Authorize Revenue Bond Pertaininf to Ironwood Partnership

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ORDINANCE NO. SG S7 -,J q 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 IRONWOOD PARTNERSHIP WHEREAS, the Common Council (hereinafter called "Common Counc South Bend Development Commission pursuant to the provisions of the of 1965 as continued by P.L. 182, 18- 6- 4.5 -28. WHEREAS, The Commission has of the City of South Bend, Indiana, Ll "), heretofore has created the (hereinafter called the "Commission" Municipal Economic Development Act Acts 1973, IC 18- 6 -4.5 -1 to IC found by a written resolution that because of existing insufficient deversification of industry or in- sufficient 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 previously issued bonds to finance the proposed project by Ordinance No. 5583 -73 in the amount of $300,000.00 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 $350,000.00 to complete the project; and to redeem in full the previously issued bond. 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 cost of the proposed project and the number of jobs and estimated payroll on account of the