32-17 Economic Development Revenue Bonds (Studebaker Project)

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Commission on June 5, 2017 ("Public Hearing"), and following such Public Hearing, the Commission has approved and recommended the adoption of this form of ordinance by this Common Council, has considered the issue of adverse competitive effect and has approved the forms of and has transmitted for approval by the Common Council the Financing and Covenant Agreement between the Developer and the City, dated as of June 1, 2017 ("Financing and Covenant Agreement"); the Trust Indenture (including form of Bonds) between the Issuer and the Trustee, dated as of June 1, 2017 ("Indenture"); and the Bond Purchase Agreement between the Issuer and the purchaser of the Bonds (collectively with the Financing and Covenant Agreement and the Indenture, "Financing Agreement"). NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: SECTION I. It is hereby found that: (i) the financing of the Bond Project referred to in the Financing Agreement approved by the Commission and presented to this Common Council; (ii) the issuance and sale of the City's Taxable Economic Development Revenue Bonds, Series 2017 (Studebaker Project) ("Bonds"); (iii) the payment of the principal on the Bonds from TIF Revenues pledged by the South Bend Redevelopment Commission for such purpose in the amount of $3,500,000 under the Financing Agreement which pledge constitutes a non- shareholder contribution to the Developer for federal tax purposes; and (iv) the securing of the Bonds by granting a security interest in the Trust Estate (as defined in the Indenture) to the Trustee under the Indenture; complies with the purposes and provisions of IC 36-7-11.9, -12, -14 and -25 (collectively, "Act"), and will be of benefit to the health and welfare of the City and its citizens. -2 - 1\1 1852954.5