$310,000 Economic Development Revenue Bonds PAI Properties

Home Browse Search

ORDINANCE NO. 7DS7_ya AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF $310,000 ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF MAKING A LOAN TO PAI PROPERTIES, AN INDIANA PARTNERSHIP, IN ORDER TO FINANCE THE CONSTRUCTION AND EQUIPPING OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES LOCATED IN SOUTH BEND, INDIANA; AUTHORIZING EXECUTION OF A LOAN AGREEMENT; PRO- VIDING FOR THE DELIVERY OF A NOTE AND ASSIGNMENT THEREOF AS SECURITY FOR SAID BONDS; AND AUTHORIZING AN INDENTURE OF TRUST APPROPRIATE FOR THE PROTECTION AND DISPOSITION OF THE REVENUES FROM SUCH NOTE. 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 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 and near the City of South Bend, Indiana, the economic welfare of the City of South Bend would be bene- fited by construction of certain economic development facilities pur- suant to a request made on November 20, 1981, by PAI Properties, an Indiana partnership, comprised of John E. Reuthe, G. Toms Yarger and Noel H. Yarger, ( "PAI Properties ") 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 pro- posed facilities relating to the proposed project, and such report having been submitted to the Chairman of the St. Joseph County Area Plan Commission and the Area Plan Commission's written comments, if any, having been made a part of their records, and