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Authorizing Economic Development Revenue Bond Harbor Metal Treating of Indiana Inc Project
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Authorizing Economic Development Revenue Bond Harbor Metal Treating of Indiana Inc Project
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Last modified
4/30/2013 2:21:36 PM
Creation date
4/30/2013 2:13:37 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/22/1982
Ord-Res Number
7138-82
Bill Number
132-82
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the issuance and sale of a revenue bond, the loan of the pro- <br />ceeds of the revenue bond to Harbor Metal Treating of Indiana, <br />Inc. for the acquisition and equipping of such facilities, the <br />payment of the revenue bond by the note payments of Harbor <br />Metal Treating of Indiana, Inc. under the Equipment Loan and <br />Security Agreement and Note, the guaranty of payment of prin- <br />cipal and interest on the revenue bond by Anthony and Francis <br />Fortuna and Harbor Metal Treating Co. under the Guaranty Agree- <br />ment and the securing of said bond by granting a security <br />interest in such facilities to the City of South Bend under the <br />Equipment Loan and Security Agreement and the assignment of the <br />City of South Bend's rights therein pursuant to the Bond Pur- <br />chase Agreement complies with the purposes and provisions of <br />I.C. 36 -7 -12 and will be of benefit to the health and welfare <br />of the City of South Bend and its citizens. <br />Section 2. The substantially final forms of the Equipment <br />Loan and Security Agreement, Note, and Bond Purchase Agreement <br />approved by the South Bend Economic Development Commission are <br />hereby approved (herein collectively referred to as the <br />"Financing Agreement" referred to in I.C. 36- 7 -12), and the <br />substantially final forms of the Guaranty Agreement approved by <br />the South Bend Economic Development Commission are hereby <br />approved, and all such documents shall be incorporated herein <br />by reference and shall be inserted in the minutes of the Common <br />Council and kept on file by the Clerk. In accordance with the <br />provisions of I.C. 36- 1 -5 -4, two (2) copies of all such <br />documents are on file in the office of the Clerk for public <br />inspection. <br />Section 3. The City of South Bend shall issue its Economic <br />Development Revenue Bond (Harbor Metal Treating of Indiana, <br />Inc. Project), in the total principal amount not exceeding <br />Seven Hundred Thousand Dollars ($700,000) and maturing not <br />- 2 - <br />
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