Authorizing $4,000,000 Soild Waste Disposal Revenue Bonds

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BILL NO. 134 -82 ORDINANCE NO. Z/ � AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF $4,000,000 SOLID WASTE DISPOSAL REVENUE BONDS OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF MAKING A LOAN TO WASTE MANAGEMENT, INC. IN ORDER TO FINANCE THE ACQUISITION AND CONSTRUCTION OF CERTAIN POLLUTION CONTROL FACILITIES LOCATED IN ST. JOSEPH COUNTY, INDIANA; AUTHORIZING EXECUTION OF A LOAN AGREEMENT; AUTHORIZING AN INDENTURE OF TRUST APPROPRIATE FOR THE PROTECTION AND DISPOSITION OF THE REVENUES FROM SUCH LOAN AGREEMENT; A14D AUTHORIZING THE TERMS AND SALE OF SAID BONDS. WHEREAS, the City of South Bend, Indiana (hereinafter called the "City ") is a municipal corporation and political subdivision of the State of Indiana and by virtue of IC 36 -7 -12 (formerly 18- 6 -4.5) as amended (hereinafter called the "Act "), is authorized and empowered to adopt this ordinance (the "Bond Ordinance ") and to carry out its provisions; and WHEREAS, Waste Management, Inc. (the "Company ") is a corpora- tion duly organized and existing under and by virtue of the laws of Delaware, with its principal office in Oak Brook, Illinois, and duly qualified to conduct business in the State of Indiana; and WHEREAS, the Company has agreed to acquire and construct pollution control facilities near the City if the City will finance a portion of the cost of such acquisition and construction; and WHEREAS, the South Bend Economic Development Commission has performed all action required of it by the Act preliminary to the adoption of this Bond Ordinance and has approved and forwarded to this Common Council the forms of (1) Indenture of Trust (the "Indenture ") dated as of December 1, 1982, between the City and St. Joseph Bank & Trust Company, South Bend, Indiana (the Trustee "), containing a form of solid waste disposal revenue bond; (2) Loan Agreement (the "Loan Agreement ") dated as of December 1, 1982 between the City and the Company; and (3) this Bond Ordinance; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. Findings; Public Benefits. The Common Council of the City hereby finds and determines that the building, equip- ment and facilities in connection therewith (the "Project ") to be acquired and constructed with the proceeds of the Solid Waste Disposal Revenue Bonds herein authorized are "pollution control facilities" as that phrase is used in the Act; that acquisition and construction of the Project will abate, reduce and prevent pollution and will benefit the public health in and near the City; and that the public benefits to be accomplished by this Bond Ordinance are greater than the cost of public services (as that phrase is defined in the Act) which will be required by the Project.