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ORDINANCE NO. 5422 -72 <br />AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE, <br />TRUST INDENTURE AND BONDS AND THE ISSUANCE OF ECON- <br />OMIC DEVELOPMENT REVENUE BONDS PERTAINING TO PETRO <br />CHEM AUTOMOTIVE CORP. <br />WHEREAS, the Common Council of the City of South Bend, <br />Indiana, heretofore has created the South Bend Economic <br />Development Commission pursuant to the provisions of the <br />Municipal Economic Development Act of 1965, as amended, and <br />WHEREAS, the South Bend Economic Development Commission <br />has approved this form of ordinance authorizing the execution <br />of a Lease, Trust Indenture and Bonds, and the issuance of <br />economic development revenue bonds in accordance therewith, <br />and <br />WHEREAS, the South Bend Economic Development Commission <br />has transmitted this form of ordinance to the City Clerk of <br />South Bend, Indiana, for presentation to the Common Council <br />of South Bend, Indiana, and <br />WHEREAS, the City Clerk of South Bend, Indiana, has <br />published once in a newspaper published in South Bend, Indiana, <br />a notice that such form of ordinance has been filed with the <br />Clerk in accordance with the provisions of said Municipal <br />Economic Development Act of 1965, as amended, and <br />WHEREAS, the Co=non Council of South Bend, Indiana, finds <br />that the proposed development will be of public benefit to the <br />economic welfare of the City of South Bend, Indiana, by tending <br />to overcome the deficiencies previously found to exist and that <br />such benefit is greater than the costs of the public facility <br />which would be required by the proposed project relating to <br />Petro Chem Automotive Corp. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Cc 1 of <br />TL6 IN CLERK'S OFFICE <br />the City of South Bend, Indiana, that: Irene Gammon <br />CITY CLERK, SODiN BEND, IND. <br />AN' 1 o 1972 <br />