Authorizing $600,000 Economic Development Revenue Bonds - Jackel Inc Project

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11/27/79 BILL NO. ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ISSUANCE OF $600,000 ECONOMIC DEVELOPMENT REVENUE BONDS (JACKEL, INC. PROJECT) OF THE CITY OF SOUTH BEND, INDIANA FOR THE PURPOSE OF FUNDING A LOAN TO JACKEL, INC. IN ORDER TO FINANCE THE ACQUISITION AND INSTALLATION OF CERTAIN INDUSTRIAL MANUFACTURING EQUIPMENT FOR USE BY JACKEL, INC. IN ST. JOSEPH COUNTY, INDIANA: AUTHORIZING EXECUTION OF THE LOAN AGREEMENT AND TRUST INDENTURE AND SECURITY AGREEMENT AND AUTHORIZING THE TERMS AND SALE OF SAID BONDS. STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana, (hereinafter called the "City ") is a municipal corporation and political subdivision of the State of Indiana and by virtue of I.C. 18- 6 -4.5 -1 through 18- 6- 4.5 -29, inclusive, as amended (hereinafter called the "Act ") is authorized and empowered to acquire economic development facilities as those words are defined in the Act and to make direct loans to Users for the acquisition and construction of the economic development facilities to overcome insufficient employment opportunities and in- sufficient diversification of industry in and near the City and to promote the general economic welfare of the area in and near the City and to issue its economic development revenue bonds to pay all costs of acquisition or construction of such economic development facilities, including engineering, legal fees, and all other expenses relating thereto, including the costs of issuing the bonds and to secure said bonds pursuant to a Loan Agreement; and, Jackel, Inc. (the "User ") is a corporation for profit organized and existing under the laws of the State of Indiana, with its principal office located in St. Joseph County, Indiana, and duly qualified to conduct business in the State of Indiana; and, The User has agreed to acquire and install economic development facilities within the limits of the County of St. Joseph in the State of Indiana and thereby create new employment opportunities and provide diversification of economic development in and near the area of the City, and make payments pursuant to the Loan Agreement evidencing its loan obligations in an amount or amounts sufficient to pay the principal of, premium, if any, and interest on the economic development revenue bonds hereinafter authorized; and,