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series of Bonds issued (the "Borrower's Notes"); a Trust Indenture to secure the Bonds (the <br />"Trust Indenture"); a Bond Purchase Agreement (the "Bond Purchase Agreement"); and a form <br />of the City of South Bend, Indiana, Economic Development Revenue Bonds (The Stanley Clark <br />Project) to be used for each series of Bands issued (collectively, the "Financing Documents"); <br />and <br />WHEREAS, the Commission desires to authorize the Mayor and the Clerk of the <br />City to approve, execute and deliver an offering document and any other agreement, certificate <br />or documents necessary to provide for the issuance and sale of the Bonds; and <br />WHEREAS, there has been prepared and submitted a form of ordinance with <br />respect to the Projects (the "Bond Ordinance"} to be considered by the Common Council of the <br />City, and the Commission desires to approve the Bond Ordinance and recommend its adoption <br />by the Common Council; <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Economic <br />Development Commission, as follows: <br />SECTION 1. The creation of opportunities for gainful employment and of <br />additional payroll in the City and the creation of business opportunities to be achieved by the <br />Projects in the City will be of benefit to the health and general welfare of the citizens of the City, <br />and it is in the public interest that this Commission take such action as it lawfully may to <br />encourage economic development, diversification of industry and promotion of job opportunities <br />in and near said City. <br />SECTION 2. The issuance and sale of economic development revenue bonds of <br />the City in one (1) or more series with the Bonds being issued in an aggregate principal amount <br />not to exceed Fifteen Million and 00!100 Dollars ($15,000,000.00) for the Projects and the loan <br />BDDBOI 4176b71v2 ' 4 <br />