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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Last modified
5/13/2013 1:13:30 PM
Creation date
10/11/2012 11:14:15 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/9/1992
Ord-Res Number
8314-92
Bill Number
87-92
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4* <br />r <br />ORDINANCE NUMBER [ <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 THE 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 general 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 />10"5.1 <br />
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