9564-05 Issuance of Bonds to evidence a loan form the Environmental Remediation revolving loan fund

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payments, and, to the extent available, COIT revenues (the "COIT Revenues ") allocated to the City (the COIT Revenues, together with the (i) City Revenues, and (ii) the Company Loan Revenues paid to the City, shall be referred to as the "Available Revenues"), it being the expectation of the City that the Company Loan Revenues and any such COIT Revenues shall be used by the City to offset any necessary appropriation of the City Revenues. In the event of the non-receipt of Company Loan Revenues, other Available Revenues will be used to re-pay the IDFA Loan. The bonds which shall evidence the IDFA Loan shall constitute a limited obligation of the City payable solely from Available Revenues, and neither the full faith and credit nor the taxing power of the City is pledged to the payment of the principal of and the interest on the bonds. To the extent that IDFA determines that the IDFA Loan is eligible for partial forgiveness pursuant to I.C. 13-19-5, it is possible for a portion, not to exceed Twenty Percent (20%), of the IDFA Loan to be forgivable by IDFA (the "Forgivable Portion") if the City achieves certain economic development goals set forth in the IDFA Loan Agreement which evidences the IDFA Loan. NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: Section 1. The Common Council hereby authorizes revenue bonds of the City (the "Bonds") to be issued upon the terms and conditions set forth herein in the form of the IDFA Loan pursuant to I.C. 36-4-6-19 (the "Act") for the purpose of financing all or a portion of the Project. The City shall distribute the IDFA Loan Amount to the Company for the purposes of the 3