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ORDINANCE NO. 7n°3 -9'J <br />AN ORDINANCE authorizing the issuance, sale and <br />delivery of $550,000 aggregate principal amount <br />of Economic Development Revenue Bonds, Series <br />1981 (Automatic Molded Plastics, Inc., Project); <br />authorizing the lending of the proceeds of said <br />Bonds to Automatic Molded Plastics, Inc.; approv- <br />ing the sale of said Bonds to the original pur- <br />chaser thereof; approving the execution and de- <br />livery of certain documents in relation thereto; <br />and prescribing certain other matters relating <br />thereo. <br />Statement of Purpose of Intent: <br />The City of South Bend, Indiana (the "Issuer "), is a <br />municipal corporation and political subdivision of the State of <br />Indiana authorized by the provisions of Title 36, Article 7, <br />Chapter 12, of the Indiana Code, as amended (the "Act "), to <br />provide for the acquisition, construction or installation of <br />"economic development facilities," including land, machinery or <br />equipment, within the boundaries of the Issuer, all for the <br />benefit of the health and welfare of the Issuer and its residents. <br />The Issuer is authorized by the Act to issue it economic <br />development revenue bonds payable solely from the revenues and <br />receipts derived from a "financing agreement" entered into in <br />connection with the financing of "economic development facilities." <br />The Issuer has made the necessary arrangements with <br />Automatic Molded Plastics, Inc., an Indiana corporation (the <br />"Corporation "), for the acquisition, construction and installation <br />of "economic development facilities" constituting an addition to <br />an existing manufacturing facility, and including certain equipment <br />to be installed therein and in the adjacent, existing facility of <br />the Corporation (collectively, the "Project "), to be located <br />within the corporate boundaries of the Issuer. <br />The Economic Development Commission of the Issuer <br />adopted a resolution on October 23, 1981, advising the Issuer to <br />provide financing for the Project. <br />The Issuer, on the advice of its Economic Development <br />Commission, adopted an inducement resolution on August 10, 1981, <br />