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ORDINANCE OF THE CITY OF SOUTH BEND AUTHORIZING THE ISSUANCE AND SALE OF REVENUE BONDS FOR THE PURPOSE OF LOANING THE PROCEEDS TO CHAR -KING, INC. FOR THE CONSTRUCTION OF CERTAIN INDUSTRIAL FACILITIES AND OTHER MATTERS RELATING THERETO ORDINANCE NO. WHEREAS, the South Bend Economic Development Commission has rendered its Report Making Certain Estimates on the financing of proposed economic develop- ment facilities for Char -King, Inc. and the South Bend Plan Commission has commented favorably thereon; and WHEREAS, the South Bend Economic Development Commission, after public hearing, adopted a resolution on the same date, which resolution has been previously transmitted hereto, finding that the financing of certain economic development facilities for Char -King, Inc. complies with the purposes and pro- visions of I.C. (1971) 18- 6 -4.5, as amended, and that such financing will be of benefit to the health and welfare of the City and its citizens; and 'HEREAS, the South Bend Economic Development Commission has heretofore approved and recommended the adoption of the proposed form of ordinance by this Common Council; now therefore: BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. It is hereby found that the financing of the economic develop- ment facilities referred to in the Loan Agreement, previously approved by the South Bend Economic Development Commission and presented to this Common Council, the issuance and sale of revenue bonds, the use of the net proceeds thereof to loan to Char -King, Inc. for the acquisition and construction of such facilities, the payment of the revenue bonds by the Note payments of Char -King, Inc. under the Loan Agreement and Note, and the securing of said bonds by the mortgaging of such facilities to the Trustee under the Mortgage and Indenture of Trust will be of benefit to the health and welfare of the City of South Bend, and its citizens. It is further found that the proposed facilities will not have an adverse competitive effect on similar facilities already constructed and operating in the City of South Bend, Indiana. Section 2. The forms of the Loan Agreement, Note and Mortgage and Inden- ture of Trust approved by the South Bend Economic Development Commission are hereby approved and all such documents (hereinafter collectively referred to as the "Financing Agreement" referred to in I.C. (1971) 18- 6 -4.5, as amended) shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the City Clerk. Section 3. The City of South Bend shall issue its Economic Development Revenue Bonds (Char -King, Inc. Project) in the total amount of One Million One Hundred Thousand Dollars ($1,100,000.00) for the purpose of procuring funds to loan to Char -King, Inc. to pay the costs of acquisition and construction of the economic development facilities as more particularly set out in the Mortgage and Indenture of Trust and Loan Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the Note payments made by Char -King, Inc. under the Loan Agreement and Note and from other revenues and income realized under the Loan Agreement, or as other- wise provided in the above described Mortgage and Indenture of Trust. The Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of South Bend, Indiana. Section 4. The City Clerk is authorized and directed to sell such bonds to St. Joseph Bank and Trust Company, at a rate of interest on the bonds not to exceed 7 -3/4% per annum and at a price of 100% of the principal amount thereof. The bonds shall be issuable as fully registered bonds without coupons; dated December 15, 1975, and to mature on December 15 of each of the years and in the principal amounts as follows: