Revenue Bonds Pertaining to General Recycling Corp

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ORDINANCE NO. AN ORDINANCE APPROVING THE FORM AND TERMS OF LEASE AND TRUST INDENTURE AND INDUSTRIAL DEVELOPMENT REVENUE BONDS, AND AUTHORIZING THE EXECUTION THEREOF PERTIANING TO GENERAL RECYCLING CORPORATION. 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 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 18- 6- 4.5 -28, hereinafter referred to as the "Act "; and WHEREAS, GENERAL RECYCLING CORPORATION has filed an application with the Commission to finance the construction of a new building and for the purchasing of equipment and machinery 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 Section 16 of IC -1973, 18 -6 -4.5 and has forwarded copies thereof to the Chairman of the Area Plan Commission in the area of which the facilities will be located, and has timely received a favorable report from the Area Plan Commission; and WHEREAS, the Commission held a public hearing on the proposed financing of such facilities on December 5, 1975, after the required notice as provided for in Section 17 of IC -1973, 18- 6 -4.5; amd 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 Industrial Development Revenue Bonds pertaining to GENERAL RECYCLING CORPORATION facilities and the issuance of the Industrial Development Revenue Bonds pursuant thereto are hereby