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ORDINANCE NO. SX4(o -15- <br />AN ORDINANCE providing for the financing and ac- <br />quisition of an Economic Development Project and <br />the leasing of the same to St. Joseph Development <br />Co., Inc., an Indiana corporation; authorizing the <br />subletting of portions of such Project to, among <br />others, St. Joseph Bank and Trust Company, an <br />Indiana banking association; authorizing the <br />issuance and confirming the sale of $2,300,000 <br />principal amount of Economic Development Revenue <br />Bonds, Series 1975 (St. Joseph Development Co., <br />Inc. Project), for the purpose of paying the cost <br />of financing and acquiring the Economic Development <br />Project and necessary expenses incidental thereto; <br />authorizing the execution and delivery of an <br />Indenture securing the Bonds; approving the form <br />of a Sublease from St. Joseph Development Co., <br />Inc. to St. Joseph Bank and Trust Company; and <br />prescribing other matters pertaining thereto. <br />WHEREAS, the City of South Bend, Indiana (the "City ") has <br />created the South Bend Economic Development Commission (the "Commission ") <br />pursuant to the provisions of Chapter 4.5 of Article 6 of Title 18 of <br />the Indiana Code of 1971, as amended (the "Act "); and <br />WHEREAS, by resolution the Commission has found that the <br />financing of certain economic development facilities (the "Project ") to <br />be located in the City complies with the purposes and provisions of the <br />Act and has approved the financing, including the form and terms of the <br />necessary documents; and <br />WHEREAS, said resolution has been transmitted by the Commission <br />to the Common Council of the City together with this form of city ordi- <br />nance; and <br />WHEREAS, the City is authorized under the Act to acquire, <br />own, lease and sell economic development facilities; to issue revenue <br />bonds secured by a mortgage on all or any part of the facilities and <br />payable solely from the revenues derived from the leasing or other <br />disposition of the facilities thus acquired or constructed through the <br />issuance of such revenue bonds; and <br />- 2 - <br />