Authorizing issuance of not to exceed $2,000,000 aggregate principal amount, variable rate demand Econ Dev Revenue Bonds

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COMMITTEE REPORT TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 46-00 A BILL AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $2,000,000 AGGREGATE PRINCIPAL AMOUNT OF THE CITY OF SOUTH BEND, INDIANA VARIABLE RATE DEMAND ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2000 (DELUXE SHEET METAL, INC. PROJECT), THE PROCEEDS OF WHICH SHALL BE LOANED TO DSM HOLDING, LLC, TO FINANCE THE ACQUISITION, CONSTRUCTION, INSTALLATION AND EQUIPPING OF AN ECONOMIC DEVELOPMENT FACILITY LOCATED WITHIN THE CITY OF SOUTH BEND, INDIANA FOR LEASE TO DELUXE SHEET METAL, INC.; PROVIDING FOR THE PLEDGE AND ASSIGNMENT OF REVENUES FOR THE PAYMENT OF SAID BONDS; AUTHORIZING A TRUST INDENTURE, LOAN AGREEMENT AND BOND PURCHASE AGREEMENT, AUTHORIZING THE USE AND DISTRIBUTION OF A PRELINIINARY OFFICIAL STATEMENT AND AN OFFICIAL STATEMENT WITH RESPECT TO THE BONDS; AUTHORIZING AGREEMENTS TO SECURE FURTHER THE PAYMENT OF SAID BONDS; AND AUTHORIZING OTHER ACTIONS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Council with a favorable recommendation as substituted. Andrew Udj ak Chairman