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

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employment opportunities and insufficient diversification of industry, the economic welfare of the City would be benefited by the acquisition and leasing to Allied Products Corporation of economic development facilities; and WHEREAS, the Commission has by such resolution approved a report estimating the public services which would be made necessary or desirable, the expense thereof, the number of jobs, the estimated payroll on account of the acquisition and leasing of the economic development facilities and the cost of construction of the economic development facilities and has submitted such report to the Area Plan Commission of St. Joseph County, Indiana and the South Bend Community School Corporation; and WHEREAS, said Plan Commission and School Corporation, upon receiving the report of the Commission, have formulated written comments concerning such estimate and have transmitted those comments to the Commission within the time provided by law; and WHEREAS, after giving notice in accordance with the Act, the Commission held a public hearing on the proposed financing and adopted a resolution finding the proposed financing complies with the Act, approving the financing and approving the form and terms of the economic development revenue bonds proposed to be issued by the City to pay a portion of the cost of such facilities, lease - and indenture, which resolution and other instruments and informa- tion pertaining to the proposed financing have been transmitted to the Common Council of the City by the Secretary of the Commission; and WHEREAS, pursuant to the Act this Common Council has adopted Resolution No. finding that the proposed financing will be of bene l •o Re economic welfare of the City, approving the proposed financing and authorizing the issuance by the City of $3,900,000 principal amount of Economic Development Revenue Bonds, Series 1973 (Allied Products Corporation Project) payable solely from the sources, having such terms and provisions and secured as provided by an Indenture of Trust (Security Agree- ment) dated as of July 1, 1973 (hereinafter called the "Indenture ") between the City and The St. Joseph Bank and Trust Company, South Bend, Indiana, an Indiana Banking Institution (the "Trustee ") and a Lease Agreement dated as of July 1, 1973 (the "Lease ") between the City and the Lessee and as described in the Official Statement of the City; NOW, THEREFORE, BE IT ORDAINED BY THE COMION COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. Public Benefits. The Common Council of the City hereby —TEdss and etermines t at the interests in real estate, machinery, equipment and other facilities in connection therewith (the "Project ") to be acquired in part with the proceeds of the Economic Development Revenue Bonds, Series 1973 (Allied Products Corporation Project) herein authorized are "economic development facilities" as that phrase is used in the Act and that the utilization of the property in the creation and location of the Project is economically sound, will increase employment opportunities and increase diversification of industry in and near the City, will improve and promote the economic stability, development and welfare -2-