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WHEREAS, the Project will be used by the Borrower for the manufacture of printed materials;
<br />and
<br />WHEREAS, pursuant to a Bond Purchase and Loan Agreement (the "Loan Agreement"),dated
<br />the date of closing, among the Issuer, the Borrower and Bank One, Indiana, N.A., a national banking
<br />association, as original purchaser of the Bonds (the "Holder"), the Issuer proposes to issue its
<br />$1,300,000 Economic Development Revenue Bonds, Series 1999 (Rink Riverside Printing, Inc.
<br />Project) (the "Bonds") to provide funds for the Project, by lending such funds to the Borrower
<br />pursuant to the Loan Agreement which prescribes the terms and conditions under which the
<br />Borrower shall repay such loan and pursuant to which the Borrower will execute and deliver to the
<br />Issuer its promissory note (the "Project Note") in the principal amount equal to the aggregate
<br />principal amount of the Bonds; and
<br />WHEREAS, it is estimated that the costs of the Project, including costs relating to the
<br />preparation and issuance ofthe revenue bonds, will be approximately $1,360,000 ofwhich an amount
<br />not to exceed $1,300,000 will be funded with the proceeds of the Bonds; and
<br />WHEREAS, the Project will be of the character and will accomplish the purposes provided for
<br />by the Act, will create and retain employment opportunities in the City of South Bend, Indiana, and
<br />will be to the benefit of the health and general welfare of the citizens of the City of South Bend,
<br />Indiana; and
<br />WHEREAS, pursuant to the provisions of Section 36-7-12-24(a) ofthe Act and Section 147(f)
<br />of the Internal Revenue Code of 1986, as amended (the "Code"), a public hearing on the proposed
<br />plan of financing of the Project was held by the Economic Development Commission (the
<br />"Commission") of the Issuer, prior to the adoption of this Ordinance, pursuant to notice caused to
<br />be published by the Commission in the South Bend Tribune and in the Tri-County News, both being
<br />newspapers of general circulation in the City of South Bend, Indiana, on November 19, 1999.
<br />NOW, THEREFORE, BE IT RESOLVED by the members ofthe Common Council ofthe City
<br />of South Bend, Indiana, AS FOLLOWS:
<br />Section 1. Definitions. In addition to the words and terms defined in this Ordinance, the words
<br />and terms used in this Ordinance shall have the meanings set forth in the Loan Agreement, the Project
<br />Note, and in the form of the Bonds unless the context or use indicates another or different meaning
<br />or intent.
<br />Section 2. Determination of Issuer. Pursuant to the Act, and based solely upon the application
<br />submitted by the Borrower and other representations made, information presented and testimony
<br />given by representatives of the Borrower, without independent verification, the Issuer hereby finds
<br />and determines that (a) the Project is an "economic development facility" as defined in the Act and
<br />is consistent with the provisions ofthe Act, (b) the Project will not have an adverse competitive effect
<br />on similar industrial projects already constructed or operating in the City of South Bend, Indiana, and
<br />(c) to promote opportunities for gainful employment and business opportunities in the City of South
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