Laserfiche WebLink
WHEREAS, the South Bend Economic Development Commission <br />has approved the form and terms of the Loan Agreement, Indenture of <br />Trust, Security Agreement, Mortgage, Lease, Note and Bonds and has <br />further approved the form of Ordinance authorizing the execution of <br />the Loan Agreement, Indenture of Trust, Security Agreement, Mortgage, <br />Note and Bonds and the issuance of Economic Development Revenue Bonds <br />in accordance therewith, and <br />WHEREAS, the South Bend Economic Development Commission has <br />transmitted this form of Ordinance to the City Clerk of the City of <br />South Bend for presentation to the Common Council of the City of South <br />Bend, Indiana, and <br />WHEREAS, the Common Council of the City of South Bend, <br />Indiana, finds that the proposed development will be of public bene- <br />fit to the economic welfare of the City of South Bend, Indiana, by <br />tending to overcome the deficiencies previously found to exist and <br />that such benefit is greater than the costs of the public facilities <br />which would be required by the proposed project, <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, THAT: <br />Section 1. The forms and terms of the Loan Agreement, <br />Indenture of Trust, Security Agreement, Mortgage, Note and Economic <br />Development Revenue Bonds pertaining to the PAI Properties Project <br />facilities and the issuance of Economic Development Bonds pursuant <br />thereto are hereby approved and adopted. <br />Section 2. The form of Loan Agreement, Indenture of Trust, <br />Security Agreement, Mortgage, Lease, Note and Economic Development <br />Revenue Bonds are hereby incorporated by reference into this Ordinance <br />and the forms shall be inserted into the records of the Common Council <br />of the City of South Bend, Indiana, and shall be kept on file by the <br />Clerk of the City of South Bend, Indiana. <br />Section 3. The Loan Agreement, Indenture of Trust and <br />Economic Development Revenue Bonds shall be executed on behalf of <br />the City of South Bend, Indiana, by the Mayor and the Clerk manually <br />affixing their signatures thereto. <br />-2- <br />