Issuance of Economic Development Revenue Bonds Jeffry S Beardsley - Bernell Corporation Project

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ORDINANCE NO. 26/_I -8',a AN ORDINANCE AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT, INDENTURE OF TRUST, NOTE AND BONDS AND APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT, INDENTURE OF TRUST, LEASE, NOTE AND BONDS AND AUTHORIZING THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS AND APPROVING THE RESOLUTION NO. 14 -81 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO JEFFRY S. BEARDSLEY - BERNELL CORPORATION PROJECT WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended, and supplemented by I.C. 18- 6 -4.5, and replaced by I.C. 36- 7 -12 -1, et seq. WHEREAS, the South Bend Economic Development Commission has found by a written Resolution that because of insufficient employment opportunities, insufficient tax base and insufficient diversification of economic development facilities in the City of South Bend, the economic welfare of the City of South Bend, Indiana, would be benefited by construction of certain economic development facilities pursuant to a request made on September 23, 1981, by Jeffry S. Beardsley - Bernell Corporation,( "Beardsley "), and has further found by Resolution that the proposed financing complies with the purposes and provisions of I.C. 36- 7 -12 -1, as amended, and WHEREAS, the South Bend Economic Development Commission has prepared a report estimating the public services which would be made necessary or desirable by the proposed project, the expenses thereof, and the total project costs of the proposed project and the number of jobs and estimated payroll on account of the construction of the proposed facilities relating to the proposed project, and such report having been submitted to the Chairman of the Area Plan Commission of St. Joseph County, and the Plan Commission's written comments having been made a part of their records, and WHEREAS, the South Bend Economic Development Commission has approved the form and terms of the Loan Agreement, Indenture of Trust, Lease, Note and Bonds and has further approved the form of Ordinance authorizing the execution of the Loan Agreement, Indenture of Trust,