EDC Packet 2.6.25 - Laserfiche WebLink

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TRUST INDENTURE THIS TRUST INDENTURE dated as of the 1st day of ____________, 2025, by and between the CITY OF SOUTH BEND, INDIANA (the “City” or “Issuer”), a municipal corporation organized and existing under the laws of the State of Indiana and __________________________, a national banking association duly organized, existing and authorized to accept and execute trusts of the character herein set out under the laws of the United States of America with its Indiana corporate trust office in the City of Indianapolis, Indiana, as Trustee (“Trustee”); WITNESSETH: WHEREAS, IC 36-7-11.9, 12 and 14, as supplemented and amended, authorizes and empowers the Issuer to issue revenue bonds and to use the proceeds therefrom for the purpose of financing economic development facilities and vests such Issuer with powers that may be necessary to enable it to accomplish such purposes; and WHEREAS, in accordance with the provisions of the Act, the Issuer has induced J.C. Hart Company, Inc. (the “Company”) to proceed with the acquisition, construction, equipping and improving, as the case may be, by the Company of a mixed use development in the City, by offering to issue the City’s Taxable Economic Development Tax Increment Revenue Bonds, Series 2025 (J.C. Hart Development Project) in the aggregate principal amount of not to exceed $____________, pursuant to this Trust Indenture and to provide the proceeds thereof to the Company pursuant to the Loan Agreement of even date herewith (the “Loan Agreement”), for the purpose of paying a portion of the costs of the Project (as defined herein); and WHEREAS, the execution and delivery of this Indenture and the issuance of revenue bonds under the Act as herein provided have been in all respects duly and validly authorized by proceedings duly passed on and approved by the Issuer; and WHEREAS, after giving notice in accordance with the Act and IC 5-3-1-4, Economic Development Commission held a public hearing on behalf of the Issuer, and upon finding that Project (i) will create or retain employment opportunities in and near the City; (ii) will benefit the health and general welfare of the citizens of the City and the State of Indiana; and (iii) will comply with the purposes and provisions of the Act, adopted a resolution approving the proposed financing; and WHEREAS, the Act provides that such Bonds may be secured by a trust indenture between the Issuer and a corporate trustee; and WHEREAS, the Loan Agreement provides for the use of the proceeds of the Bonds by the Company to complete the Project, and, pursuant to this Indenture, the Issuer will assign certain of its rights under the Loan Agreement to the Trustee; and WHEREAS, the execution and delivery of this Trust Indenture, and the issuance of the Bonds hereunder, have been in all respects duly and validly authorized by an ordinance duly passed and approved by the Issuer; and