8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77

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ORDINANCE NO. & 4 49 -- Q 3 AN ORDINANCE authorizing the City of South Bend, Indiana to issue its Economic Development Revenue Refunding Bonds (First Bank Center Project) in the aggregate principal amount not exceeding $8,030,384.77 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, after a public hearing conducted on November 19, 1993, adopted a resolution which has been transmitted to this Common Council finding that the refinancing of certain existing economic development facilities, consisting of the existing First Bank Center office building located at 100 North Michigan Street in South Bend, Indiana (the "Project ") and owned by First Bank Center Limited Partnership, a Minnesota limited partner - ship (the "Partnership ") and leased to 1st Source Corpo- ration, an Indiana corporation ( "1st Source ") by the issuance of revenue 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 Indiana Code 36 -7 -12, as supplemented and amended, including Indiana Code 36 -7 -11.9 and 5 -1 -5 (the "Act "); and The South Bend Economic Development Commission has approved by such resolution adopted November 19, 1993, the following: (1) Bond Trust Indenture (the "Indenture "), in- cluding the form of bonds therein, between the City of South Bend and NBD Bank, N.A., located in Indianapolis, Indiana (the "Bond Trustee "); (2) Loan Agreement (the "Loan Agreement ") between the City of South Bend and the Partnership, and recog- nizing the issuance of the Note of the Partnership to the City; (3) Bond and Note Purchase Agreement among the City of South Bend, the Partnership and Allstate Life Insurance Company, Northbrook, Illinois; and (4) This Bond Ordinance;