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P <br /> .. <br /> • sr s 4 <br /> r j _ <br /> SUBSTITUTE <br /> ORDINANCE NUMBER £.3/V 907 <br /> OF THE <br /> COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA <br /> AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br /> INDIANA REGARDING ISSUANCE OF ECONOMIC DEVELOPMENT REVENUE <br /> REFUNDING BONDS (REGENCY PLACE PROJECT) . <br /> WHEREAS, pursuant to Title 36, Article 7, Chapter 12 of the Indiana Code, as amended <br /> (the "Act"), the Commission has heretofore issued $4,340,000 principal amount of City of South <br /> Bend Health Care Facilities Revenue Bonds Fountainview Place of South Bend Issue (FHA <br /> Insured Project), Series A (the "1982 Bonds") on October 1, 1982 for the purpose of financing <br /> the costs of a project, consisting of the acquisition and improvement of certain premises in the <br /> City and construction thereon and equipment of a nursing home facility (the "Project"), owned <br /> by Health Quest Realty V, an Indiana limited partnership (the "Developer"); and <br /> WHEREAS, the City loaned (the "1982 Loan") the proceeds of the 1982 Bonds to the <br /> Developer pursuant to a Loan Agreement dated as of October 1, 1982 (the "1982 Financing <br /> Agreement") between the City and the Developer, pursuant to which the Developer agreed to <br /> make payments to provide sufficient funds to pay the principal of and interest on the 1982 <br /> Bonds; and <br /> WHEREAS, the 1982 Loan is evidenced by the Developer's note (the "Note") in the <br /> aggregate principal amount of$3,853,800, and a Mortgage securing the Note constituting a first <br /> lien on the Project (the "Mortgage"); and <br /> WHEREAS, the United States Secretary of Housing and Urban Development, acting <br /> through the Federal Housing Commissioner ("FHA"), has insured the advances of funds secured <br /> by the Mortgage, and the Note was initially endorsed for insurance by FHA pursuant to Section <br /> 232 of the National Housing Act, as amended, and the regulations thereunder; and <br /> WHEREAS, the City, as requested by the Developer, has determined to issue, sell and <br /> deliver $3,610,000 City of South Bend, Health Care Facilities Revenue Refunding Bonds, <br /> Regency Place of South Bend Issue(FHA Insured Project) Series 1992 A (the "Bonds")pursuant <br /> to the Act to make funds available for the refunding of the 1982 Bonds and the refinancing of <br /> the Project; and <br /> WHEREAS, the 1982 Bonds shall be called for redemption on February 1, 1993; and <br /> 10845.1 <br />