Approving Industrial Development Revenue Bonds - R & C Realty

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BILL NO. ORDINANCE NO. 4 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 32 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE R & C REALTY, AN INDIANA PARTNERSHIP, PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana heretofore has created the South Bend Economic Development Commission, hereinafter referred to as "Commission ", pursuant to the provisions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and The City of South Bend, Indiana, by and through the South Bend Economic Development Commission ( "Commission ") has previously issued its Economic Development Revenue Bonds in the principal amount of Five Hundred Thousand Dollars ($500,000.00) on the 4th day of January, 1980, (R & C Realty Project) to finance the acquisition of real estate and construction of a commercial building located on the northwest corner of Lincolnway East and Sample Streets within the City of South Bend, Indiana, which constituted economic development facilities as defined by Indiana law. R & C Realty, an Indiana partnership, comprised of Donald L. Rohan and David L. Collier, has filed an application with the South Bend Economic Development Commis- sion seeking the issuance of City of South Bend Economic Development Revenue Bonds in the principal amount of Two Hundred Fifty Thousand Dollars ($250,000.00) in order to complete and expand the facilities described herein. The Commission has prepared and placed on file a report containing the subject matter as specified in IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Superintendent of the South Bend Community School Corporation, being the area in which the proposed facilities will be located, and has timely received