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As a condition to sharing a portion of the economic benefits associated with the <br /> Refunding Program with the City, the Bond Bank has requested that (a) the City modify the Call <br /> Rights and evidence the modification of such Call Rights and receipt of such Call Rights <br /> Modification Credit (as hereinafter defined) (all in exchange for receiving a portion of the <br /> economic benefits associated with the Refunding Program) by executing and delivering its <br /> Amended Bonds (as hereinafter defined), and (b) upon the closing on the Refunding Bond Bank <br /> Bonds and satisfaction of the other terms and conditions set forth herein, exchanging the <br /> Amended Bonds for the outstanding Original Bonds. Pursuant to the terms of the Original <br /> Ordinance, the City may grant or confer upon the owners of the Original Bonds any additional <br /> benefits, rights, remedies, powers, authority or security that may lawfully be granted to or <br /> conferred upon the owners of the Original Bonds, or to make any change which, in the judgment <br /> of the City, is not to the prejudice of the owners of the Original Bonds. <br /> Furthermore, the terms of the Original Ordinance provide that, the City may, from time <br /> to time and at any time, without consent of, or notice to, any of the owners of the Original <br /> Bonds, amend the Original Ordinance for any purpose if in the judgment of the City such <br /> amendment does not adversely affect the interests of the owners of the outstanding Original <br /> Bonds. <br /> As of the date of filing of this ordinance, the Bond Bank is the registered owner of all of <br /> the outstanding Original Bonds, and the City desires to adopt this supplemental ordinance (the <br /> "Supplemental Ordinance") in order to supplement and amend the Original Ordinance (the <br /> Original Ordinance, as supplemented and amended by this Supplemental Ordinance, collectively, <br /> the "Ordinance") for the purpose of authorizing the modification of the Call Rights and the <br /> execution and delivery of the Amended Bonds (in order to evidence the modification of such <br /> Call Rights), all in consideration for the Bond Bank (a) crediting to the City a portion of the <br /> economic benefits associated with the Refunding Program in an amount estimated to be, based <br /> upon current market conditions, approximately $1,135,539 (the "Call Rights Modification <br /> Credit"), with such Call Rights Modification Credit being in the form of a reduction in one or <br /> more payments of debt service on the Original Bonds (which will be evidenced by the Amended <br /> Bonds), and (b) returning all of the outstanding Original Bonds to the City. The Common <br /> Council has determined that a significant benefit to the City in the amount of the Call Rights <br /> Modification Credit will be effected by assisting the Bond Bank in the undertaking of the <br /> Refunding Program, and that the modification of the Call Rights and the execution and delivery <br /> of the Amended Bonds will not adversely affect the owners of the Original Bonds upon the <br /> execution and delivery of the Amended Bonds. The Common Council further finds that all <br /> conditions precedent to the adoption of this Supplemental Ordinance have been complied with in <br /> accordance with the provisions of Indiana Code 5-1-5 and Indiana Code 8-1.5, each as amended <br /> (collectively, the"Act"), to the extent each is applicable hereto. <br /> NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br /> SECTION I. Authorization of Transaction; Modification of Call Rights. The Common <br /> Council hereby determines that (a) the receipt of the Call Rights Modification Credit (in the form <br /> described in the recitals hereof) in exchange for the modification of the Call Rights by the City, <br /> and (b) the execution and delivery by the City of the Amended Bonds to the Bond Bank in <br /> 2 <br />