Approving Agreement City of South Bend Economic Development Administration

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Ordinance No. 5844 -75 AN ORDINANCE APPROVING AN AGREEMENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND THE ECONOMIC DEVELOPMENT ADMINISTRATION WHEREAS as a condition of a grant from the Economic Development Administration pursuant to Title IX of the Public Works and Economic Development Act of 1965, as amended, the Economic Development Administration has required an agreement on the part of the City of South Bend, Indiana, embracing the terms and conditions as that agreement entitled "The Industrial Revolving Fund of South Bend, Indiana Trust Agreement" marked Exhibit "A" and attached hereto and made a part hereof; and WHEREAS the Council has reviewed said Trust Agreement which creates a trust providing for the management of all funds granted by the Economic Development Administration for uses consistent with such Title IX and as more particularly set forth in said Trust Agreement; and WHEREAS said Trust Agreement is now submitted to the Common Council of the City of South Bend, Indiana, for due approval by ordinance; Section 1. BE IT NOW, THEREFORE, AND IT IS HEREBY ORDAINED by the Common Council of the City of South Bend, Indiana, that: (a) The form and substance of the foregoing Trust Agreement marked Exhibit "A" be and the same is in all things approved and confirmed, and the execution of the original of such Trust Agreement by the Mayor and the City Clerk is hereby authorized, approved and confirmed.