Authorizing the Issuance & Sale $850,000 Economic Development Revenue Bonds Allied Products Corp

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ORDINANCE NO. 7308-84 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF $850,000 ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF ACQUIRING LAND, IMPROVEMENTS THEREON AND RELATED PROPERTY COMPRISING ECONOMIC DEVELOPMENT FACILITIES LOCATED IN THE CITY FOR LEASE AND SALE TO ALLIED PRODUCTS CORPORATION; AUTHORIZING EXECUTION OF A LEASE AGREEMENT; PROVIDING FOR THE PLEDGE OF REVENUES AND RENTAL INCOME FOR THE PAYMENT OF THE BONDS; AUTHORIZING A MORTGAGE AND INDENTURE OF TRUST APPROPRIATE FOR THE PROTECTION AND DISPOSITION OF SUCH REVENUES; AND AUTHORIZING THE TERMS AND SALE OF SAID BONDS. The City of South Bend, Indiana (hereinafter called the "City ") is a municipal corporation and political subdivision of the State of Indiana and by virtue of IC 36 -7 -12, as supplemented and amended (hereinafter called the "Act ") is authorized and empowered to adopt this ordinance (the "Bond Ordinance ") and to carry out its provisions; and Allied Products Corporation (the "Company ") is a corporation duly organized and existing under and by virtue of the laws of the State of Delaware with its principal office in Chicago, Illinois, and duly qualified to conduct business in the State of Indiana; and The Company has agreed to lease certain economic development facilities located in the City if the City will finance a portion of the cost of acquisition and construction and equipping of such economic development facilities; and The South Bend Economic Development Commission has performed all action required of it by the Act preliminary to the adoption of this Bond Ordinance and has approved and forwarded to this Common Council the forms of (1) Series A First Mortgage and Indenture of Trust (the "Indenture ") dated as of February 1, 1984, between the City and 1st Source Bank, South Bend, Indiana (the "Trustee "), containing a form of economic development revenue bond, (2) Parcel Project A Lease Agreement (the "Lease Agreement ") dated as of February 1, 1984, between the City and the Company, and (3) this Bond Ordinance; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: