Approving Industrial Development Revenue Bonds - Mossberg & Company Inc

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BILL NO. ORDINANCE NO. 7 AN ORDINANCE AMENDING AND SUPPLEMENTING ORDINANCE NO. 6775 -80 APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, INDENTURE OF TRUST, REAL ESTATE MORTGAGE, SECURITY AGREEMENT AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 12 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE MOSSBERG & COMPANY, INC., AN INDIANA CORPORATION, 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 Mossberg & Company, Inc., an Indiana corporation, has filed an application with the Commission to finance the expansion of its commercial printing facility located at 301 East Sample Street, South Bend, Indiana, and the purchase and installation of certain machinery and equipment (facilities) 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 pre- pared 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 Com- mission held a public hearing on the proposed financing of such eco- nomic 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 of Industrial Development Revenue Bonds, including but not limited