Authorizing Economic Development Revenue Bonds Robert J Basney & Ann E Basney Project

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"I i ORDINANCE NO. (fl 3 7 3. -2,? ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO ISSUE ITS "ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS, SERIES 1978 (ROBERT J. BASNEY AND ANN E. BASNEY PROJECT)" AND APPROVING OTHER ACT16Na IN RESPECT THERETO STATEMENT OF PURPOSE OF INTENT: The South Bend Economic Development Commission has rendered its Project Report for the ROBERT J. BASNEY AND ANN E. BASNEY PROJECT regarding the financing of proposed economic development facilities for ROBERT J. BASNEY AND ANN E. BASNEY and the South Bend Plan Commission has commented favorably thereon; and the South Bend Economic Development Commission conducted a public hearing on May 5, 1978 and also adopted a Resolution on May 5, 1978, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities of ROBERT J. BASNEY AND ANN E. BASNEY complies with the purposes and provisions of I.C., 18 -6 -4.5 and that such financing will be of benefit to the health and welfare of the City of South Bend and its citizens; and the South Bend Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the forms of and has transmitted for approval by the Common Council the Loan Agreement, Note, Lease Agreement, Conditional Assignment of Lease Agreement, and Mortgage and Indenture of Trust; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA That: Section 1. It is hereby found that the financing of the economic development facilities referred to in the Loan Agreement approved by the South Bend Economic Development Commission and presented to this Common Council, the issuance and sale of revenue bonds, the loan of the proceeds of the revenue bonds to ROBERT J. AND ANN E. BASNEY and the use by ROBERT J. BASNEY AND ANN E. BASNEY of the net proceeds thereto for the acquisition and construction of such facilities and the equipping thereof, the lease of said facilities by ROBERT J. BASNEY AND ANN E. BASNEY, as a developer to Basney Ford of South Bend, Inc., the payment of the revenue bonds by the note payments of ROBERT J. BASNEY AND ANN E. BASNEY under the Loan Agreement and Note, and the securing of said bonds by the mortgaging of such facilities including the lease -hold interests therein to the Trustee under the Mortgage and Indenture of Trust and the conditional assignment of the Lease Agreement to the Trustee complies with the purposes and provisions of I.C. 18 -6 -4.5 and will be of benefit to the health and welfare of the City of South Bend, and its citizens. Section 2. The final forms of the Loan Agreement, Note, Lease Agreement, Conditional Assignment of Lease Agreement and Mortgage and Indenture of Trust approved by the South Bend Economic Development Commission are hereby approved and all such documents (herein collectively referred to as the "Financing Agreement "' referred to in I.C. 18- 6 -4.5), shall be incorporated hereby by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk. Section 3. The City of South Bend shall issue its Economic Development First Mortgage Revenue Bonds, Series 1978 (ROBERT J. BASNEY AND ANN E. BASNEY PROJECT), in the total principal amount of One Million Eight Hundred and Fifty Thousand Dollars ($1,850,000.00) for the purpose of procuring funds to pay the costs of acquisition, construction and equipping of the economic development facilities as more particularly set out in the Mortgage and Indenture of Trust