Authorize Revenue Bonds - Michiana Beverages Inc

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Development Act of 1965, as amended; and WHEREAS, the Common Council finds that the proposed development will be of public benefit to the economic welfare of the City, by tending to overcome the deficiencies previously found to exist and that such benefit is greater than the costs of the public facilities which would be required by the proposed project relating to the Lessee. 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, Indenture of Trust, and Economic Development Revenue Bonds pertaining to the facilities of the Lessee and the issuance of the economic development revenue bonds pursuant thereto are hereby approved and adopted. Section 2. Said forms of Lease, Indenture of Trust, and Economic Devel- opment Revenue Bonds are hereby incorporated by reference into this ordinance and said forms shall be inserted into the minutes of the Common Council of South Bend, Indiana, and shall be kept on file by the City Clerk. Section 3. The said Lease, Indenture of Trust, and Economic Develop- ment Revenue Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk, but such officers may not execute such Lease, Indenture of Trust, and Economic Development Revenue Bonds within twenty (20) days following the adoption of this ordinance, as provided by law. Section 4. Economic Development Revenue Bonds, payable solely and only from the rental derived from such facilities under the Lease, may be issued in a total sum not to exceed $300,000.00 for a period not to exceed twenty (20) years duration in accordance with the terms of said Lease and Indenture of Trust, and that such Bonds shall be executed on behalf of the City of South Bend, Indiana, by the Mayor and City Clerk and shall be sealed with the corporate seal of said City. Section 5. This ordinance shall be in full force and effect from and after its passage by the Common Co Isf READING '3 - --) G - '? 3 PUBLIC HEARING </- q- 7,3 2nd READING 4/- q - 123 NOT APPROVED REFERRED PASSED q -9 - -)3 - 2 - FILED IN CLERK'S OFFICE MAR 2 11973 Irene Gammon CITY CLERK,. SOUTH BEND, IND,.