Authorizing $5,000,000 Economic Development Revenue Bonds - Brethren Care of South Bend Inc Project

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ORDINANCE NO. ( -1-'70 - 79 AN ORDINANCE authorizing and providing for the financing and equipping of an "economic development facility "; authorizing the issuance of not to exceed $5,000,000 Economic Development Revenue Bonds, 1979 Series B (Brethren Care of South Bend, Inc., Project) to finance the balance of the costs of the "economic development facility "; approving of and authorizing the terms of said bonds; authorizing the execution and delivery of a Security Agreement and a Trust Indenture securing said bonds; authorizing the assignment of a Promissory Note, 1979 Series B; approving the exe- cution and distribution of Preliminary and final Official Statements describing said bonds; approving the execution of a bond purchase agreement and confirming the sale of said bonds pursuant to the terms thereof; and approving other matters pertaining thereto. WHEREAS, the City of South Bend, Indiana, a municipal corporation of the State of Indiana (the "Issuer "), is authorized by the provisions of Title 18, Article 6, Chapter 4.5, Indiana Code of 1971, as supplemented and amended (the "Act "), to provide for the acquisition, construction and equipping of "economic development facilities" within or without the boundaries of the Issuer; and WHEREAS, the Issuer is authorized by the Act to issue economic development revenue bonds payable solely from the revenues and receipts derived from a "financing agreement" entered into in connection with the financing of "economic development facilities "; and WHEREAS, the purpose of the Act is to relieve conditions of insufficient employment opportunities, insufficient tax base and insufficient diversification of economic development facilities, all for the benefit of the health and welfare of the residents of the Issuer; and WHEREAS, the Issuer, by adoption of its Ordinance 6481 -78 on October 9, 1978 ( "Ordinance 6481 -78 "), has heretofore determined to finance a portion of the costs of acquiring, constructing and equipping an "economic development facility ", more specifically a health facility of the type licensed and regu- lated by the Indiana health facilities council under Title 16, Article 10, Chapter 2, Indiana Code of 1971, as supplemented and amended, consisting of a 254 -unit licensed apartment complex and an 80 -bed skilled and intermediate care facility to be located partially within the corporate limits of the Issuer and partially within the boundaries of the County of St. Joseph, outside the cor- porate limtis of the Issuer (the "Project "), for Brethren Care of South Bend, Inc., South Bend, Indiana, a not - for - profit corporation organized and existing under the laws of the State of Indiana (the "Corporation "), in order to promote the aforesaid purposes of the Act; and