10142-11 Amend Ord. No. 9722-06 Economic Development Revenue Bonds PEI Genesis

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ORDINANCE NO. �O L't Z AN ORDINANCE SUPPLEMENTING AND AMENDING ORDINANCE NO. 9722 -06 AND ORDINANCE NO. 9968 -09 PERTAINING TO THE CITY OF SOUTH BEND, INDIANA VARIABLE RATE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2007 (PEI/GENESIS PROJECT) (THE "BONDS "), APPROVING THE FORM OF, AND AUTHORIZING THE EXECUTION AND DELIVERY OF, A SECOND AMENDED AND RESTATED TRUST INDENTURE, A SECOND AMENDED AND RESTATED LOAN AGREEMENT AND OTHER DOCUMENTS RELATED TO THE BONDS AND AUTHORIZING PROPER OFFICERS TO DO ALL .OTHER THINGS DEEMED NECESSARY OR ADVISABLE IN CONNECTION THEREWITH AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO. STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (the "City ") is a political subdivision of the State of Indiana, and by virtue of Title 36, Article 7, Chapters 11.9 and 12, of the Indiana Code, as amended (the "Act "), is authorized and empowered to adopt this Ordinance and to carry out its provisions. Pursuant to Ordinance No. 9722 -06, adopted by this Common Council (the "Council ") of the City on or about November 27, 2006 (the "Original Ordinance "), the City on or about January 30, 2006 issued, sold and delivered those certain City of South Bend, Indiana Variable Rate Economic Development Revenue Bonds, Series 2007 (PEI/Genesis Project) in an aggregate principal amount of $8,105,000 (the "Bonds "), and loaned the proceeds thereof to PEI /Genesis, Inc., a Pennsylvania corporation ( "PEI ") and Tuliptree Associates, LLC, a Pennsylvania limited liability company ( "Tuliptree ") (PEI and Tuliptree, collectively, the "Borrower ") to finance and refinance certain economic development facilities as described in the Original Ordinance. In 2009, the Original Ordinance was supplemented and amended by Ordinance No. 9968- 09, adopted by the Council on or about October 12, 2009 (the "Amended Ordinance ", and together with the Original Ordinance, the "Earlier Ordinances "). The Bonds are currently secured by a letter of credit issued by Citizens Bank of Pennsylvania, and a confirmation of the Letter of Credit issued by Federal Home Loan Bank of Pittsburgh.