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WHEREAS, the Commission entered into a Letter of Credit and Reimbursement <br />Agreement with the Authority and The Fuji Bank, Limited, New York Branch ( "Fuji "), dated as <br />of June 1, 1994 (the "Credit Agreement "), in order to induce the Bank to issue its direct -pay <br />irrevocable Letter of Credit, dated July 1, 1994 (the "Letter of Credit "), to provide credit <br />enhancement and liquidity support for the Bonds; and <br />WHEREAS, the Section 406(h) of the Trust Agreement permits the Authority to <br />substitute the Letter of Credit with an alternate letter of credit upon fulfilling certain conditions <br />stated therein; and <br />WHEREAS, it is expected that the Authority will act at its next meeting to <br />authorize any and all actions as may be necessary to cause the Letter of Credit to be substituted <br />with an alternate letter of credit expected to be issued by Landesbank Hessen - Thurigen <br />Girozentrale, through its New York Branch ( "Landesbank "); and <br />WHEREAS, the substitution of the Letter of Credit with an alternate letter of credit <br />issued by Landesbank will result in a debt service savings to the Authority because of the <br />stronger credit rating of Landesbank; and <br />WHEREAS, the Commission desires to authorize such actions as may be <br />necessary, including without limitation, the execution of a letter of credit and reimbursement <br />agreement with the Authority and Landesbank, to provide for the issuance of an alternate letter <br />of credit by Landesbank; <br />NOW, THEREFORE, BE IT RESOLVED, by this South Bend Redevelopment <br />AM <br />Commission as follows: <br />-2- <br />