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ORDINANCE NO. /,vim <br />AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND <br />TO ISSUE ITS ECONOMIC DEVELOPMENT REVENUE BONDS <br />(MICHIANA TELECASTING CORP. PROJECT, AND APPROVING <br />OTHER ACTIONS IN RESPECT THERETO. <br />STATEMENT OF PURPOSE OF INTENT <br />The South Bend Economic Development Commission has rendered <br />its Project Report for the Michiana Telecasting Corp. Project regard- <br />ing the financing of proposed economic development facilities for <br />Michiana Telecasting Corp. and the Area Plan Commission of St.'Joseph <br />County, Indiana has commented :favorably thereon. <br />The South Bend Economic Development Commission conducted a <br />public hearing on March 20, 1981, and also adopted a resolution on <br />March 20, 1981, which Resolution has been transmitted hereto, <br />finding that the financing of certain economic development facilities <br />of Michiana Telecasting Corp. complies with the purposes and pro- <br />visions of I.C. 18 -6 -4.5 and that such financing will be of benefit <br />to the health and welfare of the City of South Bend and its citizens. <br />The South Bend Economic Development Commission has heretofore <br />approved and recommended the adoption of this form of Ordinance by <br />this Common Council and has approved the forms of and has trans- <br />mitted for approval by the Common Council the Loan Agreement, Note, <br />Trust Indenture, Guaranty Agreement and Offering. Memorandum. <br />BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND, INDIANA THAT: <br />Section 1. It is hereby found that the financing of the <br />economic development facilities referred to in the Loan Agreement <br />approved by the South Bend Economic Development Commission and <br />presented to this Common Council, the issuance and sale of revenue <br />bonds, the loan of the proceeds of the revenue bonds to Michiana <br />Telecasting Corp. for the acquisition and construction of such <br />facilities and the equipping thereof, the payment of the revenue <br />bonds by the note payments of Michiana Telecasting Corp, under <br />the Loan Agreement and Note, and the guaranty of payment of the <br />principal of and interest on the revenue bonds by University of <br />