10127-11 Issuance Reveneu Bonds 2011 - $1,500,000 South Bend Career Academy

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Career Academy Project) ("Bonds"); (iii) the loan of the proceeds of the Bonds to the Borrower for the acquisition, construction, installation and equipping of the Project; and (iv) the payment of the Bonds by the note payments of the Borrower under the Loan Agreement and Note, offset by the pledge of the Pledged Tax Increment, would be of benefit to the health and general welfare of the City. Section IL The economic development facilities will consist of the Project. Section III. At the public hearing held before the Commission, the Commission considered and determined that the Project would not have an adverse competitive effect on any similar facilities located in the City as required by IC 36-7-12-21. The Commission also considered whether the Project would be of benefit to the public health and welfare of the City and found that financing the Project would be of benefit to the public health and welfare of the City and the Common Council hereby confirms both findings. : Section IV. The substantially final forms of the Bond Purchase and Loan Agreement (including form of Note and Bonds), approved by the Commission are hereby approved (collectively, "Financing Agreements," referred to in IC 36-7-11.9 and -12), and the Financing Agreements shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk. In accordance with the provisions of IC 36-1-5- 4, two (2) copies of the Financing Agreements are on file in the office of the Clerk for public inspection. Section V. The City may issue its Bonds, maturing no later than December 31, 2015, in the aggregate principal amount not to exceed $1,500,000. The Bonds are to be issued for the purpose of procuring funds to pay the costs of acquisition, construction, installation and equipping of the Project, all as more particularly set out in the Bond Purchase and Loan Agreement, which Bonds will be payable from note payments made by the Borrower under the Bond Purchase and Loan Agreement and Note, offset by Pledged Tax Increment, or as otherwise provided in the above described Bond Purchase and Loan Agreement (including form of Note and Bonds), and the payment of certain costs of issuance and the funding of a debt service reserve, if necessary. The Bonds shall be issued in fully registered form in $5,000 denominations and integral multiples thereof. Payments on the Bonds are payable in lawful money of the United States of America by check mailed or delivered to the registered owners or by wire transfer as provided in the Bond Purchase and Loan Agreement. The Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City as described in the Bond Purchase and Loan Agreement. Section VI. The Mayor and the Controller are authorized and directed to sell the Bonds to the purchaser thereof at a price not less than 97% of the principal amount thereof and shall accrue interest at a rate not to exceed 4%per annum. Section VII. The Mayor, Controller and Clerk are authorized and directed to execute, attest, affix or imprint by any means the City seal to the documents constituting the Financing Agreements approved herein on behalf of the City and any other document which may be necessary or desirable to consummate the transaction, including the Bonds authorized herein. -2-