Approvng Industrial Development Revenue Bonds - R & C Realty

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ORDINANCE NO. & 70 AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 39 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE R & C REALTY, AN INDIANA PARTNERSHIP, PROJECT STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana heretofore has created the South Bend Economic Development Commission, 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 limtied to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and R & C Realty, an Indiana partnership, comprised of Donald L. Rohan and David L. Collier, has filed an application with the Commis- sion to finance the aquisition of real estate and construction of a commercial building located on the northwest corner of Lincolnway East and Sample Streets within the City of South Bend (facilities) which will constitute economic development facilities resulting in the addition of two to five jobs being added to the payroll of D. L. Rohan, Inc., who will lease the facility from R & C Realty, as well as other benefits, and in connection therewith the Commission has pre -. pared and placed on file a report containing the subject matter as specified in IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman of the Area Plan Commission of St. Joseph County, Indiana, and to the Superintendent of the South Bend Community School Corpo- ration, being the area in which the proposed facilities will be located, and has timely received favorable 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 Bonds, including but not limited to the Act and approved the form and terms of the Loan Agreement, Trust Indenture and Mortgage and Industrial Development