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RESOLUTION NO. 697 -79 <br />A RESOLUTION OF THE CITY OF SOUTH BEND, <br />INDIANA. <br />WHEREAS, newly enacted legislation permits the issuance of <br />mortgage- backed housing revenue bonds (the "Bonds ") by municipalities <br />in the State of Indiana in order to finance residential dewelling <br />units; and <br />WHEREAS, Kirchner, Moore and Company has presented information <br />and background material relating to the issuance of such bonds demon- <br />strating that such bonds are in the best interest of the City in pro- <br />viding adequate, safe, sanitary housing which persons of low and <br />moderate income can afford; and <br />WHEREAS, the City desires to issue such Bonds for the aforesaid <br />purpose and desires to show intent to do the same. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City <br />of South Bend, Indiana, that: <br />SECTION I. The City agrees to issue such Bonds and to sell the <br />same to Kirchner, Moore and Company and local underwriting firm or <br />firms equally pursuant to the terms of a Bond Purchase Agreement to <br />be mutually acceptable to the City and Kirchner, Moore and Company <br />and local underwriting firm or firms. <br />SECTION II. The issuance of such Bonds is found to be for a <br />public purpose, and shall benefit the residents of the City. <br />SECTION III. The obligation of the City to issue such Bonds as <br />set forth in Section I above is subject to: (a) final approval of the <br />issuance of such Bonds, (b) receipt of an unqualified approving opinion <br />with respect to such Bonds of nationally recognized bond counsel, which <br />opinion shall also be to the effect that interest on the Bonds shall <br />be exempt from Federal taxation, and (c) execution of a Bond Purchase <br />Agreement between the City and Kirchner, Moore and Company and local <br />underwriting firm or firms. <br />SECTION IV. Kirchner, Moore and Company with the local underwriting <br />firm or firms are to select a recognized leader in the field to lead <br />the underwriting teams. <br />SECTION V. This resolution shall be in full force and effect from <br />and after its adoption by the Common Council and approval by the Mayor. <br />ofoKt'h& Common Counc <br />Adopted, as amended, May 14, 1979 <br />