Authorizing Economic Development Revenue Bonds Steel Warehouse Co Inc Project

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for approval by the Common Council the Equipment Loan Agreement, Note and Security Agreement and Indenture of Trust, now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: Section 1. It is hereby found that the financing of the economic development facilities referred to in the Equipment Loan Agreement and Security Agreement and Indenture of Trust approved by the South Bend Economic Development Commission and presented to this Common Council, the issuance and sale of revenue bonds in the aggregate principal amount of $1,750,000, the loan of the proceeds of the revenue bonds to Steel Warehouse Co., Inc. for the construc- tion of a 10,400 square foot building addition to the Company's present operation located at 2722 Tucker Drive, in the City of South Bend (the "Project "), together with the acquisition and installation of a temper mill and related machinery and equipment to be installed at said location, the payment of the revenue bonds by the note payments of Steel Warehouse Co., Inc. under the Equipment Loan Agreement and Note, and the securing of said bonds by a security instrument to the Trustee under the Security Agreement and Indenture of Trust complies with the purposes and provisions of I.C. 36 -7 -12 and will be of benefit to the health and welfare of the City of South Bend and its citizens. Section 2. The facilities will consist of the construction of a 10,400 square foot building addition to the Company's present operation located at 2722 Tucker Drive, in the City of South Bend -2-