Industrial Development Revenue Bonds - Niles Avenue Partnership Project

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Council of the City of South Bend hereby finds that the proposed financing for the issuance of the economic development revenue bonds would be of benefit to the health and welfare of the City of South Bend, and that it complies with the purposes and provisions of I.C. 18- 6 -4.5, as amended and supplanted. Section 6. The Mayor and the Clerk of the City of South Bend, Indiana, are hereby authorized separately and collectively, to execute and file on behalf of the City of South Bend, Indiana, the statement required pursuant to Section 103(b)(6)(D) of the Internal Revenue Code, as amended, and regulations issued pursuant thereto, with the Director of the Regional Service Center of the Internal Revenue Service where said NILES AVENUE PARTNERSHIP, an Indiana Limited Partnership, files federal income tax returns prior to issuance of any such Industrial Development Revenue Bonds, in order to elect to have the provisions of said Section 103(b)(6)(D) of the Internal Revenue Code, as amended, be applicable to this issue of Industrial Development Revenue Bonds. Section 7. That Ordinance Number 6857 -80 enacted by the Common Council.of the City of South Bend on the 10th day of November, 1980, is hereby repealed and of no further force or effect. Section 8. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Ist READING ` PU'.LIC HEARING / mr �G 2READING NOT APPROVED REFERRED PASSED 'l _ Jp - dd -3- 3l9nln W, CLEi ?If, S ^U:ii P.Ei�iU