Appropriating proceeds from the issuance of bonds authorized to be issued and designated as revenue bonds

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ORDINANCE NO. , ~ 2~O ~'-©` AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING THE PROCEEDS (TOGETHER WITH INVESTMENT EARNINGS THEREON) DERIVED FROM THE ISSUANCE OF BONDS HERETOFORE AUTHORIZED TO BE ISSUED AND DESIGNATED AS "CITY OF SOUTH BEND, INDIANA, REVENUE BONDS, SERIES 2001C," FOR THE PURPOSE OF FINANCING THE COSTS OF REHABILITATION OF PROPERTY IN CONNECTION WITH THE ROBERT BOSCH CORPORATION RETENTION PROJECT, TOGETHER WITH EXPENSES INCIDENTAL THERETO, INCLUDING EXPENSES IN CONNECTION WITH THE ISSUANCE OF THE BOND STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana (the "City"), has previously determined to offer certain assistance to Robert Bosch Corporation ("Bosch") in order to induce Bosch to retain and expand its facility in the City. Accordingly, the City and Bosch have agreed to undertake certain activities in connection with the acquisition, demolition, construction, rehabilitation, and environmental remediation of certain property (the "Property") which Bosch formerly leased from Honeywell (formerly known as Allied Signal), including infrastructure and other site improvements (the "Project"). The Common Council (the "Common Council")has previously considered the need to construct the Project and has adopted an ordinance determining to issue the bonds of the City in the form of a loan from the Business Development Corporation, South Bend, Mishawaka, St. Joseph County, Indiana (the "BDC") to procure funds to be applied to the rehabilitation portion of the Project, together with expenses incidental thereto, including expenses incurred by the City in connection with the issuance of said bonds.