Authorizing City to issue Variable Rate Demand Economic Development Revenue Bonds

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ORDINANCE NO. ~ l I 1 ~ O ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO ISSUE ITS "VARIABLE RATE DEMAND ECONOMIC DEVELOPMENT REVENUE BONDS (COLBERT PACKAGING CORPORATION PROJECT), SERIES 2000" AND APPROVING OTHER ACTIONS IN RESPECT THERETO (3620 WEST MCGILL STREET, SOUTH BEND, INDIANA) WHEREAS, the South Bend Economic Development Commission has rendered its Project Report regarding the financing of proposed economic development facilities for Colbert Packaging Associates, LLC to the South Bend Plan Commission; and WHEREAS, the South Bend Economic Development Commission conducted a public hearing on July 21, 2000 before the Commission, and adopted a Resolution on July 21, 2000, which Resolution has been transmitted hereto, finding that the financing of certain economic development facilities for Colbert Packaging Associates, LLC complies with the purposes and provisions of I.C. 36-7-11.9 and 12 and that such financing will be of benefit to the health and welfare of the City of South Bend and its citizens; and WHEREAS, the South Bend Economic Development Commission has heretofore approved and recommended the adoption of this form of Ordinance by this Common Council, has considered the issue of adverse competitive effect and has approved the forms of and has transmitted for approval by the Common Council the Lease; the Loan Agreement; the Promissory Note; the Bond Purchase Agreement; the Trust Indenture; and the Preliminary Offering Memorandum; now, therefore BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: 650745.3