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ORDINANCE NO. 7J,,2Z- F -/ <br />ORDINANCE AUTHORIZING THE ASSIGNMENT <br />OF THE INTERESTS OF BATH, VAN MELE AND <br />ASSOCIATES, INC. UNDER THE $700,000.00 <br />CITY OF SOUTH BEND, INDIANA, ECONOMIC <br />DEVELOPMENT REVENUE BOND TO VAN MELE <br />REALTY TRUST <br />STATEMENT OF PURPOSE OF INTENT <br />The City of South Bend, Indiana has previously issued a <br />$700,000.00 City of South Bend, Indiana, Economic Development Revenue <br />Bond ( "Bond ") for the purpose of acquisition of certain real estate by <br />Bath Insurance Agency, Inc., an Indiana corporation. <br />On the 25th day of February, 1982, the name of Bath <br />Insurance Agency, Inc. was changed to Bath, Van Mele and Associates, <br />Inc. <br />Bath, Van Mele and Associates, Inc. is current in its <br />payment under the bond issue. <br />Van Mele Realty Trust desires to assume the right, title, <br />interest, duties, liabilities and responsibilities of Bath, Van Mele <br />and Associates, Inc. under the Bond. <br />Such assumption is consistent with the intent and purpose <br />of creating new job opportunities or preservation of existing job <br />opportunities and the other goals for which the Bond was originally <br />issued. <br />Such an assignment is allowed by law and by the terms of the <br />Bond, the Trust Indenture, and other instruments executed in connection <br />therewith. <br />The South Bend Economic Development Commission has approved <br />such assumption. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the <br />City of South Bend, Indiana: <br />