Approving Industrial Development Revenue Bonds - H.T.W Partnership

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ORDINANCE NO. � •7 AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO H. T. W. PARTNERSHIP, AN INDIANA PARTNERSHIP STATEMENT OF PURPOSE OF INTENT: The Common Council of tPe City of South Bend, Indiana, heretofore has created the South Bend Development Commission, hereinafter referred to as "Commission," pursuant to the provi- sions 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 -2, through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act "; and H. T. W. Partnership, an Indiana Partnership, has filed an application with the Commission to finance the expansion and completion of facilities to be leased to Nyloncraft, Inc., for manufacturing purposes (facilities) 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 speci- fied in Section 16 of IC 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superin- tendent of the School Corporation in the area of which the 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 facilities on March 23,1979, after giving the required notice as provided for in Section 17 of IC 18 -6 -4.5 and did find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds by the Commis- sion and the Commission finds that the proposed facility will not haee an adverse competitive effect-on similar facilities already constructed and operating in the City of South Bend, Indiana; and NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Lease and Trust Indenture and Industrial Development Revenue Bonds pertaining to H. T. W. Partnership, an Indiana Partnership, facilities and the issuance of the Indistural Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said form of Lease and Trust Indenture together with the Industrial Development Revenue Bonds which are on file with the Commission are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indnnna and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Lease and Trust Indenture shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk and sealed with the corporate seal of such City. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenue derived from such H. T. W. Partnership, an Indiana partnership facilities, may be issued in amounts not to exceed One Hundred Fifty Thousand ($150,000.00) Dollars for a period not exceeding fifteen (15) years after the first monthly installment due thereon, in accordance with ther terms of said Lease and Trust Indenture and that such Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk of the City of South Bend, Indiana, and shall be sealed with the corporate seal of such City.