Economic Development Revenue Bonds Series 1996 (Crystal Mountain, Inc Project)

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• • pursuant to which the Borrower will execute and deliver to the Issuer its promissory note (the "Project Note") in the principal amount equal to the aggregate principal amount of the Bonds; and WHEREAS,the Borrower will lease the real and personal property constituting the Project to Crystal Mountain, Inc. (the "Lessee") pursuant to written lease agreements (the "Lease Agreement") for use by the Lessee as an economic development facility within the meaning of the Act; and WHEREAS,it is determined by the Issuer that the amount necessary to finance the costs of or related to the acquisition, construction, installation and equipping of the Project, will require the issuance, sale and delivery of not to exceed $790,000 aggregate principal amount of Economic Development Revenue Bonds, Series 1996 (Crystal Mountain, Inc. Project) (the "Bonds"); NOW, THEREFORE,BE IT ORDAINED BY THE COMMON COUNCIL that: Section 1. Definitions. In addition to the words and terms defined in this Bond Ordinance, the words and terms used in this Bond Ordinance shall have the meanings set forth in the Loan Agreement,the Project Note and in the form of the Bonds unless the context or use indicates another or different meaning or intent, which forms are before this meeting, are hereby incorporated by reference in this Bond Ordinance and the Clerk of the Issuer is hereby directed to insert them into the minutes of the Issuer and to keep them on file as specified in Section 12 hereof. Any reference herein to the Issuer, or to any officers thereof, shall include those which succeed to their functions, duties or responsibilities pursuant to or by operation of law or who are lawfully performing their functions. Unless the context shall otherwise indicate,words importing the singular number shall include the plural number, and vice versa, and the terms"hereof," "hereby," "hereto," "hereunder," and similar terms, mean this Bond Ordinance. Section 2. Determination of Issuer. At a meeting open to the public held on July 22, 1996 by the South Bend Economic Development Commission (the "Commission"), the Commission adopted a Report and Findings of Fact,finding, among other things, that the proposed financing will be of benefit to the health and general welfare of the citizens of South Bend, Indiana and complies with the provisions of the Act. The Common Council hereby acknowledges the Commission's Report and Findings of Fact. At a meeting open to the public held on July 22, 1996 by the Commission, the Commission adopted a Resolution and the Issuer has received from the Commission such Resolution wherein the Commission finds that the proposed financing will be of benefit to the health and general welfare of the citizens of South Bend, Indiana and that the proposed financing complies with the provisions of the Act, and further recommending this form of Bond Ordinance for approval by this Common Council. ORDVSLM\106503.1 -2-