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ORDINANCE NO. "17 - I <br /> ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO <br /> AMEND DOCUMENTS RELATING TO ITS ECONOMIC DEVELOPMENT <br /> REVENUE BONDS, SERIES 1985, INLAND DISTRIBUTING CORPORATION <br /> PROJECT, AND APPROVING AND AUTHORIZING <br /> OTHER ACTION IN RESPECT THERETO <br /> RECITALS. <br /> The City of South Bend ("Issuer") has heretofore issued its $625,000.00 Economic <br /> Development Revenue Bonds, Series 1985, Inland Distributing Corporation Project (the <br /> "Bonds"), dated May 2, 1985, to finance certain costs of the Inland Distributing Corporation <br /> Project (the "Project") as described in the Loan Agreement dated as of April 1, 1985 (the "Loan <br /> Agreement"). <br /> Inland Distributing Corporation, the "Borrower" as defined in the Loan Agreement, <br /> Sturgis Iron & Metal Co. Inc., a Michigan corporation (the "Company"), the successor <br /> Borrower, and Society National Bank, Indiana (the "Bondholder") have requested the Issuer to <br /> amend the Loan Agreement in order to transfer the Project and to provide for certain waivers <br /> of rights by the Company in the event of bankruptcy. <br /> Section 8.6 of the Loan Agreement permits the Loan Agreement to be amended upon the <br /> written consent of the Bondholder, and said consent has been granted by the Bondholder. <br /> Now, therefore, BE IT ORDAINED by the Common Council of the City of South Bend, <br /> Indiana, as follows: <br /> Section 1. The First Amendment to Loan Agreement is hereby approved and shall be <br /> inserted in the minutes of the Common Council and kept on file with the City Clerk. <br /> -1- <br />