Authorizing Issuance and Sale of no more than $1,300,000 Econ Dev Revenue bonds, Series 1999 (Rink Riverside Printing)

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SUBSTITUTE ORDINANCE NO. I U ~4 ~ ~' ~ q "AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF NO MORE THAN $1,300,000 ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 1999 (RINK RIVERSIDE PRINTING, INC. PROJECT) OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF FUNDING A LOAN TO RINK RIVERSIDE PRINTING, INC. IN ORDER TO FINANCE THE ACQUISITION AND INSTALLATION OF EQUIPMENT AND MACHINERY TO BE UTILIZED IN AN EXISTING MANUFACTURING FACILITY LOCATED IN THE CITY OF SOUTH BEND, INDIANA; PROVIDING FOR THE PLEDGE OF REVENUES FOR THE PAYMENT OF SUCH BONDS; AUTHORIZING THE EXECUTION OF A BOND PURCHASE AND LOAN AGREEMENT AND A PROJECT NOTE APPROPRIATE FOR THE PROTECTION AND DISPOSITION OF SUCH REVENUES AND TO FURTHER SECURE SUCH BONDS; AND AUTHORIZING SUCH OTHER ACTIONS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS." WHEREAS, the City of South Bend, Indiana (the "Issuer"), is a municipal corporation and political subdivision of the State of Indiana, and by virtue of the constitution and laws of the State, including Indiana Code, Title 36, Article 7, Chapters 11.9 and 12, as supplemented and amended (the "Act"), is authorized and empowered, among other things, to (a) provide funds for the acquisition, construction, installation and equipping of economic development facilities; (b) issue its revenue bonds for the purpose set forth herein; (c) secure such revenue bonds by a pledge and assignment of revenues and other documents as provided for herein; and (d) enact this Ordinance (the "Bond Ordinance"), execute the Bond Purchase and Loan Agreement and all other documents to be executed by it, upon the terms and conditions provided therein; and WHEREAS, the Common Council of the Issuer (the "Common Council") has found and determined, and does hereby confirm, that the property to be acquired with the proceeds ofthe Bonds herein authorized (the "Project")will increase business opportunities within the corporate boundaries of the City of South Bend, Indiana, and will be to the benefit of the health and general welfare of the citizens of the City of South Bend, Indiana, and that the Issuer, by assisting with the financing of the Project through the issuance of revenue bonds in the aggregate principal amount not to exceed $1,300,000, will be acting in a manner consistent with and in furtherance ofthe provisions ofthe Act; and WHEREAS, as a result of negotiations between the Issuer and Rink Riverside Printing, Inc., an Indiana corporation (the "Borrower"), contracts have been or will be entered into by the Borrower for the purpose of the acquisition and installation of an economic development facility located in the City of South Bend, Indiana to be owned by the Borrower, and such facilities shall consist of the acquisition and installation of equipment and machinery to be utilized in an existing manufacturing facility located at 814 South Main Street, South Bend, Indiana 46601 (the "Project"); and RESUCB~248045.1