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WHEREAS, the Common Council finds that the proposed development <br />will be of public benefit to the economic welfare of the City, by tending <br />to overcome the deficiencies previously found to exist and that such benefit <br />is greater than the costs of the public facilities which would be required <br />by the proposed project relating to the Lessee. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City <br />of South Bend, Indiana, that: <br />Section 1. The form and terms of the Lease, Indenture of Trust, <br />and Economic Development Revenue Bonds pertaining to the facilities of the <br />Lessee and the issuance of the economic development revenue bonds pursuant <br />thereto are hereby approved and adopted. <br />Section 2. Said forms of Lease, Indenture of Trust, and Economic <br />Development Revenue Bonds are hereby incorporated by reference into this <br />ordinance and said forms shall be inserted into the minutes of the Common <br />Council of South Bend, Indiana, and shall be kept on file by the City Clerk. <br />Section 3. The said Lease, Indenture of Trust, and Economic Develop- <br />ment Revenue Bonds shall be executed on behalf of the City of South Bend, <br />Indiana, by the Mayor and City Clerk, but such officers may not execute such <br />Lease, Indenture of Trust, and Economic Development Revenue Bonds within <br />twenty (20) days following the adoption of this ordinance, as provided by <br />law. <br />Section 4. Economic Development Revenue Bonds, payable solely <br />and only from the rental derived from such facilities under the Lease, may <br />be issued in a total sum not to exceed $250,000.00 for a period not to exceed <br />fifteen years duration in accordance with the terms of said Lease and Indenture <br />of Trust, and that such Bonds shall be executed on behalf of the City of South <br />Bend, Indiana, by the Mayor and City Clerk and shall be sealed with the corporate <br />seal of said City. <br />Section 5. This ordinance shall be in full force and effect from <br />and after its passage by the Common Council and approval by the Mayor. <br />- FILED IN CLERK'S OFFICE <br />1st READING 'Y- a 3- 7 3 - 2 <br />PUBLIC HEARING S - /� /- l3 <br />2nd READING S - /</- '73 APR 18 1(973 <br />NOT APPROVED <br />REFERRED Irene Gammon <br />PASSED S- /N- 7 3 CITY CLERK, SOUTH BEND, INO� <br />