Authorizing the City Economic Development Revenue Bonds Bendix Corporation Project

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ORDINANCE NO. (e q It -7 S- ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA TO ISSUE ITS ECONOMIC DEVELOPMENT REVENUE BONDS, (THE BENDIX CORPORATION PROJECT), SERIES 1978, AND APPROVING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE OF INTENT: The South Bend Economic Development Commission (the "Commission ") has rendered its Project Report for THE BENDIX CORPORATION PROJECT regarding the financing of proposed economic development facilities for THE BENDIX CORPORATION (the "Company "), and the South Bend Plan Commission has commented favorably thereon; and The Commission conducted a public hearing on July 21, 1978 and also adopted a Resolution on July 21, 1978, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities for the Company consisting of certain machinery and equipment comprising • portion of an industrial facility to consist of a building, • stamping press, a seam welding line, tooling and related property for use in the production of steel "I" beams by the Company (the financing of the acquisition and installation of such machinery and equipment by the issuance of the Bonds being hereinafter referred to as the "Financing ") will be of benefit to the health and welfare of the City of South Bend, Indiana (the "City ") and its residents and complies with the purposes and provisions of Indiana Code Title 18, Article 6, Chapter 4.5 (the "Act "); and By said Resolution of July 21, 1978, the Commission approved the form of this Ordinance and recommended its adoption by the Common Council, and approved the form and terms of the following documents and directed that they be transmitted to the Common Council: a Loan Agreement, dated as of September 1, 1978, between the City and the Company with a form of Promissory Note, dated as of September 1, 1978, from the Company to the City attached as Exhibit "A" thereto (said Loan Agreement and Note being collectively referred to as the "Financing Agreement "); a Trust Indenture (including the forms of Bonds set out therein), dated as of September 1, 1978, between the City and the First Bank & Trust Company of South Bend (the "Indenture "); a Bond Purchase Agreement, dated as of September 1, 1978, between the City and Thornton, Farish & Gauntt, Inc., as purchaser (the "Bond Purchase Agreement "); and the Official Statement of the City relating to the Bonds (the "Official Statement "), NOW THEREFORE BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: Section 1. The proposed Financing will be of benefit to the health and welfare of the City and its residents and complies with the purposes and provisions of the Act.