9494-04 Authorizing "MulitFamily Housing Revenue Refunding Bond (The Pointe at St. Joseph Apartments Project), Series 2004" not to exceed $14,000,000

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housing complex and related amenities located in the City of South Bend, Indiana, and known as The Pointe at St. Joseph Apartments (the "Project"). The South Bend Economic Development Commission (the "Commission") adopted a Resolution on March 19, 2004, which Resolution has been previously transmitted hereto, finding that the financing and refinancing of the Project complies with the purposes and provisions of the Act and that such financing will be of benefit to the health and welfare of the Issuer and its citizens. The Commission has approved the substantially final forms of the Loan Agreement, and the Trust Indenture (as such terms are defined in said Resolution) (collectively, the "Financing Documents"). The current owner of one hundred percent (100%) of the outstanding Prior Bonds is willing to consent to the refinancing of the Prior Bonds. Pursuant to and in accordance with the Act, the Issuer desires to provide funds to refinance the Project by issuing its economic development revenue bonds in one (1) or more series in an aggregate principal amount not to exceed Fourteen Million and 00/100 Dollars ($14,000,000.00) (the "Bonds"). No member of the Council has any pecuniary interest in any employment, financing agreement or other contract made under the provisions of Indiana Code 36-7-11.9 and Indiana Code 36-7-12 and related to the Bonds authorized herein, which pecuniary interest has not been fully disclosed to the Council and no such member has voted on any such matter, all in accordance with the provisions of Indiana Code 36-7-12-16. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. It is hereby found that the financing and refinancing of the economic development facilities referred to in the Financing Documents as the Project, consisting of the issuance and sale of the Bonds, the loan of the net proceeds thereof to the Company for the purposes of refinancing the Project, and the repayment of said loan by the Company will be of benefit to the health or general welfare of the Issuer and its citizens and does comply with the purposes and provisions of the Act. Section 2. The proposed financing and the forms of the Financing Documents approved by the Commission are hereby approved and all such documents are incorporated herein by reference and shall be inserted in the minutes of the Council and kept on file by the Clerk of the City (the "Clerk"), and two (2) copies of the Financing Documents are on file in the office of the Clerk of the Council for public inspection in accordance with Indiana Code 36- 1-5-4. Section 3. The Issuer shall issue the Bonds in one (1) or more series in a total aggregate principal amount not to exceed Fourteen Million and 00/100 Dollars ($14,000,000.00) designated as the "City of South Bend, Indiana, Multifamily Housing Revenue Refunding Bonds (The Pointe at St. Joseph Apartments Project), Series 2004" (if such bonds are issued in more than one (1) series each such series shall be designated by a letter beginning with "A" (e.g., "Series 2004 A")), the proceeds of which will be used to make a loan to the Company pursuant -2- SBIMANI 174829v6