Approving Revenue Bonds Pertaining to Adapto Inc

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ORDINANCE NO. 1-j& AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND ECONOMIC DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTAINING TO ADAPTO, INC. WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the South Bend Economic Development Commission, hereinafter referred to as "Commission ", pursuant to the provisions of the Public Late 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- 4.5-29, hereinafter referred to as the "Act "; and WHEREAS, Adapto, Inc. has filed an application with the Commission to finance the acquisition of real estate and the construction thereon 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 WHEREAS, in connection therewith the Commission has prepared and placed on .file a report containing the subject matter as specified in I.C. 1971, 18- 6- 4.5 -16 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 WHEREAS, the Commission held a public hearing on the pro- posed financing of such facilities on September 211, 1976, after giving the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5. 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 Lease and Trust Indenture and Economic Development Revenue Bonds pertaining to Adapto, Inc. facilities and the issuance of the Economic Development Bonds pursuant thereto are hereby approved and adopted. THORNBURG. MCGILL DEAHL HARMAN. CARF:Y & MIIRRAY