Authorizing Issuance of Economic Development Revenue Bonds Raitt Corporation Project

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ORDINANCE NO. i 7Sq- 8V AN ORDINANCE AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT AND TRUST INDENTURE AND BONDS AND AUTHORIZING THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING TO RAITT CORPORA- TION PROJECT WHEREAS, the Common Council of the City of South Bend, Indiana, heretofor has created the South Bend Economic Development Commission (Commission) pursuant to the provisions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as amended, being IC 18 -6 -4.5 (Act), and WHEREAS, the Raitt Corporation has filed an application with the Commission to finance the construction of an industrial and commercial building being an airfreight building (Facilities) which will result in the savings of a substan- tial number of jobs as well as other benefits, and WHEREAS, the Commission has prepared and placed on file a report containing the subject matter as specified in section 16 of IC 18 -6 -4.5 and has forwarded copies thereof to the chairman of the Area Plan Commission and to the superin- tendent of the School Corporation in the area in which the Facilities will be located, and has received favorable reports from each of them, and WHEREAS, the Commission held a public hearing on the proposed financing of such Facilities on February 1, 1980, after giving the required notice and did find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes, and the Commission did also find that the pro- posed facility will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana, and WHEREAS, the Common Council of South Bend, Indiana, hereby finds that the Facilities are economic development facilities as that phrase is used in the Act; and that the construction of the Facilities will increase employment oppor- tunities and increase diversification of business, commerce and industry in and near the city, will improve and promote the economic stability, development and welfare of the area in and near the city, and will encourage and promote the expansion of industry, trade and commerce in the area in and near the city, and the location of other new commercial and business facilities in such area. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: