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ORDINANCE NO. <br />AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST <br />INDENTURE AND USER AGREEMENT, SECURITY AGREEMENT, AND <br />INDUSTRIAL DEVELOPMENT REVENUE BONDS AND AUTHORIZING <br />THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. <br />31 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION <br />RELATING TO THE LOCK JOINT TUBE COMPANY, INC. PROJECT <br />STATEMENT OF PURPOSE OF INTENT: <br />The Common Council of the City of South Bend, Indiana, <br />heretofore has created the South Bend Economic Development Com- <br />mission, hereinafter referred to as "Commission ", pursuant to the <br />provisions of I.C. 18- 6 -4.5 -1 through I.C. 18- 6- 4.5 -30, as <br />amended and supplemented, hereinafter referred to as the "Act "; <br />and <br />LOCK JOINT TUBE COMPANY, INC., an Indiana corporation, <br />has filed an application with the Commission to finance the ac- <br />quisition of machinery, equipment, fixtures and tools for the <br />business operations to be conducted at 1400 Riverside Drive, <br />South Bend, Indian 46616, which will constitute economic develop- <br />ment facilities resulting in a savings of a substantial number of <br />jobs and the creation of a substantial number of new jobs, as <br />well as other benefits, and in connection therewith the Commis- <br />sion has prepared and placed on file a report containing the <br />subject matter as specified in I.C. 18- 6- 4.5 -16 and has forwarded <br />copies thereof to the Chairman of the St. Joseph County Area Plan <br />Commission and to the Superintendent of the South Bend Community <br />School Corporation, being the area in which such proposed facil- <br />ities will be located, and has timely received favorable reports <br />from each of them, and the Commission held a public hearing on <br />the proposed financing of such economic development facilities in <br />accordance with the Act after giving the required notice as.pro- <br />vided in the Act, and adopted a resolution finding that such pro- <br />posed financing complies with the purposes and provisions of all <br />applicable Indiana statutes governing the issuance of Industrial <br />Development Revenue Bonds, including but not limited to the Act, <br />and that such economic development facilities will not have an <br />