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RESOLUTION NO. 21�7- Rd <br />A RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT <br />WITH SOUTH BEND FORGE, INC., RELATING TO THE ACQUISI- <br />TION, CONSTRUCTION AND INSTALLATION OF ADDITIONAL <br />ECONOMIC DEVELOPMENT FACILITIES TO BE USED AS A HOT <br />FORGING PRESS FACILITY WITHIN THE BOUNDARIES OF THE <br />CITY OF SOUTH BEND,.INDIANA <br />WHEREAS, the City of South Bend, Indiana (the <br />"Issuer "), by virtue of the laws of the State of Indiana, <br />including the Municipal Economic Development Act of 1965, as <br />amended, Indiana Code of 7.971, Title 18, Article 6, Chapter <br />4.5 (the "Act "), is authorized and empowered, among other <br />things, (a) to provide funds to pay costs of additional <br />economic development facilities within the boundaries of the <br />Issuer (the "Facility "), to be owned and used by South Bend <br />Forge, Inc. (the "Company "), (b) to issue additional economic <br />development revenue bonds for the purpose of paying the <br />costs of such additional acquisition, construction and <br />financing, (c) to secure such additional economic development <br />revenue bonds by an indenture, including the pledge and <br />assianment of revenues derived from such additional economic <br />development facilities to the payment of said revenue bonds <br />and the assignment of a mortgage on such facilities for the <br />benefit of the bondholders, and (d) to enter into the loan <br />agreement hereinafter mentioned; and <br />WHEREAS, the Common Council of the Issuer previously <br />has authorized and issued its economic development revenue <br />bonds in the aggregate principal amount of $6,000,000 for <br />the purpose of financing a hot forqing press facility owned <br />and operated by the Company; and <br />WHEREAS, the Company desires to expand the facility <br />and to finance such expansion with additional economic <br />development revenue bonds of the Issuer; and <br />