Authorizing Economic Development Revenue Bonds - Ireland/Ironwood Associates Project

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BILL NUMBER ORDINANCE NUMBER (® AN ORDINANCE AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT AND TRUST INDENTURE AND BONDS, AND APPROVING THE FORM AND TERMS OF THE LOAN AGREEMENT AND TRUST INDENTURE AND BOND AND AUTHORIZING ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS AND APPROVING RESOLUTION NO. 3 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE IRELAND /IRONWOOD ASSOCIATES PROJECT STATEMENT OF PURPOSE OF INTENT: The City of South Bend, Indiana, is a municipal corpora- tion and political subdivision of the State of Indiana and by virtue of I.C. 18 -6 -4.5 as amended is authorized and empowered to adopt this Ordinance and to carry out its provisions; and Ireland /Ironwood Associates is an Indiana Partnership duly organized and existing under and by virtue of the laws of Indiana and duly qualified to conduct business in the State of Indiana; and The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commis- sion pursuant to the provisions of the municipal Economic Develop- ment Act of 1965, as amended, and supplemented by I.C. 18- 6 -4.5; and The South Bend Economic Development Commission has found by a written resolution that because of insufficient employment opportunities, insufficient tax base and insufficient diversifi- cation of economic development facilities in the City of South Bend, the economic welfare of the City of South Bend, Indiana, would be benefited by the acquisition and leasing of certain econ- omic development facilities pursuant to a request made on February 1, 1980, by Ireland /Ironwood Associates, an Indiana Partnership, and that such proposed economic development facilities will not have an adverse competitive effect on similar facilities already constructed or operating in the City of South Bend, Indiana, and environs, and