Revenue Bonds McCormick & Co Inc Project

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(6) AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO ISSUE ITS "ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS, SERIES 1976 (McCORMICK & COMPANY, INCORPORATED PROJECT)" AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO. ORDINANCE NO. es(l $'6 -7 6 WHEREAS, the South Bend Economic Development Commission has rendered its Project Report for the McCormick & Company, Incorpo- rated Project regarding the financing of proposed economic develop- ment facilities for McCormick & Company, Incorporated and the Area Plan Commission of St. Joseph County has commented favorably thereon; and WHEREAS, the South Bend Economic Development Commission conduc- ted a public hearing on May 24, 1976 and also adopted a Resolution on May 24, 1976, which Resolution has been transmitted hereto, finding that the financing of certain economic development facili- ties of McCormick & Company, Incorporated complies with the pur- poses and provisions of I.C., 18 -6 -4.5 and that such financing will be of benefit to the health and welfare of the City of South Bend and its citizens; and WHEREAS, the South Bend Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council and has approved the forms of and has transmitted for approval by this Common Council the Lease Agreement,Mortgage and Indenture of Trust, Guaranty Agreement, Construction Letter, Purchase Contract and Disclosure Materials Packet; now therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,THAT: Sectionl. It is hereby found that the financing of the economic development facilities referred to in the Lease Agreement approved by the South Bend Economic Development Commission and presented to this Common Council, the issuance and sale of revenue Fonds, the use of the net proceeds thereof for the acquisition and