Approving Industrial Development Revenue Bonds Smith White Co. Project

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BILL NO. ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS OF TRUST INDENTURE AND USER AGREEMENT, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 18 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE SMITH WHITE CO. PROJECT. STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commis- sion, hereinafter referred to as "Commission ", pursuant to the pro- visions 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 SMITH WHITE CO., a partnership, has filed an application with the Commission to finance the acquisition, improvement and remodeling of a commercial building on real estate located on the South side of South Street and immediately Easterly of Prairie Avenue in South Bend, Indiana (sometimes known as 506 West South Street, South Bend, Indiana, 46625), which will constitute economic develop- ment facilities resulting in a substantial number of new jobs as well as other benefits, and to retire a prior industrial development bond issue, and in connection therewith 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 favorable reports from each of them, and the Commis- sion held a public hearing on the proposed financing of such economic development facilities 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 I ORNBURG. MCGILL, DEAHL. HARMAN. :AREY& MURRAY