Approving Industrial Development Revenue Acra Acres

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ORDINANCE NO. ! 'f�$ OR APPROVING THE FORM NTTREVENUE BONDS, ANDTRUST AN _ ....mm�TTT. TiF'+.VELOrME __ _ _ _.... T nnT -A( RS STATEMENT OF PURPOSE OF INTENT: Indiana, The Common Council of the City of South Bend, „ pursuant to the provi- heretofore has created the SouommissionDevplopment Commission, hereinafter referred to as C be amended from time sions of the Public Law 197318asosuchemaytb of the d General fro Assembly of In for , _ through to time, including but nlreferred toCas8 the 4 "Act;" and IC 18- 6- 4.5 -28, hereinafter ACRA ACRES has filed an application with the Commission commercial bung (facilities) which isition of real estate and the construction to finance the acqu thereof of an industrial and comet ildi will constitute economic develoaseWellaaslother benefits; and s substantial number of new jobs d in connection therewith the Commission has pre er are re and placed on file a report containing as specified in Section 16 of IC 18 -6-4.5 andohas forwarded tcopies thereof to the Chairman of the Superintendent of the School Corporation in the area of whit the facilities will be 1 t reports from each of them; and the Commission held a public hearing on the proposed financing of such facilities on June 30, 1978, after giving the required notice as provided for in Section 17 w IC he purposes .5 and did find that the proposed financing complies with the purposes applicable Indiana statutes governing the and provisions of the app the Commission issuance of Industrial Development Revenue osed facility will not have and the Commission finds that the pro, an adverse competitive effect on similar facil Bend, Council and constructed and operating in the City Of South 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 Leaserand Trust Indenture Indenture and Revenue Develop - ACRA ACRES fac approved and adopted. ment Revenue Bond pursuant thereto are hereby PP Section 2. Said forms of Lease and Trust Indenture together with Industrial Development incorporateddby which reference on file with the Commission are hereby into this Ordinance, and said forms shall inserted into the Indiana minutes of the Common Councilthe City Clerk f South I Clerk of South Bend, Indiana. and shall be kept on file by Section 3. The Lease 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. Section 4. Said Industrial Development Revenue Bonds, payable solely and only from the revenue derived from such ACRA ACRES facilities, e Thousand ($275,O0000) Dollars auueforea Two Hundred Seventy-five period not exceeding fifteen (15) years after the first monthly