Approving Economic Development revenue Bond & Trust Indenture Relating to the Metal Resources Corporation Project

Home Browse Search

ORDINANCE NO. 73 &/a - 8 4 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, MORTGAGE AND SECURITY AGREEMENT, PROMISSORY NOTE, ECONOMIC DEVELOPMENT REVENUE BOND, AND TRUST INDENTURE, AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 2680 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE METAL RESOURCES CORPORATION PROJECT WHEREAS, the City of South Bend (the "City ") is a municipal corporation and political 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 provi- sions; and WHEREAS, the South Bend Economic Development Com- mission (the "Commission ") has prepared and placed on file a report containing the subject matter specified in Section 23 of the Act, and the Area Plan Commission in the area in which the economic development facilities will be located has commented favorably thereon; and WHEREAS, the Commission, after a public hearing held on June 1, 1984, has adopted a Resolution, which has been transmitted to this Council, (i) finding that the acquisition and construction by Metal Resources Corporation, an Indiana corporation, (the "Company "), of the proposed economic develop- ment facility described in said Report will not have an adverse competitive effect on any similar facility already constructed or operating in or about the City, (ii) further finding that the proposed economic development revenue bond financing of such facility will be of benefit to the health and welfare of