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Authorizing issuance of its "variable rate Economic Development Revenue Bonds, Series 2001 not to exceed $2,000,000
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Authorizing issuance of its "variable rate Economic Development Revenue Bonds, Series 2001 not to exceed $2,000,000
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Last modified
5/20/2009 2:25:58 PM
Creation date
10/28/2008 3:24:31 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/22/2001
Ord-Res Number
9191-01
Bill Number
2-01
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the proposed financing will be of benefit to the health and general welfare of the citizens of the City, <br />complies with the provisions of the Act, and will not have an adverse effect on any similar facility <br />already constructed or operating in the City; and <br />WHEREAS, the Common Council of the City (the "Common Council"), adopted an <br />inducement resolution on January 8, 2001, giving its consent to the issuance and sale of bonds by <br />the Commission and the City pursuant to Section 22(b) of the Act for the financing of the costs of <br />the Project for the benefit of the Corporation; and <br />WHEREAS, the Corporation is now prepared to proceed with the financing of the <br />Project; and <br />WHEREAS, the Commission has held a public hearing, duly noticed, in connection <br />with the financing of the Project by the Corporation; <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Economic <br />Development Commission: <br />Section 1. The Commission finds that the proposed financing of the Project <br />referred to in the forms of the Loan Agreement by and between the Corporation and the City (the <br />"Loan Agreement"), the Trust Indenture by and between National City Bank of Indiana, as trustee, <br />and the City (the "Trust Indenture"), the Offering Circular, and the Bond Purchase Agreement by <br />and among NatCity Investments, Inc., the City and the Corporation (the "Bond Purchase Agreement" <br />and, together with the Loan Agreement, the Trust Indenture and the Offering Circular, the "Financing <br />Documents") presented to this meeting complies with the purposes and provisions of the Act and <br />will be of benefit to the health, prosperity, economic stability and general welfare of the City and its <br />citizens. <br />-2- <br />::ODMA\PCDOCS\SIIDOCS 1\83548\1 <br />
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