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104 <br />Bill No. 71 -79 <br />ORDINANCE NO. ia%03^ 7 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE <br />AND SALE OF $1,300,000 ECONOMIC DEVELOPMENT <br />REVENUE BONDS OF THE CITY OF SOUTH BEND, <br />INDIANA, FOR THE PURPOSE OF MAKING A LOAN <br />TO SIMON BROS., INCORPORATED, IN ORDER TO <br />FINANCE THE ACQUISITION AND CONSTRUCTION <br />OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES <br />LOCATED IN THE CITY; AUTHORIZING EXECUTION <br />OF A LOAN AGREEMENT; PROVIDING FOR THE <br />DELIVERY OF A NOTE AND ASSIGNMENT THEREOF <br />AS SECURITY FOR SAID BONDS; AUTHORIZING <br />AN INDENTURE OF TRUST APPROPRIATE FOR <br />THE PROTECTION AND DISPOSITION OF THE <br />REVENUES FROM SUCH NOTE; AND AUTHORIZING <br />THE TERMS AND SALE OF SAID BONDS. <br />WHEREAS, the City of South Bend, Indiana (hereinafter <br />called the "City " ") is a municipal corporation and political <br />subdivision of the State of Indiana and by virtue of IC 18 -6 -4.5 <br />as amended (hereinafter called the "Act ") is authorized and <br />empowered to adopt this ordinance (the "Bond Ordinance ") and to <br />carry out its provisions; and <br />WHEREAS, Simon Bros., Incorporated (the "Company ") is <br />a corporation duly organized and existing under and by virtue of <br />the laws of Indiana with its principal office in South Bend, <br />Indiana, and duly qualified to conduct business in the State of <br />Indiana; and <br />WHEREAS, the Company,has agreed to acquire and construct <br />economic development facilities in the City if the City will <br />finance a portion of the cost of such acquisition and construction; <br />and <br />WHEREAS, the South Bend Economic Development Commission <br />has performed all action required of it by the Act preliminary to <br />the adoption of this Bond Ordinance and has approved and forwarded <br />to this Common Council the forms of (1) Indenture of Trust (the <br />"Indenture ") dated as of June 1, 1979, between the City and First <br />Bank and Trust Company of South Bend, South Bend, Indiana (the <br />"Trustee "), containing a form of economic development revenue <br />bond, (2) Loan Agreement (the "Loan Agreement ") dated as of <br />June 1, 1979, between the City and the.Company, containing a form <br />of Series A Note from the Company and a form of Mortgage from the <br />Company to the Trustee, and (3) this Bond Ordinance; <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />Section 1. Findings; Public Benefits. The Common <br />Council of the City hereby finds and determines that the building <br />additions, equipment and facilities in connection therewith (the <br />