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Bill No. 18 -83 <br />ORDINANCE NO. "� *7 1 - ?3 <br />ORDINANCE AUTHORIZING THE ASSIGNMENT <br />OF THE INTERESTS OF WELTEK, INC. <br />UNDER THE $550,000 CITY OF SOUTH <br />BEND, INDIANA, ECONOMIC DEVELOPMENT <br />REVENUE BOND (WELTEK, INC. PROJECT) <br />TO OSWALD DEVELOPMENT AND INVESTMENT <br />COMPANY, AN INDIANA PARTNERSHIP <br />STATEMENT OF PURPOSE OF INTENT <br />The City of South Bend, Indiana has previously issued a <br />$550,000 City of South Bend, Indiana, Economic Development Revenue <br />Bond (Weltek, Inc. Project) (the "Bond ") pursuant to authority <br />granted by Indiana law. <br />Weltek, Inc. has filed a petition in bankruptcy causing <br />the purposes for which the Bond was issued to be frustrated. <br />Oswald Development and Investment Company, an Indiana <br />Partnership ( "Oswald ") desires to assure the right, title, in- <br />terest, duties, liabilities, and responsibilities of Weltek, Inc. <br />under the Bonds. <br />Such assumption is consistent with the provision or <br />preservation of employment opportunities and the other goals for <br />which the Bond was originally issued. <br />Such an assignment is allowed by law and by the terms <br />of the Bond and the instruments executed in connection therewith. <br />The South Bend Economic Development Commission has <br />approved such assumption. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of <br />the City of South Bend, Indiana: <br />Section 1. The City of South Bend, Indiana, hereby <br />consents to the assignment of the right, title, interest, duties, <br />liabilities, and responsibilities of Weltek, Inc. under the terms <br />and conditions of a document entitled "Loan Agreement and Trust <br />Indenture" executed on July 26, 1979, and all other documents <br />executed in connection with the Bonds and of the transfer by <br />C <br />