Approving Industrial Development Revenue Bonds - Diversified Group Project

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BILL NO. 146 -79 ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS' OF THE LOAN AGREEMENT, INDENTURE OF TRUST, AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF, AND APPROVING RESOLUTION NO. 29 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RE- T.ATTNr T() rPRR nTN7V-DC TV T'L1T 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 the "Commission" pursuant to the provisions of Indiana Code 18- 6 -4.5, as amended, hereinafter referred to as the "Act "; and DIVERSIFIED GROUP, an Indiana partnership, has filed an application with the Commission to finance certain 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 Indiana Code 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 Superinten- dent 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 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 approve the form and terms r of the Loan Agreement, Indenture of Trust, and Bonds, and further approve this form of Ordinance authorizing the execution thereof, and that such economic development facilities will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that