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CITY OF SOUTH BEND, INDIANA <br />ORDINANCE NO. `L 0 Q • 7 9 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1,100,000.00 <br />ECONOMIC DEVELOPMENT REVENUE BONDS ( LAIDIG SILO UNLOADERS, <br />INC. PROJECT) OF THE CITY OF SOUTH BEND, INDIANA FOR THE <br />PURPOSE OF FUNDING A LOAN TO LAIDIG SILO UNLOADERS, INC. <br />IN ORDER TO FINANCE THE ACQUISITION AND CONSTRUCTION OF <br />CERTAIN REAL ESTATE AND ECONOMIC DEVELOPMENT FACILITIES <br />LOCATED WITHIN ST. JOSEPH COUNTY, INDIANA, FOR USE <br />BY LAIDIG SILO UNLOADERS, INC.: AUTHORIZING EXECUTION <br />OF THE LOAN AGREEMENT, MORTGAGE AND SECURITY AGREEMENT: <br />AUTHORIZING AN INDENTURE OF TRUST APPROPRIATE FOR THE <br />PROTECTION AND DISPOSITION OF THE REVENUES FROM THE <br />LOAN AGREEMENT: AND AUTHORIZING THE TERMS AND SALE OF <br />SAID BONDS <br />WHEREAS, the City of South Bend, Indiana, (hereinafter called <br />the "City ") is a municipal corporation and political subdivision of <br />the State of Indiana and by virtue of I.C. 18- 6 -4.5 -1 through <br />18- 6- 4.5 -29, inclusive, as amended (hereinafter called the "Act ") is <br />authorized and empowered to acquire economic development facilities <br />as those words are defined in the Act and to make direct loans to Users <br />for the acquisition and construction of the economic development facil- <br />ities to overcome insufficient employment opportunities and insuffi- <br />cient diversification of industry in and near the City and to promote <br />the general economic welfare of the area in and near the City and to <br />issue its economic development revenue bonds to pay all costs of acquis- <br />ition or construction of such economic development facilities, in- <br />cluding engineering, legal fees, and all other expenses relating <br />thereto during construction, including the costs of issuing the bonds <br />and to secure said bonds pursuant to a Loan Agreement and Trust In- <br />denture; and, <br />WHEREAS, Laidig Silo Unloaders, Inc. (the "User ") is a cor- <br />poration for profit organized and existing under the laws of the <br />State of Delaware, with its principal office located in St. Joseph <br />County, Indiana, and duly qualified to conduct business in the State <br />of Indiana; and, <br />