Authorizing $3,900,000 Revenue Bonds Allied Products Corp Project

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iyW ORDINANCE No. s Ss{/ -73 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF'$3,900,000 ECONOMIC DEVELOP- MENT REVENUE BONDS, SERIES 1973 (ALLIED PRODUCTS CORPORATION PROJECT) OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF ACQUIRING INTERESTS IN REAL ESTATE, MACHIizERY, EQUIPMENT AND RELATED PROPERTY COMPRISING ECONOMIC DEVELOP14ENT FACILITIES FOR LEASE AND SALE TO ALLIED PRODUCTS CORPORATION, AUTHORIZING EXECU- TION OF THE LEASE; PROVIDING FOR THE PLEDGE OF REVENUES FOR THE PAYMENT OF SAID BONDS; AUTHORIZING AN INDENTURE OF TRUST APPROPRIATE FOR THE PROTECTION AND DISPOSITION OF SUCH REVENUES; AUTHORIZING AN OFFICIAL STATEMENT WITH RESPECT TO SAID BONDS; AND AUTHORIZING THE SALE OF SAID BONDS. WHEREAS the City of South Bend, Indiana (hereinafter called the "City "j is a municipal corporation and political subdivision of the State of Indiana and by virtue of IC 1971, 18- 6 -4.5 -1 through 18- 6- 4.5 -28, inclusive, as amended (hereinafter called the "Act ") is authorized and empowered to acquire economic development facilities as those words are defined in the.Act and to lease said economic development facilities as Lessor to others to overcome insufficient employment opportunities and insufficient diversification of industry in and near the City and to promote the general economic welfare of the area in and near the City and to issue its economic development revenue bonds to pay all costs of purchase or construction of such economic development facilities, including engineering, legal fees, and all other expenses related thereto during construction, including the costs of issuing the bonds and to secure said bonds by a trust indenture creating a security interest in such economic development facilities; and WHEREAS, Allied Products Corporation (the "Lessee ") is a corporation duly organized under the laws of the State of Delaware and qualified to do business within the State of Indiana; and WHEREAS, the Lessee has agreed to lease economic development facilities from the City and thereby create new employment opportuni- ties and provide diversification of industry in and near the area of the City, and to pay rentals sufficient to pay the principal of and interest and any premium on the economic development revenue bonds hereinafter authorized; and WHEREAS, the Common Council of the City (the "Common Council ") ha.s heretofore by Ordinance No, and pursuant to IC 1971, 18 -6 -4 -1 through 18- 6 -4 -28, inc ussive; created the South Bend Economic Development Commission which by virtue of the Act has become the South Bend Development Commission (the "Commission ") and the members of the Commission have been duly appointed and qualified pursuant to law and the Commission has organized and undertaken the duties imposed upon it by the Act and has found by written resolution that because of existing insufficient