Approving Industrial Development Revenue Bonds STC Recycling Inc Project

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BILL NO. ORDINANCE NO. 2.2 U-KY AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENTS, SERIES A AND SERIES B NOTES, BOND PURCHASE AGREEMENT, SECURITY AGREEMENTS, PROJECT LEASE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 2 -83 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE STC RECYLING, INC. PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, ( "City ") heretofore has created the South Bend Economic Devel- opment Commission ( "Commission ") pursuant to the provisions of the Public Law No. 309 of the Acts of the General Assembly of Indiana for 1981, as such may be amended from time to time, in- cluding but not limited to IC 36- 7 -12 -1, through IC 36- 7- 12 -37, hereinafter referred to as the 'Act "; and STC Recycling, Inc., a Delaware corporation ( "STC Recycling ") and Copelco Leverage Leasing Corporation, a New Jersey corporation ( "Copelco ") have filed an application with the Commission to finance the construction of leasehold im- provements and equipping of a manufacturing facility located on real estate in South Bend, Indiana, ( "Facilities ") which will constitute economic development facilities resulting in a sub- stantial number of new jobs as well as other benefits; and In connection therewith the Commission has prepared and placed on file a report containing the subject matter as specified in Section 23 of the Act and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superintendent of the School Corporation in the area of which