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BAKER~DANIELS <br />Est. 1863 ~ First Bank Building, 205 W.lefferson Blvd., Suite 250 South Bend, Indiana db601 574.234.4149 Faz 574.239.1900 www.bakerdaniels.com <br />Indiana <br />SHAWN E. PETERSON Washington, D.C. <br />Attorney at Law <br />Dir: 574.239.1967 <br />shawn.peterson ~ bakerd.com <br />September 22, 2004 <br />VIA HAND DELIVERY <br />John Voorde <br />Clerk, City of South Bend <br />County-City Building, 4th Floor <br />South Bend, IN 46601 <br />Re: Substitute Ordinance for Consideration by the Common Council <br />Authorizing the Issuance of Taxable Economic Development <br />Revenue Bonds for the Erskine Village Project <br />Dear Mr. Voorde: <br />China <br />Enclosed with this letter is a substitute form of ordinance for consideration by the <br />Common Council in place of the form of ordinance previously filed with your office on <br />September 8, 2004. We have also enclosed substantially final forms of the Trust Indenture, <br />including a form of bond for each series, the Loan Agreement, including a form of promissory <br />note for each series, and a Bond Purchase Agreement for each series. These forms of these <br />documents are to be approved by adoption of the ordinance. Ken Fedder, counsel for the <br />Economic Development Commission, had asked us to assist with the filing of these documents <br />with your office. <br />With regards to the enclosed substitute ordinance, the only substantive change <br />from the originally filed ordinance is that the bonds will be issued in two (2) series. One series <br />will be sold to an underwriter and one series will be purchased by the developer or a related <br />entity. The ordinance continues to provide that the combined principal amount of both series of <br />bonds will not exceed $8.0 million and the interest rate may not exceed 8.0%, and that the City <br />will bear no responsibility, financial or otherwise, with respect to the payment of the principal of <br />and interest on the bonds or any other expenses associated with the bond issuance. <br />Adoption of the ordinance by the Council at its meeting on September 27 will <br />allow for the project to be timely completed. The Economic Development Commission <br />SBIMANI 194102v1 <br />