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

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ORDINANCE NO. - 9 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 other $8,030,384.77 and approving and authorizing 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 amended Article 7"ACT") , is authorized 2and empowered nto adopt this Or (the "ACT") , out its provisions. this Ordinance and to carry The South Bend Economic Development Commission, after a resolution on November this,Comm neCouncil rendiugitn wh of certain existing economic finding that the refinancing First Bank development North Michigan Street in South (the "Project") and owned by First in South Bend, Indiana ( Bank Center Limited Partnership, a Minnesota limited partner- ship (the "Partnership") and leased to 1st Source tCorpo-uance ration, an Indiana corporation ("1st Source") by of revenue bonds of the City of South Bend will be of benefit of South Bend and its to the general welfare of the City purposes South provisions of citizens and complies with thiemented and amended, including Indiana Code 36-7-12, as supplemented and Indiana Code 36-7-11.9 and 5-1-5 (the "Act") ; The South Be�esolutioncadoptedp Commission November19s1 has 1993 , the approved by such following: (1) Bond Trust Indenture (the "Indenture") , in- cluding the form of bonds therein, betwe ienItheaCitylof, South Bend and NBD Bank, N.A. , 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;