8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)

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Section 1. This Council finds that the facilities described in said report and in the attached Loan Agreement, Mortgage and Security Agreement are "economic development facilities" within the meaning of the Act and that such facilities will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the City. Section 2. This Council further finds that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and general welfare of the City and its citizens. Section 3. This Council further finds that the proposed economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act. Section 4. This Council hereby approves the proposed economic development revenue bond financing of such facilities, including (i) the form and terms of the aforementioned Loan Agreement, Mortgage and Security Agreement, Promissory Note, Economic Development Revenue Bond and Trust Indenture attached hereto and incorporated herein by reference (two (2) copies of which are on file in the Office of the Clerk of the City for public inspection), (ii) the issuance and sale of said Economic Development Revenue Bond, (iii) the loan of the net proceeds of said Economic Development Revenue Bond to the Company for the construction of such facilities, such loan to be evidenced by said Promissory Note, (iv) the repayment of said loan by the Company pursuant to said Loan Agreement, Mortgage and Security Agreement, and said Promissory Note, and (v) the securing of said Economic Development Revenue Bond by said Loan Agreement, Mortgage and Security Agreement and said Trust Indenture. Section 5. The City shall issue its Economic Development Revenue Bond (P.A.I. Properties, an Indiana Partnership Project, Series 1993), in the aggregate principal amount of Four Hundred Fifty Thousand Dollars ($450,000.00) for the purpose of procuring funds to loan to the Company in order to finance such facilities, as more particularly set out in said Loan Agreement, Mortgage and Security Agreement, which Economic Development Revenue Bond shall be payable as to principal and interest solely from the payments made by the Company on its aforesaid Promissory Note in the principal amount of Four Hundred Fifty Thousand Dollars ($450,000.00)which will be executed and delivered by the Company to evidence said loan, from other sources under said Loan Agreement, Mortgage and Security Agreement, and as otherwise provided in said Trust Indenture. Said Economic Development Revenue Bond shall never constitute a general obligation of, indebtednesses of, or charge against the general credit of the City. Said Economic Development Revenue Bond shall be executed by the manual or facsimile signatures of the Mayor and the Clerk of the City; shall be executed and delivered on or about December 17, 1993; shall be repayable and shall bear interest as provided therein; shall be in the denominations of Five Thousand Dollars ($5,000.00) or integral multiples thereof; shall be issued in registered form; shall be registrable as provided therein; shall be payable in the medium and at the -2-