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RESOLUTION NO. 7 9 �-- �U <br />A RESOLUTION APPROVING <br />BEACON HEIGHTS APARTMENTS <br />WHEREAS, a shortage of decent, safe and sanitary <br />housing for persons and families exists in South Bend, <br />ndiana (the "City ") ; <br />WHEREAS, it is proposed that a housing project be fin- <br />anced and constructed in the City to be owned and operated <br />by Beacon Heights, an Indiana limited partnership (the "Owner "), <br />consisting of 174 units of housing for persons and families, <br />including elderly and handicapped persons, eligible for <br />assistance under Section 8 of the United States Housing Act <br />of 1937 (the "Project "), as amended; <br />WHEREAS, the Beacon Heights housing Development Corpor- <br />ation (the "Corporation "), a not - for - profit Indiana corpor- <br />ation, will be created to provide construction and permanent <br />mortgage financing for the Project by issuing its Construction <br />Loan Notes (FHA Insured Advances) (Beacon Heights Apartments) <br />(the "Notes ") and its Mortgage Revenue Bonds (FHA Insured <br />Morgage- Section 8 Assisted Project) (the "Bonds "); <br />WHEREAS, Section 11(b) of the United States HOusing Act <br />of 1937 provides that interest paid on obligations issued by <br />certain entities, such as the Corporation, to assist in finan- <br />cing of housing, such as the Project, are tax - exempt, and the <br />same section authorizes an exemption from taxation for income <br />derived by such entities from such housing; <br />WHEREAS, in order to obtain the tax exemption benefits of <br />Federal law, it is necessary for <br />City of South Bend, Indiana (the <br />findings and enter into certain <br />the Project and the Corporation, <br />are set out in substantially the <br />hereto as Exhibit A; and <br />the Housing Authority of the <br />"Authority ") to make certain <br />agreements with respect to <br />which findings and agreements <br />form of the Resolution attached <br />