Authorizing $550,000 Economic Development Revenue Bonds - Automatic Molded Plastics Inc. Project)

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preliminarily approving the Project, and evidencing the Issuer's intent to issue economic development revenue bonds and lend the proceeds of the same to the Corporation for the financing of the Project. The financing of the Project will comply with the pur- poses and provisions of the Act, will be of benefit to the health and welfare of the Issuer and its residents, and will help alleviate poverty and unemployment, prevent crime and disease, reduce cash welfare payments and so on within the Issuer. It is proposed to pay the cost of acquiring, constructing and equipping the Project, and certain costs relating to the financing thereof, through the issuance of economic development revenue bonds of the Issuer pursuant to the provisions of the Act. The South Bend Economic Development Commission, after holding a public hearing on the question of the financing of the Project, preparing and placing on file a report on the Project as required by the Act, and forwarding copies of the same to the appropriate officers of the Area Plan Commission, considering whether the Project may have an adverse competitive effect on similar facilities already constructed and in operation in the Issuer, and finding that the proposed financing will be of benefit to the health and welfare of the Issuer and its residents, and will be in compliance with the purposes and provisions of the Act, has approved the financing, including the proposed forms and terms of the Bonds, the Loan Agreement and the Indenture (all as hereafter defined), and has recommended to the Issuer that the Project be financed by the Issuer through the issuance of its economic development revenue bonds pursuant to the provisions of the Act. In order to finance the costs of acquiring, constructing and equipping the Project, the Issuer now proposes to issue -2-