Approving Industrial Development Revenue Bonds - Marion W. Dunn Project

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BILL NO. ORDINANCE NO. 7 AN ORDINANCE AMENDING AND SUPPLEMENTING ORDINANCE NO. 6767 -80 APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, TRUST INDENTURE, REAL ESTATE MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENTS, ASSIGNMENT OF LEASES AND RENTS AND INDUSTRIAL DEVELOPMENT REVE- NUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 10 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE MARION W. DUNN 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, in- cluding but not limited to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and Marion W. Dunn, has filed an application with the Commission to finance the acquisition of real estate of a commercial building located thereon which will constitute economic development 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 facilities 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 facili- ties in accordance with the Act after giving the required notice as provided in the Act, and adopted a resolution finding that such pro- posed financing complies with the purposes and provisions of all applicable Indiana statutes governing the issuance of Industrial De- velopment Revenue Bonds, including but not limited to the Act and approved the form and terms of the Loan Agreement, Trust Indenture, Real Estate Mortgage, Security Agreement, Financing Statements, As- signment of Leases and Rents and Industrial Development Revenue