Approving Industrial Revenue Bonds - Mossberg & Company Inc Project

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ORDINANCE NO. (0 7 IS'- K 0 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, MORTGAGE AND NOTE, SECURITY AGREEMENT AND FINANCING STATEMENTS, AND A TRUST INDENTURE AND INDUSTRIAL REVENUE BONDS, AND AUTHO- RIZING THE EXECUTION THEREOF AND APPROVING RESOLUTION NO. 12 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PERTAINING TO MOSSBERG & COMPANY, INC. PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission hereinafter referred to as "Commission ", pursuant to the provi- sions of the Public Law No. 182 of the Acts of the General As- sembly of Indiana for 1973, as such may be amended from time to time, including but not limited to I.C. 18- 6- 4.5 -1, through I.C. 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 Com- mission has prepared and placed on file a report containing the subject matter as specified in Section 16 of I.C. 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commis- sion and to the Superintendent of the School Corporation in the area of which the facilities will be located, and has timely re- ceived favorable reports from each of them; and the Commission held a public hearing on the proposed financing of such facilities on April 18, 1980, after giving the required notice as provided for in Section 17 of I.C. 18 -6 -4.5 and did find that the proposed financing complies with the purposes and provisions of the appli- cable Indiana Statutes governing the issuance of Industrial Development Revenue Bonds by the Commission and the Commission finds that the proposed facility will not have an adverse com- petitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana.