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

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such documents being hereinafter referred to collectively as the "Financing Agreements" referred to in the Act; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, AS FOL- LOWS: Section 1. It is hereby found that the refinancing of the Project as more specifically provided in the Financing Agreements and previously approved by the South Bend Economic Development Commission and.presented to this Common Council, the issuance and sale of revenue refunding bonds by the City of South Bend pursuant to the Act, the loan of the net pro- ceeds thereof to the Partnership for the purpose of the pre- payment of existing bonds of the City, and for the repayment of said loan by the Partnership to be evidenced and secured by the Loan Agreement and Note of the Partnership will be of benefit to the welfare of the City of South Bend and its citizens and complies with the purposes and provisions of the Act. Section 2. The forms of the Financing Agreements approved by the South Bend Economic Development Commission are hereby approved and all such documents are incorporated herein by reference and shall be kept on file by the Clerk. Section 3. The City of South Bend shall issue pursuant to the Act its Economic Development Revenue Refunding Bonds (First Bank Center Project) in an aggregate principal amount not exceeding $8,030,384.77 (the "Bonds ") for the purpose of obtaining funds to loan to the Partnership in order to refi- nance the-Project, as more particularly set out in the Loan Agreement, which Bonds will be payable as to principal, pre- mium, if any, and interest solely from the payments made by the Partnership pursuant to the Loan Agreement and its Note in the aggregate principal amount of the Bonds which will be executed and delivered by the Partnership to evidence and secure said loan, and as otherwise provided in the above - described Indenture. The Bonds shall mature at such times, shall bear interest at 5.52% per annum, shall be subject to such redemption provisions and shall be subject to such other provisions as are set forth in the Indenture as executed. The Bonds shall never constitute a general obligation of, an indebtedness of, or charge against the general credit of the City of South Bend, Indiana. Section 4. The Mayor and Clerk are authorized and directed to sell the Bonds to the purchaser thereof pursuant to the Bond and Note Purchase Agreement, and at a price of 100% of the principal amount thereof. Section 5. The Mayor and Clerk are authorized and directed to execute the documents constituting the Financing 2