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BILL NO. <br />ORDINANCE NO. 6 &I-ap/ <br />AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, <br />MORTGAGE, INDENTURE OF TRUST, SECURITY AGREEMENT AND <br />INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE <br />EXECUTION THEREOF AND APPROVING RESOLUTION NO. 28 -8o OF THE <br />SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE <br />UNIVERSAL COMPANIES, 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 Development Commission herein- <br />after referred to as "Commission ", pursuant to the provisions of <br />the Public Law No. 182 of the Acts of the General Assembly of <br />Indiana for 1973, as such may be amended from time to time, includ- <br />ing but not limited to IC 18- 6- 4.5 -2, through IC 18- 6- 4.5 -30, <br />hereinafter referred to as the "Act "; and <br />The Universal Companies, Inc. has filed an application <br />with the Commission to finance the construction and equipping <br />of a manufacturing building located on real estate in St. Joseph <br />County, Indiana, (facilities) which will constitute economic <br />development facilities resulting in a substantial number of new <br />jobs as well as other benefits; and <br />In connection therewith the Commission has prepared and <br />placed on file a report containing the subject matter as specified <br />in Section 16 of IC 18 -6 -4.5 and has forwarded copies thereof to <br />the Chairman of the Area Plan Commission and to the Superintendent <br />of the School Corporation in the area of which the facilities will <br />be located, and has timely received favorable reports from each of <br />them; and <br />The Commission held a public hearing on the proposed <br />financing of such facilities on February 20, 1981, after giving <br />the required notice as provided for in Section 17 of IC 18 -6 -4.5 <br />and did find that the proposed financing complies with the pur- <br />poses and provisions of the applicable Indiana statutes governing <br />the issuance of Industrial Development Revenue Bonds by the Commis- <br />sion and the Commission finds that the proposed facility will not <br />