Authorizing Economic Development Revenue Bond Harbor Metal Treating of Indiana Inc Project

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