Issue its Economic Development Revenue Bonds (Aucilla Plastics Inc Project) $700,000.00

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ORDINANCE NO. 7353-T AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA (THE "CITY "), TO ISSUE ITS "ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1984 (AUCILLA PLASTICS, INC. PROJECT), IN THE AGGREGATE PRINCIPAL AMOUNT OF SEVEN HUNDRED THOUSAND DOLLARS ($700,000.00) AND APPROVING AND AUTHORIZING CERTAIN ACTIONS WITH RESPECT THERETO. WHEREAS, the City is a municipal corporation and po- litical 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 provisions; and WHEREAS, the South Bend Economic Development Commis- sion (the "Commission ") has rendered its report concerning the proposed financing of economic development facilities for Aucilla Plastics, Inc. and the Area Plan Commission has commented favorably thereon; and WHEREAS, the Commission, after a public hearing held on July 6, 1984, has adopted a Resolution, which has been transmitted to this Council, (i) finding that the acquisition by Aucilla Plastics, Inc. (the "Company ") of the proposed eco- nomic development facilities described in said Report will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the City, (ii) further finding that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens, (iii) further finding that the proposed economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act, (iv) approving the economic development revenue bond financing of such facilities, including the form and terms of the Loan Agreement, Mortgage and Security Agree- ment between the Company and the City, the Promissory Note from the Company to the City, the registered City of South Bend, Indiana, Economic Development Revenue Bonds, Series 1984 (Aucilla Plastics, Inc. Project) from the City to the bond-