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ORDINANCE NO. <br />AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND <br />TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, <br />AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO <br />FBT BANCORP, INC., AN INDIANA CORPORATION <br />(FBT BANCORP, INC.- WALKERTON BRANCH PROJECT) <br />STATEMENT OF PURPOSE OF INTENT: <br />The Common Council of the City of South Bend, Indiana, <br />heretofore has created the South Bend Economic Development Commis- <br />sion, hereinafter referred to as "Commission ", pursuant to the <br />provisions of the Public Law No. 182 of the Acts of the General <br />Assembly of Indiana for 1973, as such may be amended from time to <br />time, including but not limited to IC 18- 6 -4.5 -2 through <br />IC 18- 6- 4.5 -28, hereinafter referred to as the "Act "; and <br />FBT BANCORP, INC., an Indiana corporation, has filed an <br />application with the Commission to finance the acquisition of certain <br />real estate and the construction of certain improvements thereon which <br />will constitute economic development facilities resulting in a <br />substantial number of additional employees, as well as other benefits, <br />with respect to an Industrial Development Revenue Bond issue in the <br />amount of One Hundred Fifty -three Thousand Dollars ($153,000.00), <br />repayable with interest thereon at the rate of five and three - fourths <br />per cent (5 -3/4 %) per annum in installments over a period commencing <br />April 1, 1978 and ending April 1, 1990, as more particularly set forth <br />in the proposed form of bond and proposed form of Lease and Trust <br />Indenture submitted with such application. <br />In connection with such application, the Commission has <br />prepared and placed on file a report containing the subject matter <br />as provided in Section 16 of IC 18- 6- 4.5 -16 and has forwarded copies <br />thereof to the Chairman of the Area Plan Commission of St. Joseph <br />County, Indiana, and to the Town of Walkerton, Indiana, and <br />has timely received favorable reports from each, and the Commission <br />held a public hearing on the proposed financing of such economic <br />development facilities on October 14, 1977, after giving the required <br />