Economic Development Mortgage Revenue Bonds - Express Freight Lines Inc $1,000,000

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WHEREAS, the South Bend Economic Development Commission has approved the final forms of the Loan Agreement, including the Note attached thereto, the Mortgage and Trust Indenture and the Bond Purchase Agreement by resolution, which resolution has been transmitted hereto; now therefore: BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: SECTION 1. It is hereby found that the financing of the economic development facilities referred to in the Loan Agreement, previously approved by the South Bend Economic Development Commission and presented to this Common Council, the issuance and sale of mortgage revenue bonds, the loan of the net proceeds thereof to Express Freight Lines, Inc., for the acquisition and construction of said facilities and the repayment of said loan by Express Freight Lines, Inc., to be evidenced and secured by a promissory note of Express Freight Lines, Inc., will be of benefit to the health, pros- perity, economic stability and general welfare of the City of South Bend and St. Joseph County and their citizens and com- plies with the purposes and provisions of IC 18- 6 -4.5. SECTION 2. The forms of the Loan Agreement, in- cluding the Note attached thereto, the Mortgage and Trust Indenture and the Bond Purchase Agreement approved by the South Bend Economic Development Commission are hereby approved and all such documents shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk of the Council. SECTION 3. The City of South Bend shall issue its Economic Development Mortgage Revenue Bonds (Express Freight Lines, Inc., Project) in the total principal amount of One Million Dollars ($1,000,000) for the purpose of -2-