Authorizing Economic Development Bonds American Chain & Cable Co $3,800,000

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ORDINANCE NO. 5688 -74 AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO ISSUE ITS "ECONOMIC DEVELOPMENT BONDS, SERIES 1974 (AMERICAN CHAIN & CABLE COMPANY, INC. PROJECT)" IN THE PRINCIPAL AMOUNT OF THREE MILLION EIGHT HUNDRED THOUSAND DOLLARS ($3,800,000) AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO. WHEREAS, the South Bend Development Commission has rendered its Report Making Certain Estimates on the financing of proposed economid development facilities for American Chain & Cable Company, Inc., and the Area Plan Commission of St. Joseph County and thg South Bend Community School Corporation have commented favorably thereon; and WHEREAS, the South Bend Development Commission, after public hearing conducted on May 17, 1974, adopted a Resolution on that date,.which Resolution has been previously transmitted hereto, finding that the financing of certain economic development facilities of American Chain & Cable Company, Inc. complies with the purposes and provisions of I.C. 1971, 18- 6 -4.5, and that such financing will be of benefit to the health and welfare of the municipality and its citizens; and WHEREAS, the South Bend Development Commission has heretofore approved and recommended the adoption of the proposed form of Ordinance by this Common Council; NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: Section 1, it is hereby found that the financing of the economic development facilities referred to in the Lease Agreement, previously approved by the South Bend Development Commission and presented to this Common Council, the issuance and sale of revenue bonds, zhe use of the ryet proceeds thereof for the acquisition and cc::struction of such facilities and the equipping thereof, the lease of said facilities to American Chain & Cable Company, Inc., the payment of the revenue bonds by the rent pay- ments of P.nerican Cain & Cable Company, Inc, under tha Lease • Agreement,a -:d the securing of said bo -.cs by the mortgaging of such faC il= =e to zhe -'rustee under the Mortgage and Indenture