Authorizing South Bend Economic Development Revenue Note - South Bend Medical Foundation Inc Project

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ORDINANCE NO. Sf J ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO ISSUE ITS "CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE NOTE, SERIES 1981 (SOUTH BEND MEDICAL FOUNDATION, INC. PROJECT)" AND APPROVING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE OF INTENT: The South Bend Economic Development Commission has rendered its project report regarding the financing of proposed economic development facilities for South Bend Medical Foundation, Inc., an Indiana not - for - profit corporation, and the Executive Director of the South Bend Area Plan Commission and the Superintendent of the South Bend Community School Corporation have commented favorably thereon; and The South Bend Economic Development Commission conducted a public hearing on January 9, 1981, and also adopted a resolution on January 9, 1981, which resolution has been transmitted hereto, finding that the financing of certain economic development facilities for South Bend Medical Foundation, Inc., an Indiana not - for - profit corporation, complies with the purposes and provisions of IND. CODE §§ 18- 6 -4.5 -1 et. sea_. and that such financing will be of benefit to the health aii welfare of the City of South Bend and its citizens; and The South Bend Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the forms or and has transmitted for approval by the Common Council the Note Purchase and Loan Agreement, Promissory Note of South Bend Medical Founda- tion, Inc., Mortgage and Trust Indenture, Security Agreement, and Collateral Assignment of Leases and Rents; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. It is hereby found that the financing of the economic development facilities referred to in the Note Purchase and Loan Agreement approved by the South Bend Economic Development Commission and presented to this Common Council, the issuance and sale of a "City of South Bend Economic Development Revenue Note, Series 1981 ( South Bend Medical Foundation, Inc. Project)" (the "Revenue Note "), the loan of the proceeds of the Revenue Note to South Bend Medical Foundation, Inc., an Indiana not -for- profit corporation, for the construction of such facilities and the equipping thereof, the payment of the Revenue Note by the payments of South Bend Medical Foundation, Inc., an Indiana not -for- profit corporation, under the Note Purchase and Loan Agreement and the Promissory Note, and the securing of the revenue Note by granting a first mortgage and security interest on such facilities and equipment complies with the purposes and provisions of IND. CODE §§ 18- 6 -4.5 -1 et seq. and will be of benefit to the health and welfare of the City of South Bend and its citizens. Section 2. The final forms of the Note Purchase and Loan Agreement, Promissory Note of South Bend Medical Foundation, Inc., Mortgage and Trust Indenture, Security Agreement and Collateral Assignment of Leases and Rents approved by the South Bend Economic Development Commission are hereby approved and all such documents (hereinafter referred to collectively as the "Financing Agreement"