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GENERAL ORDINANCE NO. 642 .79 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF $6,000,000 ECONOMIC <br />DEVELOPMENT FIRST MORTGAGE REVENUE BONDS OF THE CITY OF <br />SOUTH BEND, INDIANA, FOR THE PURPOSE OF MAKING A LOAN TO <br />ASSIST SOUTH BEND FORGE, INC. IN ACQUIRING, CONSTRUCTING <br />AND EQUIPPING REAL AND PERSONAL PROPERTY COMPRISING ECONOMIC <br />DEVELOPMENT FACILITIES LOCATED WITHIN THE BOUNDARIES OF <br />THE CITY, IN ORDER TO CARRY OUT THE PUBLIC PURPOSES OF THE <br />CITY, AS SET FORTH IN THE MUNICIPAL ECONOMIC DEVELOPMENT <br />ACT OF 1965, AS AMENDED; AUTHORIZING THE ISSUANCE OF <br />ADDITIONAL BONDS; PROVIDING FOR THE PLEDGE OF REVENUES AND <br />RECEIPTS FOR THE PAYMENT OF SAID BONDS; AUTHORIZING A TRUST <br />INDENTURE APPROPRIATE FOR THE PROTECTION AND DISPOSITION <br />OF SUCH REVENUES AND RECEIPTS AND TO FURTHER SECURE THE <br />PAYMENT OF AND ANY PREMIUM AND INTEREST ON SAID BONDS; AND <br />AUTHORIZING THE ACCEPTANCE OF A MORTGAGE AND SECURITY <br />AGREEMENT AND AN ASSIGNMENT THEREOF TO PROVIDE FURTHER <br />SECURITY FOR THE PAYMENT OF SAID BONDS. <br />STATEMENT OF PURPOSE AND INTENT: <br />WHEREAS, the City of South Bend (herein called the "Issuer ") is <br />a municipal corporation and political subdivision of the State of Indiana <br />and by virtue of the Municipal Economic Development Act of 1965, as amended, <br />Indiana Code of 1971, Title 18, Article 6, Chapter 4.5 (hereinafter called <br />the "Act ") is authorized and empowered to issue its revenue bonds for the <br />purpose of making a loan to the Company to assist in the financing to <br />acquire, construct and equip real and personal property comprising "economic <br />development facilities" as those words are defined in the Act to be owned <br />and operated by the Company; and <br />WHEREAS, the Issuer proposes to finance the costs of economic <br />development facilities as authorized facilities under said Act by the <br />issuance of revenue bonds of the Issuer; and <br />WHEREAS, pursuant to and in accordance with the provisions of the <br />Act, the Issuer has agreed to enter into a loan agreement with the Company <br />for the purpose of providing funds to assist in the financing of the cost <br />of acquiring, constructing and equipping economic development facilities, <br />including all machinery and other equipment required for said facilities <br />all to be located within the City of South Bend, Indiana; and <br />WHEREAS, the execution and delivery of a Trust Indenture (hereinafter <br />referred to as the "Indenture "), and the issuance of revenue bonds under <br />