St Joseph Brown Building Co Sale $995,000.00 Revenue Bonds Economic Development Project

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ORDINANCE N0.' AN ORDINANCE providing for the acquisition and con- struction of an economic development project and the leasing of the same to Marilyn Brown, Rael F. Brown, Shirley B. Waks and Beatrice L. Nevel, and St. Joseph Insurance Agency, Inc., an Indiana corporation; doing business as St. Joseph -Brown Building Company, an Indiana general partnership; authorizing the issuance and confirming the sale of $995,000 principal amount of Economic Development Revenue Bonds, Series 1974 (One Plaza Place Building), for the purpose of paying the cost of acquiring and constructing the economic development project and necessary expenses incidental thereto, authorizing the execution and delivery of an Indenture securing the bonds and pro- viding for the disbursement of a portion of the proceeds thereof; and prescribing other matters pertaining thereto. financing of certain economic development facilities ( "the Project ") to be located in the City complies with the purposes and provisions of the Act and has approved the financing, including the form and terms of the necessary documents; and WHEREAS, said resolution has been transmitted by .the Commis- sion to the Common Council of the City together with this form of city ordinance; and WHEREAS, the City is authorized under the Act to acquire, own, lease and sell economic development facilities; to issue revenue bonds secured by a mortgage on all or any part of the facilities and payable solely from the revenues derived from the leasing or other disposition Pa WHEREAS, the.City of South Bend, Indiana ( "the City ") has created the South Bend Economic Development Commission ( "the Com- mission") pursuant to the provisions of Chapter 4.5 of Article 6 of Title 18 of the Indiana Code of 1971, as amended ( "the Act "); and WHEREAS, by resolution the Commission has found that the financing of certain economic development facilities ( "the Project ") to be located in the City complies with the purposes and provisions of the Act and has approved the financing, including the form and terms of the necessary documents; and WHEREAS, said resolution has been transmitted by .the Commis- sion to the Common Council of the City together with this form of city ordinance; and WHEREAS, the City is authorized under the Act to acquire, own, lease and sell economic development facilities; to issue revenue bonds secured by a mortgage on all or any part of the facilities and payable solely from the revenues derived from the leasing or other disposition Pa