Authorizing $175,000 Development revenue Bond (W & B Realty)

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ORDINANCE NO. 7,- ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF W & B REALTY, AN INDIANA PARTNERSHIP UNDER THE $175,000 CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BOND (W & B REALTY) TO JANICE FAYE CORSON STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana has previously issued a $175,000 City of South Bend, Indiana, Economic Development Revenue Bond (W & B Realty Partnership Project) (the "Bond ") pursuant to authority granted by Indiana law. W & B Realty Partnership is current in its payment under the bond issue. Janice Faye Corson desires to assume the right, title, interest, duties, liabilities, and responsibilities of W & B Realty Partnership under the bonds. Such assumption is consistent with the provision or preservation of employment opportunities and the other goals for which the bond was originally issued. Such an assignment is allowed by law and by the terms of the bond and the instruments executed in connection therewith. The South Bend Economic Development Commission has approved such assumption. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: Section 1. The City of South Bend, Indiana, hereby consents to the assignment of the right, title, interest, duties, liabilities, and responsibilities of W $ B Realty Partnership under the terms and con- ditions of a document entitled "Lease and Trust Indenture" executed on December 18, 1979, and all other documents executed in connection with the bonds and of the transfer by W & B Realty Partnership of its right, title, and interest to certain real property purchased in connection with said bond issue and certain of the property thereon to Janice Faye