Industrial Development Revenue Bonds - Van E. Gates

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BILL NO. ORDINANCE NO. 49(67 -74J AN ORDINANCE APPROVING THE FORM AND TERMS OF LOAN AGREEMENT, MORT- GAGE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO VAN E. GATES STATEMENT OF PURPOSE OF INTENT: The Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Development Commission hereinafter referred to as "Commission," pursuant to the provi- sions of the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to IC 18- 6- 4.5 -2, through IC 18- 6-4.5-30, hereinafter referred to as the "Act "; and Van E. Gates has filed an application with the Commis- sion to finance the acquisition of real estate and the improve- ment of a commercial building located thereon (facilities) which will constitute economic development facilities resulting in a substantial number of new jobs as well as other benefits; and in connection therewith the Commission has prepared and placed on file a report containing the subject matter as speci- fied in Section 16 of IC 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission and to the Superin- tendent of the School Corporation in the area of which the facil- ities will be located, and has timely received favorable reports from each of them; and the Commission held a public hearing on the proposed financing of such facilities on March 2, 1979, after giving the required notice as provided for in Section 17 of IC 18 -6 -4.5 and did find that the proposed financing complies with the purposes and provisions of the applicable Indiana statutes governing the issuance of Industrial Development Revenue Bonds by the Commis- sion and the Commission finds that the proposed facility will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana; and NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. The form and terms of the Loan Agreement, Mortgage and Trust Indenture and Industrial Development Revenue Bonds pertaining to Van E. Gates facilities and the issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said form of Agreement, Mortgage and Trust Indenture together with Industrial Development Revenue Bonds which are on file with the Commission are hereby incorporated by reference into this Ordinance, and said forms shall be inserted into the minutes of the Common Council of the City of South Bend, Indiana and shall be kept on file by the City Clerk of South Bend, Indiana. Section 3. The Loan Agreement, Mortgage and Trust Indenture shall be executed on behalf of the City of South Bend, Indiana by the Mayor and City Clerk and sealed with the corporate seal of such City.