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

Home Browse Search

Note and Bonds and the issuance of Economic Development Revenue Bonds in accordance therewith, and WHEREAS, the South Bend Economic Development Commission has transmitted this form of Ordinance to the City Clerk of the City of South Bend for presentation to the Common Council of the City of South Bend, Indiana, and WHEREAS, the Common Council of the City of South Bend, Indiana finds that the proposed development will be of public benefit to the economic welfare of the City of South Bend, Indiana by tending to overcome the deficiencies previously found to exist and that such benefit is greater than the costs of the public facilities which would be required by the proposed project, NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: Section 1. The forms and terms of the Loan Agreement, Indenture of Trust, Lease, Note and Economic Development Revenue Bonds pertaining to the Jeffry S. Beardsley - Bernell Corporation Project facilities and the issuance of Economic Development Bonds pursuant thereto are hereby approved and adopted. Section 2. The form of Loan Agreement, Indenture of Trust, Note and Economic Development Revenue Bonds are hereby incorporated by reference into this Ordinance and the forms shall be inserted into the records of the Common Council of the City of South Bend, Indiana and shall be kept on file by the City Clerk of the City of South Bend, Indiana. Section 3. The Loan Agreement, Indenture of Trust and Economic Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana by the Mayor and the City Clerk manually affixing their signatures thereto. Section 4. The Economic Development Revenue Bonds, payable solely and only from the revenue derived from the facilities, may be issued in an aggregate amount not to exceed Three Hundred Thousand ($300,000.00) Dollars, fully registered, and is one (1) of an authorized series of Bonds of the Issuer, dated as of February 12, 1982, in a denomination of Three Hundred Thousand ($300,000.00) Dollars, payable in currency - 2 -