Authorizing Revenue Bonds - First Bank & Trust Co of South Bend

Home Browse Search

127 N. Michigan St. ORDINANCE NO. 5410 -72 AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE AND TRUST INDENTURE AND THE ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE BONDS PERTAINING TO FIRST BANK AND TRUST COMPANY OF SOUTH BEND TRUSTEE FOR LAND TRUST NO. 29 -5083 WHEREAS, the Common Council of the City of South Bend, Indiana, hereto- fore has created the South Bend Economic Development 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 Trust Indenture and the issuance of economic development 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 or 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 First Bank and Trust Company of South Bend, Trustee for Land Trust No. 29 -5083. NOW THEREFORE, BE IT ORDAINED By the Common Council of the City of South Bend, Indiana, that: Section 1 . The form and terms of the Lease and Trust Indenture pertaining to the First Bank and Trust Company of South Bend, Trustee for Land Trust No. 29 -5083 facilities and the issuance of the economic development revenue bond pursuant thereto are hereby approved.