Relating to Parking Facilities for South Bend Inc.

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WHEREAS, in order to secure the payment of such bonds and the 1969 Bonds, and to assure the conveyance of the Parking Facilities back to the City, free of any lien and encumbrance, when all of the Series 1978 Revenue Bonds shall have been retired, the Corporation proposes to enter into the following instruments: A. Indenture of Mortgage and Trust ( "Revenue Bonds Indenture ") dated as of June 1, 1978 between the Corporation and St. Joseph Bank and Trust Company, South Bend, Indiana ( "Trustee "), securing the Series 1978 Revenue Bonds; B. Indenture of Trust ( "Special Obligation Bonds Indenture ") dated as of June 1, 1978 from the Corporation to the Trustee securing the Special Obligation Bonds; C. Trust Agreement ( "Trust Agreement ") dated as of June 1, 1978 between the City, the Corporation and the Trustee securing the payment of the 1969 Bonds and the Special Obligation Bonds; D. U.S. Obligations Purchase Agreement ( "Acquisi- tion Agreement ") dated as of June 1, 1978 between the Corporation and the Trustee pursuant to which the Corporation will acquire from time to time direct obligations of the United States of America to fund an invested sinking fund created by the Revenue Bonds Indenture to pro- vide in part for the payment of the Series 1978 Revenue Bonds; E. Declaration of Beneficial Interest ( "Declara- tion") dated as of June 1, 1978 from the Corporation to the City to grant and to preserve a beneficial interest in the Parking Facilities in favor of the City during the time that the Series 1978 Revenue Bonds shall be outstanding; F. Letter of Instructions to the Trustee pursuant to which the Corporation's warranty deed to the Parking Facilities will be delivered by the Corporation to the Trustee with instructions to deliver such warranty deed to the City upon the payment of all of the Series 1978 Revenue Bonds. WHEREAS, the proposed Revenue Bonds Indenture, Sepcial Obliga- tion Bonds Indenture, Trust Agreement, Acquisition Agreement, Declaration and Letter of Instructions have been presented to this Common Council and are attached hereto as Exhibits A, B, C, D, E and F. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, that: SECTION I. This Common Council does of Directors of the Corporation to proceed Facilities refinancing project as provided intent of this Resolution and to proceed w proposed Series 1978 Revenue Bonds and the tion Bonds, under the Conditions described SECTION described in A. are hereby SECTION described in tached hereto hereby request the Board with the Parking in accordance with the ith the issuance of the proposed Special Obliga- in this Resolution. II. The proposed Series 1978 Revenue Bonds, the Revenue Bonds Indenture attached 'hereto as approved. as Exhibit III. The proposed Special Obligation Bonds, as the proposed Special Obligation Bonds Indenture, as Exhibit B. are hereby approved. - 2 - at-