Approving Industrial Development Revenue Bonds Raconik Leasing

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BILL NO. ORDINANCE NO. („ �k -3 3_ ff6 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, INDENTURE OF TRUST, SECURITY AGREEMENT AND INDUSTRIAL DEVEL- OPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 19 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE RACONIK LEASING, 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 Com- mission, hereinafter referred to as "Commission ", pursuant to the provisions of the Public Law No. 182 of the Acts of the Gen- eral 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 Raconik Leasing, an Indiana partnership comprised of Conrad R. Adams, II and Mary R. Adams, has filed an application with the Commission to finance the acquisition and installation of machinery to be leased to Adams Engineering, Inc., an Indiana corporation, located at 1702 West Washington Avenue, South Bend, Indiana, which will constitute economic development facilities (facilities) resulting in a number of new jobs as well as other benefits; 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 facil- ities will be located, and has timely received favorable reports from each of them, and the Commission 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