Authorizing $10,000,000 Revenue Obligations Rahn Proeprties II

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thereof, (3) has submitted such report to the plan commission and school corporation having jurisdiction over such facilities, and (4) has, after giving notice in accordance with the Act, held a public hearing on the proposed financing and adopted resolutions finding the proposed financing benefits the economic welfare of the City and complies with';the_ purposes and provisions of the Act and approving the financing and the proposed form and terms of such revenue obligations and other financing instruments herein identified, which resolution and other instruments and information pertaining to the proposed financing have been transmitted to the Common Council of the City.. Section 2. Public Benefits and Findings. The Common Council of the City hereby finds and determines that the Project as described in Exhibit A to the Loan Agreement between the City and the Partnership (the 11Loan Agreement ") to be acquired and constructed in part with the proceeds of $10,000,000 principal amount Economic Development Revenue Bonds, Series A (Rahn Properties II Project) (the "Series A Bonds "), in part with the proceeds of an Urban Development Action Grant received by the City pursuant to Section 119 of the Housing and Community Development Act of 1974 and in part from funds of the Partnership are "economic development facilities" as that phrase is used in the Act; that acquisition and construction of the Project will increase employment opportuni- ties and increase diversification of business, commerce and industry in and near the City, will improve and promote the economic stability, development and welfare of the area in and near the City and will encourage and promote the expansion of industry, trade and commerce in the area in and near the City and the location of other new commercial and business facilities in such area;. and that this Ordinance complies with the purposes and provisions of the.A-et -.:and is of public benefit to the economic welfare of the City by tending to overcome the deficiencies previously found to exist, to wit:. insufficient employment opportunities and insufficient diversifica- tion of business, commerce and industry, and that such benefit is greater than the cost of public facilities (as that phrase is defined in the Act) which will be required by the Project. Section 3. Authorization of Series A Bonds. In order to pay costs of acquiring and constructing the Project, including interest on the Series A Bonds during the period of construction, there are hereby authorized to be issued, sold and delivered $10,000,000 aggregate principal amount of the Series A Bonds. Pursuant to the terms of the Loan Agreement, any balance of the cost of the Project not paid for out of the proceeds of the Series A Bonds or Urban Development Action Grant Funds will be paid for by the Partnership.. Section 4. Terms for the Series A Bonds. The Series A Bonds shall bear interest at the rate of -1/2% per annum payable on the first day of each _month until completion of the Project and thereafter shall be payable as to both principal and interest in the monthly amount of $76,750 until 30 years from the first day of the month in which initially issued and delivered when the entire unpaid balance will mature. The Series A Bonds shall be dated, shall be in such form, shall be in such denominations, shall be payable in such medium of MPAS