Authorizing the execution of an agreement with South Bend Forge, Inc.

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A G !2 1, I; N1 E N T THIS AGREEMENT, entered into as of the day of February, 1980, between the City of South Eer_d, Indiana in the County of St. Joseph, a municipality and political subdivision of the State of Indiana, organized and existing under the Constitution and laws of the State of Indiana (the "Issuer "), acting pursuant to a resolution of the South Bend Economic Development Commission (the "Commission ") a depart- ment of development duly established by ordinance of the Common Council of the City of South Bend, Indiana, pursuant to the Municipal Economic Development Z\ct of 1965, as amended, Indiana Code of 1971, Title 18, Prticle 6, Chapter 4.5 (the "Act "), acting pursuant to a resolution of the Issuer's Common Council and South Bend Forge, Inc., a corporation for profit organized under the laws of the State of Indiana (the "Company "), for the purpose of assisting in the reduction of insufficient employment opportunities and insufficient diversification of industry, thereby improving the economic welfare of the City of South Pend, Indiana; WHEREAS, the Company has heretofore constructed a hot forging press facility within the boundaries of the Issuer with the proceeds derived from the sale of the Issuer of $6,000,000 City of South Bend, Indiana Fconomic Development First Mortgage Revenue Bonds (South Bend Forae, Inc. Project) (ABS Industries, Inc. - Guarantor), dated as of July 1, 1979; and WHEREAS, the Company desires to acquire, construct and install certain additional property (herein called the "Facility ") constituting an Economic Development Facility, as those terms are defined in the Pct within the boundaries of the City of South Bend; and