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10 <br /> ORDINANCE NO. ICI Ii -$'$ <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 REMARKETING AND REISSUANCE 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 /> AND REMARKETED PURSUANT TO ORDINANCE NO. 7857-88 TO FINANCE THE <br /> ACQUISITION AND CONSTRUCTION OF A RESIDENTIAL MULTIFAMILY HOUSING <br /> RENTAL PROJECT TO BE LOCATED IN THE CITY OF SOUTH BEND, INDIANA; <br /> AND <br /> 2. THE EXECUTION AND DELIVERY OF A SECOND SUPPLEMENTAL <br /> TRUST INDENTURE, SECOND AMENDMENT TO LOAN AGREEMENT AND THIRD <br /> AMENDMENT TO CONTRACT FOR SALE OF LAND FOR PRIVATE DEVELOPMENT; <br /> AND <br /> 3. OTHER MATTERS RELEVANT TO THE REMARKETING AND <br /> REISSUANCE 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 Indiana 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, and in accordance with a Trust Indenture dated <br /> as of December 15, 1985 (the "Original Indenture" ) the City here- <br /> tofore issued its Multifamily Housing Revenue Bonds (Raintree <br /> Point Associates, Ltd. Project) (the "Original Bonds" ) for the <br /> purpose of loaning the proceeds thereof pursuant to a Loan <br /> Agreement dated as of December 15, 1985 ( the "Original Loan <br /> Agreement" ) to Raintree Point Associates, Ltd. , an Indiana <br /> limited partnership ( the "Original Developer" ) to finance the <br /> acquisition and construction of an approximately 204-unit <br /> multifamily residential rental housing project to be located in <br /> the City (the "Project" ) , to be occupied in part by persons of <br /> low and moderate income in accordance with Section 103(b) ( 4) (A) <br /> of the Internal Revenue Code of 1954, as amended (the "Code" ) . <br /> By Ordinance No. 7857-88 the Issuer authorized ( i ) the <br /> remarketing of the Original Bonds as reissued bonds ( the <br /> "Remarketed Bonds" ) on March 15, 1988 ( the "Second Conversion <br />