Approving Industrial Development Revenue Bonds - Masterbilt Inc Project

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ORDINANCE NO. Sj- AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT AND TRUST INDENTURE, INDUSTRIAL DEVELOPMENT REVENUE BOND, AND AUTHORIZING THE EXECUTION THEREOF AND APPROVING RESOL- UTION NO. 11 -80 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE MASTERBILT, INC., PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana heretofore has created the South Bend Economic Development Commis- sion, hereinafter referred to as "Commission ", pursuant to the provisions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to IC 18- 6 -4.5 -1 through IC 18 -6- 4.5-30, hereinafter referred to as the "Act "; and MASTERBILT, INC. a Indiana corporation, has filed an ap- plication with the Commission to finance the acquisition of a "Cyclone CNC Turning Center" which is sophisticated piece of machinery to be acquired from the manufacturer of such machinery, South Bend Lathe Works, of South Bend, Indiana to be located in a building at 325 South Walnut, South Bend, Indiana, which will constitute economic development facilities resulting in a number of new jobs as well as other benefits, and in connection therewith the Commission has prepared and placed on file a report containing the subject matter as specified in IC 18- 6- 4.5 -16 and has forward- ed copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Superintendent of the South Bend Community Sch6ol Corporation, being the area in which the pro- posed facilities will be located, and has timely received favor- able reports from each of them, and the Commission held a public hearing on the proposed financing of such economic development facilities in accordance with the Act after giving the required notice as provided in the Act, and adopted a resolution finding that such proposed financing complies with the purposes and provisions of all applicable Indiana statutes governing the issuance of Industrial Development Revenue Bond, including but not limited to