Approving Industrial Development Revenue Bonds K & K Leasing Co

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ORDINANCE NO. 4 r? 3 -7!2 AN ORDINANCE APPROVING THE FORM AND TERMS OF A LOAN AGREEMENT AND TRUST INDENTURE, REAL ESTATE MORTGAGE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO K & K LEASING CO. 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, hereinafter 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 K & K LEASING CO. has filed an application with the Commission to finance the acquisition of property and equipment and construction of a facility 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 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 on May 1979, 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 covering the issuance of Industrial Development Revenue Bonds, including but not limited to the Act, 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: