Providing for the aquisition and construction of an economic development project and the leasing of the same to Marilyn Brown, Rael F. Brown, Shirley B. Waks and Beatrice L. Nevel

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of the facilities thus acquired or constructed through the issuance of such revenue bonds; and WHEREAS, at or before the time of the issuance of any of said revenue bonds the City will enter into a Lease of the Project dated February 1, 1974 ( "the Lease") with Marilyn Brown, Rael F. Brown, Shirley B. Waks and Beatrice L. Nevel, and St. Joseph Insurance Agency, Inc. , or any of them, doing business as St. Joseph-Brown Building Company ("the Company" ) , an Indiana general partnership; and the Company will enter into a Sublease of the Project with St. Joseph Bank and Trust Company dated February 1 , 1974 ( "the Sublease" ) ; and WHEREAS , the City has determined that the amount necessary to pay the cost of acquiring and constructing the Project , including necessary expenses incidental thereto, requires that revenue bonds of the City in the principal amount of $995 ,000 be authorized as hereinafter provided; and WHEREAS , the City has made the necessary arrangements for the issuance and sale of such revenue bonds ; and WHEREAS, it is necessary, in connection with the issuance and sale of said bonds , that the City execute and deliver an Indenture of Mortgage and Trust dated as of February 1, 1974 ( "the Indenture") to Indiana Bank and Trust Company of Fort Wayne, Fort Wayne, Indiana, as Trustee for the bondholders ( "the Trustee" ) : NOW, THEREFORE, Be It Resolved by the Common Council of the City of South Bend, Indiana, as follows : Section 1 . The financing and construction of the Project in accordance with the plans and specifications referred to in the In- denture and the leasing of the Project to the Company and the sub- leasing of the Project to St. Joseph Bank and Trust Company by the Company as hereinafter provided are hereby authorized and determined to be in the public interest and in furtherance of the public pur- poses contemplated by the Act and will be of direct benefit to the health and welfare of the City and its citizens . 3