Express Freight Lines Inc Economic Development Mortgage Revenue Bonds

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Bill No. ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND (EXPRESS FREIGHT LINES, INC. PROJECT) COMMON COUNCIL ORDINANCE NO. (o7 5-°S— 1980 A SPECIAL ORDINANCE authorizing the City of South Bend to issue its "Economic Development Mortgage Revenue Bonds, Series 1980 (Express Freight Lines, Inc., Project)" in the principal amount of Five Hundred Thousand Dollars ($500,000) and approving and authorizing other actions in respect thereto. WHEREAS, the City of South Bend, Indiana, is authorized by IC 18 -6 -4.5 to issue revenue bonds for the purpose of financing the acquisition, installation and construction of economic development facilities; WHEREAS, the City of South Bend has issued $1,000,000 of its Economic Development Mortgage Revenue Bonds (Express Freight Lines, Inc., Project) to finance a portion of the cost of certain economic development facilities to be located in St. Joseph County, Indiana; WHEREAS, Express Freight Lines, Inc., a Wisconsin corporation, now expects to incur increased costs "in-, connection with the acquisition, installation and con- struction of the economic development facilities; WHEREAS, Express Freight Lines, Inc., has proposed that the City of South Bend issue its revenue bonds under IC 18 -6 -4.5 to finance the increased costs of the acquisition, installation and construction of the economic development facilities, and the Common Council has passed a resolution in which it has undertaken to authorize and issue revenue bonds of the City of South Bend pursuant to IC 18 -6 -4.5 in an aggregate principal amount not exceeding Five Hundred Thousand Dollars ($500,000) to finance the increased costs of the economic development facilities;