Authorize Revenue Bond R Lee Fagen, DBA Fagen Enterprises

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ORDINANCE NO. 57 AN ORDINANCE TO AUTHORIZE THE EXECUTION OF A LEASE FINANCING AGREEMENT AND TRUST INDENTURE, ECONOMIC DEVELOPMENT REVENUE BOND AND MORTGAGE, AND THE FORMS AND TERMS OF THE LEASE FINANCING AGREEMENT AND TRUST INDENTURE AND BOND AND MORTGAGE AND THE ISSUANCE OF AN ECONOMIC DEVELOPMENT REVENUE BOND PERTAINING TO R. LEE FAGEN, d /b /a FAGEN ENTERPRISES WHEREAS, the Common Council of the City of South Bend, Indiana, (hereinafter called "Common Council ", heretofore has created the South Bend Development Commission (hereinafter called the "Commission "), pursuant to the provisions of the Municipal Economic Development Act of 1965 as continued by P.L. 182, Acts 1973, IC 18- 6 -4.5 -1 to IC 18- 6- 4.5 -28. WHEREAS, the Commission has found by a written resolution that because of existing insufficient diversification of industry or insufficient pollution control measures, the economic welfare of the City of South Bend, Indiana (hereinafter called the "City ") would be benefited by the construction, equipping, and leasing to others of industrial facilities, and such resolution and findings has been approved by the Common Council; and WHEREAS, the City previouly issued bonds to finace the proposed project by Ordianace No. 5543 -73 in the amount of $240,000.00 but said amount is not sufficient to complete the project; and WHEREAS, the City has determined that the total amount of $300,000.00 is necessary to complete the said project, and that it is therefore, necessary to issue an additional Economic Development Revenue Bond in the amount of $60,000.00 to complete the project. WHEREAS, the Commission has prepared a second report estimating the public services which would be desirable by the proposed project and the expenses thereof, the total costs of the,proposed project and the number of jobs and estimated payroll on account of the