Industrial Development Revenue Bonds - South Bend Lathe Inc

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ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS OF THE TRUST INDENTURE, USER AGREEMENT AND MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND . ..A .. . ... U... ... .. IHORIZING T" E EXECUTION THEREOF, AND APPROVING RESOLUTI� NO. 26 -79 OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO THE SOUTH BEND LATHE, INC., AN INDIANA CORPORATION, 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, herein- after 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 SOUTH BEND LATHE, INC., an Indiana Corporation, has filed an application with the Commission to finance the reconstruction and improvement of office facilities, including new flooring, partitions, ceilings, lighting, restrooms, service wiring and outlets, air dis- tribution system, painting and creation of doorways and canteen, in the realty situated at and commonly known as 400 W. Sample Street, South Bend, Indiana 46621, to 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 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 of the Trust Indenture, User Agreement and Mortgage and Bonds, and further approve this form of Ordinance authorizing the execution thereof, and that such economic development