Approving Industrial Development Revenue Bonds Char-King Inc

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ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS OF FIRST SUPPLEMENTAL LOAN AGREEMENT, FIRST SUPPLEMENTAL MORTGAGE AND INDENTURE OF TRUST AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO CHAR -KING, INC. 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 -28, hereinafter referred to as the "Act;" and CHAR -KING, INC. has filed an application with the Commission to finance the acquisition of real estate and the construction thereof of an industrial and commercial building (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 specified 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 Superintendent of the School Corporation in the area of which the facilities will be located, and has timely received favorable reports from each of them; and the city previously issued bonds to finance the proposed project by ordinance No. 5936 -75 for One Million One Hundred Thousand ($1,100,000.00) Dollars, but said amount is not sufficient to complete the project, and the city has determined that the total amount of Four Hundred Thousand ($400,000.00) Dollars is necessary to complete the said project, and that it is therefore, necessary to issue an additional economic development revenue bond in the amount of Four Hundred Thousand ($400,000.00) Dollars to complete the project; 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 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 Commission 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 First Supplemental Loan Agreement, First Supplemental Mortgage and Indenture of Trust and Industrial Development Revenue Bonds pertaining to CHAR -KING, INC, facilities and the issuance of the Industrial Development Revenue Bond pursuant thereto are hereby approved and adopted. Section 2. Said forms of First Supplemental Loan Agreement, First Supplemental Mortgage and Indenture of Trust 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.