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$1,000,000 Economic Development Revenue Bonds Dayton-Hudson Corp
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$1,000,000 Economic Development Revenue Bonds Dayton-Hudson Corp
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Last modified
5/9/2013 9:20:24 AM
Creation date
5/9/2013 8:34:25 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
10/26/1981
Ord-Res Number
6987-81
Bill Number
111-81
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ORDINANCE N0.61t7 -g <br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND <br />SALE OF $1,000,000 ECONOMIC DEVELOPMENT <br />REVENUE BONDS OF THE CITY OF SOUTH BEND, <br />INDIANA, FOR THE PURPOSE OF MAKING A LOAN TO <br />DAYTON - HUDSON CORPORATION IN ORDER TO FINANCE <br />THE CONSTRUCTION AND DEVELOPMENT OF CERTAIN <br />ECONOMIC DEVELOPMENT FACILITIES LOCATED IN THE <br />CITY OF SOUTH BEND, INDIANA; AUTHORIZING EXECU- <br />TION OF A LOAN AGREEMENT, AN INDENTURE OF TRUST <br />AND A BOND PURCHASE AGREEMENT; AND APPROVING <br />RELATED MATTERS. <br />BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF <br />SOUTH BEND, INDIANA, AS FOLLOWS: <br />Section 1. Statement of Purpose and Intent. (a) The <br />City of South Bend, Indiana (hereinafter called the "City ") is a <br />municipal corporation and political subdivision of the State of <br />Indiana and by virtue of IC 36 -7 -12, as amended (hereinafter <br />called the "Act ") is authorized and empowered to adopt this <br />ordinance (the "Bond Ordinance ") and to carry out its provisions. <br />(b) Dayton- Hudson Corporation (the 'Borrower ") <br />is a corporation duly organized and existing under and by virtue <br />of the laws of Minnesota with its principal office in Minneapolis, <br />Minnesota, and duly qualified to conduct business in the State <br />of Indiana. <br />(c) The Borrower has agreed to acquire, construct and <br />develop certain economic development facilities (the "Project ") <br />in the City of South Bend, if the City will finance a portion of <br />the cost of such acquisition, construction and development. <br />(d) The South Bend Economic Development Commission <br />has performed all action required of it by the Act preliminary to <br />the adoption of this Bond Ordinance and has approved and forwarded <br />to this Common Council the forms of (1) Bond Purchase Agreement <br />(the 'Bond Purchase Agreement ") dated as of October 27, 1981 between <br />
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