9968-09 Amending 9722-09 which authorized the issuance and sale of variable reate

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ORDINANCE NO. ~ ~~-~ AN ORDINANCE SUPPLEMENTING AND AMENDING ORDINANCE NO. 9722-06 WHICH AUTHORIZED THE ISSUANCE AND SALE OF THE CITY OF SOUTH BEND, INDIANA VARIABLE RATE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2007 (PEUGENESIS PROJECT), ISSUED ON JANUARY 30, 2007 IN THE PRINCIPAL AMOUNT OF $8,105,000 (THE "BONDS"), APPROVING THE FORM OF, AND AUTHORIZING THE EXECUTION AND DELIVERY OF, AN AMENDED AND RESTATED TRUST INDENTURE, AN AMENDED AN RESTATED LOAN AGREEMENT AND OTHER DOCUMENTS RELATED TO THE BONDS; AUTHORIZING THE DELIVERY OF A CONFIRMING LETTER OF CREDIT AND THE EXTENSION OF THE MATURITY DATE OF THE BONDS; AND AUTHORIZING PROPER OFFICERS TO DO ALL OTHER THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION THEREWITH AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO. STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (the "C~") is a political subdivision of the State of Indiana, and by virtue of Title 36, Article 7, Chapters 11.9 and 12, of the Indiana Code, as amended (the "Act"), is authorized and empowered to adopt this Ordinance and to carry out its provisions. Pursuant to Ordinance No. 9722-06, adopted by to this Common Council (the "Council") of the City on or about November 27, 2006 (the "Original Ordinance"), the City on or about January 30, 2006 issued, sold and delivered those certain City of South Bend, Indiana Variable Rate Economic Development Revenue Bonds, Series 2007 (PEUGenesis Project) in an aggregate principal amount of $8,105,000 (the "Bonds"), and loaned the proceeds thereof to PEUGenesis, Inc., a Pennsylvania corporation ("PEI") and Tuliptree Associates, LLC, a Pennsylvania limited liability company ("Tuliptree") (PEI and Tuliptree, collectively, the "Borrower") to finance and refinance certain economic development facilities as described in the Original Ordinance. The Bonds are currently secured by a letter of credit (the "Letter of Credit") issued by Citizens Bank of Pennsylvania (the "Banl~'), and in order to provide additional security and liquidity for the Bonds and enhance the marketability of the Bonds, the Bank has requested to Federal Home Loan Bank of Pittsburgh (the "Confirming Banl~'), and the Confirming Bank has agreed, to issue a confirmation of the Letter of Credit in the form of an Advice of Confirmation