Authorizing Economic Development Revenue Bonds - Ireland/Ironwood Associates Project

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PAGE THREE NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. The Common Council of the City of South Bend hereby finds and determines that the completion of the construction of a building in connection with the Ireland /Ironwood Associates Project to be constructed with the proceeds of the Economic Develop- ment Revenue Bond herein authorized are "Economic Development Facili- ties" as that phrase is used in the Act concerning the promotion of Economic Development, I.C. 18- 6 -4.5, as amended; that the completion of the construction of the Ireland /Ironwood Associates Project will increase employment opportunities and increase diversification of industry in and near the City of South Bend, will improve and promote the economic stability, development and welfare of the area in and near the City of South Bend and will encourage and promote the ex- pansion of industry, trade and commerce in the area in and near the City of South Bend, and that the public benefits to be accomplished by this Ordinance, intending to overcome insufficient employment opportunities and insufficient diversification of industry, are greater than the cost of public services as that phrase is defined in the Economic Development Act, I.C. 18- 6 -4.5 -1 as amended, which will be required by the Ireland /Ironwood Associates Project. Section 2. In order to pay the cost of completion of the construction of a commercial building which will constitute economic development facilities of the Ireland /Ironwood Associates Project, there are hereby authorized to be issued, sold and de- livered Ninety Five Thousand ($95,000.001 Dollars aggregate principal amount of Economic Department Revenue Bonds. Section 3. The form of the Loan Agreement and Trust Indenture and Industrial Revenue Bond are before the meeting and hereby incorporated by reference in this Bond Ordinance and the Clerk is hereby directed to insert them into the minutes of the Common Council and to keep them on file. Section 4. The Economic Development Revenue Bond, payable solely and only from the revenue derived from the economic facilities,