8499-94 Authorizing Multifamily Housing Revenue Refunding Bonds

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,. ORDINANCE NO. j' 9F- 9 AN ORDINANCE authorizing the City of South Bend, Indiana to issue its Multifamily Housing Revenue Refunding Bonds (The Pointe at St. Joseph Project), Issue of 1994, Series A, B, C and D in the aggregate principal amount not exceeding $12,920,485 and approving and authorizing other actions in respect thereof. STATEMENT OF PURPOSE AND INTENT: The City is a municipal Corporation and political subdivision of the State of Indiana, and by virtue of Title 36, Article 7, Chapters 11.9 and 12 of the Indiana Code, as amended (the "Act"), is authorized and empowered to adopt this Ordinance and to carry out its provisions. The South Bend Economic Development Commission adopted a resolution which has been transmitted to this Common Council finding that the refinancing of certain existing economic development facilities, consisting of the 202 unit multifamily low and moderate income housing facility located on 7-1/2 acres of land on the east bank of the St. Joseph River in South Bend, Indiana (the "Project") and owned by Can-American South Bend Limited Partnership, a Minnesota limited partnership (the "Partnership"), by the issuance of multifamily housing revenue refunding bonds of the City of South Bend will be of benefit to the general welfare of the City of South Bend and its citizens and complies with the purposes and provisions of the Act; and The South Bend Economic Development Commission has approved by such resolution adopted April 15, 1994, the following: (1) Second Supplemental Trust Indenture (the "Indenture"), including the form of bonds therein, between the City of South Bend and First Union National Bank of Florida, located in Jacksonville, Florida, as Trustee, and 1st Source Bank, located in South Bend, Indiana, as Co-Trustee (the "Bond Trustee"); (2) First Supplemental Loan Agreement (the "Loan Agreement") between the City of South Bend and the Partnership, and recognizing the issuance of the Note of the Partnership to the City; (3) Bond Exchange Agreement among the City of South Bend, the Partnership and Nuveen Municipal Value Fund, Inc.; and (4) This Bond Ordinance; such documents being hereinafter referred to collectively as the "Financing Agreements" referred to in the Act; 247872.01.06 2006567/RGoss:5/2/94