11-22-10 Council Agenda & Packet

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Center, LLC Project), Series 2010 (the "Bonds "), the use of the proceeds of the Bonds by the Borrower to finance the Project, the payment of the Bonds by the Borrower under the Loan Agreement, and the securing of said Bonds under the Loan Agreement and Trust Indenture complies with the purposes and provisions of Indiana Code 36 -7 -11.9 and 12, and will be of benefit to the health and welfare of the City and its citizens. Section 2. The proceeds of the Bonds will be used for the financing of the Project to be located on the northwest corner of Washington Street and Main Street, at 211 West Washington Street, South Bend, Indiana. Section 3. At the public hearing held before the EDC, the EDC considered whether the Project would have an adverse competitive effect on any similar facilities located in or near the City, and subsequently found, based on special findings of fact set forth in the Resolution transmitted hereto, that the Project would not have an adverse competitive effect. The Council hereby confirms the findings set forth in the EDC's Resolution, and concludes that the Project will not have an adverse competitive effect on any other similar facilities in or near the City, and the facilities will be of benefit to the health and welfare of the citizens of the City. Section 4. The Loan Agreement and Trust Indenture in substantially final form approved by the EDC are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in Indiana Code 36 -7 -11.9 and 12), and the Financing Agreement shall be incorporated herein by reference and shall be inserted in the minutes of the Council and kept on file by the City CIerk. In accordance with the provisions of Indiana Code 36- 1 -5 -4, two (2) copies of the Financing Agreement are on file in the office of the City Clerk for public inspection. Section 5. The City shall issue its Bonds in the total principal amount of $31,750,000 and maturing no later than January 1, 2045. Said Bonds are to be issued for the purpose of procuring funds to pay the costs of the Project, as more particularly set out in the Financing Agreement, which Bonds will be payable as to principal, premium, if any, and interest in accordance with the Financing Agreement. The Bonds shall be issued in fully registered form and shall be redeemable as provided in the Financing Agreement. Payments of principal of and interest on the Bonds are payable in lawful money of the United States of America by check or draft mailed or delivered to the registered owners thereof as provided in the Financing Agreement. The Bonds shall not constitute a debt of the City or of the State of Indiana (the