Authorizing Revenue Bonds - Royal Inn

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ORDINANCE N0. 5407 -72 AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE AND MORTGAGE AND THE ISSUANCE OF ECONOMIC DEVELOP- MENT REVENUE BONDS PERTAINING TO ROYAL INN OF SOUTH BEND AS AMENDED WHEREAS, the Common Council of the City of South Bend, Indiana, heretofore has created the south Bend Economic Devel- opment Commission pursuant to the provisions of the Municipal Economic Development Act of 1965, as amended, and WHEREAS, the South Bend Economic Development Commission has approved this form of ordinance authorizing the execution of a Lease and Mortgage and the issuance of economic develop- ment revenue bonds in accordance therewith, and WHEREAS, the South Bend Economic Development Commission has transmitted this form of ordinance to the City Clerk of South Bend, Indiana, for presentation to the Common Council of South Bend, Indiana, and WHEREAS, the City Clerk of South Bend, Indiana, has published once in a newspaper published in South Bend, Indiana, a notice that such form of ordinance has been filed with the Clerk in accordance with the provisions of said Municipal Economic Development Act of 1965, as amended, and WHEREAS, the Common Council of South Bend, Indiana, finds that the proposed development will be of public benefit to the economic welfare of the City of South Bend, Indiana, by tending to overcome the deficiencies previously found to exist and that such benefit is greater than the cost of the public facilities which would be required by the proposed project relating to Royal Inn of South Bend. NOW THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: