Approving Industrial Development Revenue Bonds - R & C Realty

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favorable reports from each of them, and the Commission held a public hearing on the proposed financing of such economic development facil- ities in accordance with the Act after giving the required notice as provided in the Act, and adopted a resolution finding that such proposed financing complies with the purposes and provisions of all applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds, including but not limited to the Act and approved the form and terms of the Loan Agreement, Trust Indenture and Mortgage and Industrial Development Revenue Bonds, and further approved this form of ordinance authorizing the execution thereof, and that such economic development facilities will not have an adverse competitive effect on similar facilties already constructed and operating in the City of South Bend, Indiana. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Loan Agreement, Mortgage and Trust Indenture and Industrial Development Revenue Bonds pertaining to the issuance of the Industrial Development Revenue Bonds in accordance with the terms of the Trust Indenture, Mortgage and Loan Agreement pertaining to the application of R & C Realty, an Indiana partnership, for the issuance of Bonds to complete the facilities, are hereby approved and adopted. Section 2. Said forms of Loan Agreement, Trust Indenture, Mortgage and Industrial Development Revenue Bonds which are on file with the Commission are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana, and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Loan Agreement, Trust Indenture, Mortgage and Industrial Development Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana by the Mayor and the City Clerk. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenue derived from such R & C Realty Project pursuant to the aforementioned Trust Indenture and -2-