Authorizing the city Amend Documents Relating to its economic development refunding revenue bond series 1983

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ORDINANCE NO. $34°2- 9A ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND TO AMEND DOCUMENTS RELATING TO ITS ECONOMIC DEVELOPMENT REFUNDING REVENUE BOND, SERIES 1983 (COLUMBIA PLACE ASSOCIATES PROJECT) AND APPROVING AND AUTHORIZING OTHER ACTION IN RESPECT THERETO" WHEREAS, the City of South Bend ("Issuer") has heretofore issued its $1,700,000 Economic Development Refunding Revenue Bond (Columbia Place Associates Project) (the "Bond") dated as of August 1, 1983 (the "1983 Bond") to refund the City of South Bend, Indiana, Economic Development Revenue Bonds (Columbia Place Associates Project), Series 1981 dated as of May 1, 1981 and to finance certain costs of the Columbia Place Associates Project (the "Project") as described in the Loan Agreement and Bond Purchase Agreement dated August 1, 1983 (the "Loan Agreement and Bond Purchase Agreement"); WHEREAS, Columbia Place Associates (the "Company") and UNUM Life Insurance Company of America (the "Bondholder") have requested the Issuer to amend the Loan Agreement and Bond Purchase Agreement so as to change the interest rate on the remaining outstanding principal amount on the Bond, to change the remaining principal repayment schedule, to provide additional remedies against the Company to the Bondholder upon the occurrence of an Event of Default, to provide for certain waivers of rights by the Company in the event of bankruptcy, and to recognize the existence of an interest bearing escrow account (the "Capital Expense Escrow"); WHEREAS, Section 9.4 of the Loan Agreement and Bond Purchase Agreement permits the same to be amended upon the written consent of the Bondholder, such consent being heretofore granted; BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: Section 1. The First Amendment to Loan Agreement and Bond Purchase Agreement is hereby approved and shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file with the Clerk.