPMENT REVENUE BONDS FOR THE LOCK JOINT TUBE COMPANY, INC. 1983 PROJECT IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,250,000.00 AND APPROVING BOND DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THEREOF. WHEREAS, the City of South Bend, Indiana, (the "City ") , is a municipal corporation and political subdivision of the State of Indiana, and by virtue of IC 26- 7 -12 -1 through IC 36 -7 -12 37, (the "Act ") , is authorized and empowered to adopt this Ordinance and to carry out its provisions; and WHEREAS, the South Bend Economic Development Commission, (the "Commission ") , has rendered its favorable report with respect to the Lock Joint Tube Company, Inc. 1983 Project concerning the construction of a raw materials warehouse building for the produc- tion of welded steel tubing on the real estate owned by Lock Joint Tube Company, Inc., an Indiana corporation, (the "Developer "), situated at 1400 Riverside Drive, South Bend, Indiana, 46624, and the acquisition of one complete Turek & Heller tube mill consisting of a Guild welder and Inductroweld Unit and an Alpha Cutoff, which such building and equipment constitute economic development facil- ities; and WHEREAS, the Commission, after a public hearing held on December 29, 1983, has adopted a resolution, (the "Resolution ") , which has been transmitted to this Council (i) finding that the acquisition and construction of such economic development facilities for the use of Developer will not have an adverse competitive effect on any similiar facilities already constructed or operating in or about the City, (ii) further finding that the financing and acquisi- tion of such economic development facilities for such Lock Joint Tube Company, Inc. 1983 Project as described in such Resolution will be a benefit to the health and welfare of the City and its citizens; (iii) further finding that the financing and acquisition of such economic development facilities complies with the purposes and pro- visions of the Act; (iv) approving the financing and acquisition of such economic facilities together with the form and terms of the Loan Agreement to be executed by the City and the Developer, the Bond to be issued by the City, the Mortgage and the Security Agree- ment to be executed by the Developer, and the Bond Purchase Agree- ment to be executed by the City and American Fletcher National Bank Trust Company of Indianapolis, Indiana, (all of which are referred to as the "Bond Documents "), which Resolution also approves the form of this Ordinance which was recommended by such Resolution to be adopted by this Council; (v) approving the issuance by the City of Industrial Development Revenue Bonds for such Lock Joint Tube Com- pany, Inc. 1983 Project [herein sometimes referred to as "Economic Development Revenue Bonds" and sometimes referred to as "Bond" or "Bonds "] repayable in installments with interest and in accordance with other terms as referred to in the Bond Documents, and that this Council adopt this Ordinance approving such financing. NOW, THEREFORE, BE IT ORDERED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. This Council finds that the facilities des- cribed as economic development facilities in the report of the Commission and such Bond Documents constitutes "economic development facilities" within the meaning of the Act and that such facilities will not have an adverse competitive effect on any similar facili- ties already constructed or operating in or about the City.