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ORDINANCE NO. io LO l' 7 <br />AN ORDINANCE APPROVING THE FORM AND TERMS OF A <br />LEASE AND TRUST INDENTURE AND INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE <br />EXECUTION THEREOF PERTAINING TO DERBY, INC. <br />PROJECT <br />STATEMENT OF PURPOSE OF INTENT: <br />The Common Council of the City of South Bend, Indiana, <br />heretofore has created the South Bend Economic Development Commission, <br />hereinafter referred to as "Commission" pursuant to the provisions of <br />the Public Law No. 182 of the Acts of the General Assembly of Indiana <br />for 1973, as such may be amended from time to time, including but not <br />limited to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred <br />to as the "Act "; and <br />DERBY, INC. has filed an application with the Commission to <br />finance the acquisition of property, construction of a facility and <br />the purchase of equipment which will constitute economic development <br />facilities resulting in a substantial number of new jobs as well as <br />other benefits; and <br />in connection therewith the Commission has prepared and <br />placed on file a report containing the subject matter as specified <br />in IC 18- 6- 4.5 -16 and has forwarded copies thereof to the Chairman <br />of the Area Plan Commission of St. Joseph County, Indiana, and to <br />the Superintendent of the South Bend Community School Corporation, <br />being the area in which the proposed facilities will be located, <br />and has timely received favorable reports from each of them; and <br />the Commission held a public hearing on the proposed <br />financing of such economic development facilities on May <br />1979, after giving the required notice as provided in the Act, and <br />adopted a resolution finding that such proposed financing complies <br />with the purposes and provisions of all applicable Indiana statutes <br />covering the issuance of Industrial Development Revenue Bonds, <br />including but not limited to the Act, and that such economic development <br />facilities will not have an adverse competitive effect on similar <br />facilities alreay constructed and operation in the City of South <br />Bend, Indiana. <br />NOW, THEREFORE, BE.IT ORDAINED BY THE Common Council of the <br />