Authorize- Issuance of Revenue Bonds $11,960,000

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� � � � , � revenues to be received under I.C. 6-3.5-7 for, among other projects, the construction and equipping of a parking garage to be located at the northwest corner of Michigan and Jefferson Streets and extending along Michigan Street which will include approximately Six Hundred Eighty (680) parking spaces above and below ground, and approximately Eleven Thousand (11,000) square feet of retail space fronting Michigan Street, the construction of improvements to the surface parking lot located at the southwest corner of the intersection of Michigan and Washington Streets, and the construction of public improvements including sidewalks and a public plaza in the block bounded by Michigan, Washington, Main and Jefferson Streets (collectively, the "Economic Development Project") or for the retirement of bonds issued under I.C. 6-3.5-7-14 to finance such Economic Development Project. Based on preliminary engineering and technical studies, the cost of the Economic Development Project, together with expenses in connection with the issuance of bonds therefor, is in excess of Eleven Million Nine Hundred Sixty Thousand and 00i100 Dollars ($11,960,000.00). The proposed Economic Development Project constitutes an "economic development project" as defined in I.C. 6-3.5-7-13(c) in that it will promote significant opportunities for the gainful employment of the citizens of the City and will involve expenditures for various costs relating to site improvements and structures. Such Economic Development Project and the financing by the City of the costs of such Economic Development Project are necessary and will be of general benefit to the City and its citizens. The City has no funds available or provided for in the existing budgets or tax levies or sources of revenue that may be applied to the costs of the proposed project, making it necessary to authorize the issuance of county economic development income tax revenue bonds of the City as authorized by I.C. 6-3.5-7-14. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION 1. The City is hereby authorized to make a loan in the principal amount not to exceed Eleven Million Nine Hundred Sixty Thousand and 00/100 Dollars ($11,960,000.00), for the purpose of providing funds to be applied to the costs of all or any portion of the Economic Development Project, together with expenses in connection with the issuance of bonds to provide therefor. The financing of such Economic Development Project, together with expenses in connection with the issuance of bonds to provide therefor, is undertaken pursuant to the Plan, formally titled "1997-2001 Capital Improvements Program," which Plan is hereby found to be sufficient and in compliance with I.C. 6-3.5-7-15. SECTION 2. In order to procure funds for such loan, the City is hereby authorized and directed to have prepared and to issue and sell negotiable county economic development income tax revenue bonds of the City, in one or two series, to be designated as "City of South Bend, Indiana, County Economic Development Income Tax Revenue Bonds of 1997" (the "Bonds"), in the aggregate principal amount not to exceed Eleven Million Nine Hundred Sixty Thousand and 00/100 ($11,960,004.00). The Bonds shall be payable solely from the Sinking Fund referred to below. If the Bonds are sold in two series, each such series shall -2-