Approving Industrial Development Revenue Bonds - Exacto Inc

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ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, TRUST INDENTURE AND SECURITY AGREEMENT AND INDUSTRIAL .G I..VLVIJI.111. - 1J1JV1�1JVrl'11JLV1 l�Vl'!.L'11 UL71 VLV 1 \L:a Lt]111V 17 1V 111J.:1 la l]CLl�1V, 11Y �..•, OF SOUTH BEND 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 limited to IC 18- 6 -4.5 -1 through IC 18 -6- 4.5-30, hereinafter referred to as the "Act "; and EXACTO, INC. OF SOUTH BEND has filed an application with the Commission to finance the acquisition of machinery and equipment and expansion of facilities located at 1119 South Franklin Street, South Bend, Indiana which will constitute economic development facilities resulting in a substantial 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 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 Corporation, 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 notice0as 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 and Trust Indenture, Security Agreement and Bonds, and further approved the form of Ordinance authorizing the execution thereof, and that such ecanmic development facilities will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana.