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ORDINANCE NO. 7857-88 <br /> ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, <br /> RE: $11,000,000 CITY OF SOUTH BEND, INDIANA <br /> MULTIFAMILY HOUSING REVENUE BONDS <br /> (RAINTREE POINT ASSOCIATES LTD. PROJECT) <br /> THIS ORDINANCE AUTHORIZES : <br /> 1. THE PURCHASE AND REMARKETING OF MULTIFAMILY HOUSING <br /> REVENUE BONDS IN THE PRINCIPAL AMOUNT OF ELEVEN MILLION DOLLARS <br /> ( $11, 000, 000) ORIGINALLY ISSUED PURSUANT TO ORDINANCE NO. 7568-85 <br /> TO FINANCE THE ACQUISITION AND CONSTRUCTION OF A RESIDENTIAL <br /> RENTAL MULTIFAMILY HOUSING PROJECT TO BE LOCATED IN THE CITY OF <br /> SOUTH BEND, INDIANA; AND <br /> 2 . THE EXTENSION OF THE REDEMPTION DATE OF THE BONDS FOR A <br /> PERIOD OF NOT TO EXCEED SIX (6) MONTHS; AND <br /> 3 . THE EXECUTION AND DELIVERY OF A FIRST SUPPLEMENTAL <br /> INDENTURE OF TRUST, FIRST AMENDMENT TO LOAN AGREEMENT AND SECOND <br /> AMENDMENT TO CONTRACT FOR SALE FOR PRIVATE DEVELOPMENT; AND <br /> 4 . OTHER MATTERS RELEVANT TO THE PURCHASE AND REMARKETING <br /> OF THE BONDS. <br /> STATEMENT OF PURPOSES OF INTENT <br /> PREMISES <br /> The City of South Bend, Indiana (the "City" ) is empowered <br /> under 36-7-12-1 et seq. of the State Statutes, as amended (the <br /> "Act" ) , to assist in the financing of economic development <br /> facilities through the issuance of its revenue bonds. By Ordi- <br /> nance No. 7568-85, the City has heretofore issued its Multifamily <br /> Housing Revenue Bonds (Raintree Point Associates Ltd. Project) <br /> (the "Bonds" ) for the purpose of loaning the proceeds thereof to <br /> Raintree Point Associates, Ltd. , an Indiana limited partnership <br /> (the "Sponsor" ) for the purpose of acquiring and constructing a <br /> 204 unit multifamily residential rental housing project to be <br /> located in the City (the "Project" ) , to be occupied in part by <br /> persons of low and moderate income in accordance with Section <br /> 103 (b) (4) (A) of the Internal Revenue Code of 1954, as amended <br /> (the "Code" ) . <br /> The Bonds are scheduled for redemption on March 15, 1988 in <br /> accordance with the terms of the Trust Indenture dated December <br /> 15, 1985 by and between the City and the National Bank of <br /> Commerce, Memphis, Tennessee (the "Trustee" ) (the "Indenture" ) , <br /> executed in connection with the issuance of the Bonds . The <br /> • <br />