Revenue Bonds - Hanover Logansport Inc

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ORDINANCE NO. An Ordinance of the City of South Bend authorizing the acquisition, construction and leasing of industrial facilities, the issuance of revenue bonds to apply on the cost thereof, the safeguarding of the interests of the holders of said bonds, approving and authorizing a Lease Agreement and a Mortgage and Indenture of Trust, and other matters relating thereto WHEREAS, the South Bend Economic Development Commission has adopted Resolution No. 31 -73B on the 10th day of March, 1975, approving a form of Lease Agreement between the City of South Bend and Hanover Logansport, Inc.; and WHEREAS, said Resolution also approves a form of Mortgage and Indenture of Trust between the City of South Bend and the First Bank and Trust Company of South Bend, in the City of South Bend, Indiana, as Trustee; and WHEREAS, said Resolution No. 31 -73B also approves this ordinance authorizing the execution of said Lease Agreement and Mortgage and Indenture of Trust and authorizing the issuance of Economic Development First Mortgage Revenue Bonds, Series 1975 (Hanover Logansport, Inc.), of the City in the amount of Two Million Five Hundred Ninety -five Thousand Dollars ($2,595,000); and WHEREAS, the Municipal Economic Development Act of 1965, as amended, authorizes the issuance of revenue bonds to apply on the cost of such a project; and WHEREAS, the Common Council finds that this ordinance, and the project and bond issue authorized by it, will be of public benefit to the economic welfare of the City by tending to overcome the deficiencies previously found to exist and that such benefit is greater than the cost of any public facilities which will be required by the proposed project; and WHEREAS, all conditions precedent to the adoption of an ordinance authorizing the issuance of said revenue bonds to apply on the project costs have been complied with in accordance with the provisions of the governing statutes; THORNBURG. MCGILL. DEAHL. HARMAN. CAREY k MURRAY