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Authorizing Economic Development Revenue Bonds - Ireland/Ironwood Associates Project
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Authorizing Economic Development Revenue Bonds - Ireland/Ironwood Associates Project
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6/4/2013 4:09:22 PM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/27/1979
Ord-Res Number
6623-79
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PAGE THREE <br />of a building thereon in connection with the Ireland /Ironwood As- <br />sociates Project to be acquired and constructed with the proceeds <br />of the Economic Development Revenue Bond herein authorized are <br />"Economic Development Facilities" as that phrase is used in the <br />Act concerning the promotion of Economic Development, I.C. 18- 6 -4.5, <br />as amended; that the land acquisition and construction of the Ire- <br />land/Ironwood Associates Project will increase employment opportun- <br />ities and increase diversification of industry in and near the <br />City of South Bend, will improve and promote the economic stability, <br />development and welfare of the area in and near the City of South <br />Bend and will encourage and promote the expansion of industry, trade <br />and commerce in the area in and near the City of South Bend, and <br />that the public benefits to be accomplished by this Ordinance, in- <br />tending to overcome insufficient employment opportunities and in- <br />sufficient diversification of industry, are greater than the cost <br />of public services as that phrase is defined in the Economic Devel- <br />opment Act, I.C. 18- 6 -4.5 -1 as amended, which will be required by <br />the Ireland /Ironwood Associates Project. <br />Section 2. In order to pay the cost of acquisition of <br />real estate and the construction of a commercial building which <br />will constitute economic development facilities of the Ireland/ <br />Ironwood Associates Project, there are hereby authorized to be is- <br />sued, sold and delivered Seven Hundred Ten Thousand ($710,000.00) <br />Dollars aggregate principal amount of Economic Department Revenue <br />Bonds. <br />Section 3. The form of the Lease and Trust Indenture <br />and Industrial Revenue Bond are before the meeting and hereby in- <br />corporated by reference in this Bond Ordinance and the Clerk is <br />hereby directed to insert them into the minutes of the Common Coun- <br />cil and to keep them on file. <br />Section 4. The Economic Development Revenue Bond, pay- <br />able solely and only from the revenue derived from the economic <br />facilities, may be issued in an amount or amounts not to exceed <br />Seven Hundred Ten Thousand ($710,000.00) Dollars for a period not <br />
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