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not to exceed Fifteen Million and 00/100 Dollars ($15,000,000.00} (the "Bonds") and lend the <br />proceeds of the Bonds to the Borrower to finance a portion of the cost of the Projects; and <br />WHEREAS, the Commission anticipates that the principal of and interest on the <br />Bonds will be secured by a letter of credit obtained by the Borrower and payable solely from <br />payments made by the Borrower under the Borrower's Notes (as defined herein) or from any <br />another collateral of the Borrower pledged for such purpose; and <br />WHEREAS, the Commission has studied the Projects, the proposed financing of <br />the Projects, and their effect on the health, prosperity, economic stability and general welfare of <br />the City and its citizens; and <br />WHEREAS, the Commission has held a public hearing, duly noticed, in <br />connection with the financing of the Projects by the Borrower; and <br />WHEREAS, subject to all required approvals under the Act, it appears that the <br />proposed financing of the Projects will be of benefit to the health, prosperity, economic stability <br />and general welfare of the City and its citizens; and <br />WHEREAS, as evidenced by the "Findings of Fact of South Bend Economic <br />Development Commission Regarding The Stanley Clark School Project" (the "Findings") <br />attached to the Report with respect to the Projects (the "Report"), the construction of the Projects <br />will not have an adverse competitive effect on any similar facilities already constructed or <br />operating in the City; and <br />WHEREAS, there have been prepared and submitted to the Commission, and the <br />Commission now desires to approve in substantially final form, a Loan Agreement between the <br />City and the Borrower for the purpose of lending the proceeds of the Bonds to the Borrower to <br />finance a portion of the costs of the Projects (the "Loan Agreement"); a form of promissory note <br />to be issued by the Borrower in favor of the City and assigned to the Trustee with regard to each <br />BDDBOI 4176671v2 - 3 - <br />