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V <br /> 1 L <br /> WHEREAS, upon the redemption of the 1982 Bonds, the Note and the Mortgage will be <br /> held by the Trustee as security for the Bonds and FHA will continue to insure the advances of <br /> funds secured by the Mortgage and Note; and <br /> WHEREAS, the City desires to sell the Bonds through a private placement thereof with <br /> certain investors, through Bank One, Columbus, N.A. (the "Placement Agent"); and <br /> WHEREAS, there have been prepared and submitted to the Common Council of the City <br /> (the "Common Council") proposed forms of: <br /> (i) the Trust Indenture dated as of November 1, 1992 (the "Indenture") <br /> between the City and Society National Bank, Indiana, as trustee (the "Trustee") pursuant <br /> to which the Bonds will be issued; <br /> (ii) a Preliminary Private Placement Memorandum (the "Preliminary <br /> Placement Memorandum") to be used by the Placement Agent in connection with the sale <br /> of the Bonds; <br /> (iii) a Bond Placement Agreement (the "Placement Agreement") between the <br /> City and the Placement Agent in connection with the sale of the Bonds; and <br /> (iv) the Loan Agreement (the "Loan Agreement") dated as of November 1, <br /> 1992 between the City and the Developer. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA: <br /> Section 1. Incorporation of Recitals. The Recitals contained in this Ordinance are true <br /> and correct and are incorporated in this Ordinance by this reference. <br /> Section 2. Findings: Public Benefits. The Common Council of the City hereby fords <br /> and determines that the refunding of the 1982 Bonds would be of benefit to the health and <br /> general welfare of the City and would comply with the Act. <br /> Section 3. Issuance of the Bonds. The Common Council hereby authorizes the issuance <br /> of the Bonds by the City, for the purpose of refunding the 1982 Bonds issued by the City to <br /> acquire, improve, furnish or equip the Project. The principal amount of the Bonds shall not <br /> exceed $3,610,000. The Bonds shall be dated November 1, 1992; the Bonds shall be numbered <br /> as the Trustee shall determine and shall be fully registered without coupons. The Bonds shall <br /> bear interest at such rate not to exceed 10.5% per annum and shall have maturities and <br /> redemptions as set forth in the Indenture approved by the Mayor of the City (the "Mayor") or <br /> Clerk of the City (the "Clerk"). <br /> 10845.1 2 <br />