Revenue Bonds Raintree Point Associates

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Date" ) ; (ii) amendment of the Original Indenture by a First Sup- plemental Trust Indenture dated as of March 14, 1988 ( the Original Indenture, as amended, being the "Indenture" ) ; (iii) amendment of the Original Loan Agreement by a First Amendment to Loan Agreement dated as of March 14, 1988 (the Original Loan Agreement, as amended, being the "Loan Agreement" ) ; and ( iv) a Second Amendment to Contract for Sale of Land for Private Development. In connection with the sale of the Remarketed Bonds, all right and interest of the Original Developer in the Project and Loan Agreement was assigned to Can-American South Bend Limited Partnership, a Minnesota limited partnership (the "Developer" ) . The Remarketed Bonds by their terms are required to be redeemed on September 15, 1988 ( the "Second Conversion Date" ) . To receive additional time to obtain a long term buyer of the Remarketed Bonds or credit enhancer the Developer has requested the Issuer to allow the remarketing of the Remarketed Bonds on September 15, 1988 as reissued bonds (the "Bonds" ) in accordance with the Indenture as amended by a Second Supplemental Trust Indenture to be dated as of September 15, 1988 (the "Second Supplemental Indenture" ) and the Loan Agreement, as amended by a Second Amendment to Loan Agreement to be dated as of September 15, 1988 (the "Second Loan Agreement Amendment" ) . NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: SECTION 1. Determination of Necessity. The amendment of the Indenture and Loan Agreement by the Second Supplemental Indenture and Second Loan Agreement Amendment, respectively, and the remarketing and sale of the Bonds on the Second Conversion Date to assist in financing of the Project complies with the pur- poses and provisions of the Act and will be a benefit to the health and welfare of the citizens of the City. The Project con- stitutes an "economic development facility" under the Act and will consist of the acquisition and construction of an approxi- mately 204-unit multifamily residential housing complex located at 7. 5 acres, more or less, Parcel "A" in the East Bank Develop- ment Area. The remarketing of the Bonds is required in order that the Project be constructed. SECTION 2. Remarketing of Bonds. The remarketing and reissuance of the Bonds in accordance with the Indenture, as amended by the First Supplemental Indenture is hereby approved. The Bonds shall be nominally dated as of December 15, 1988 and authenticated for remarketing as of September 15, 1988. The Bonds shall be remarketed in the aggregate principal amount of Eleven Million Dollars ($11,000, 000) on the Second Conversion Date to the extent that proceeds from remarketing are available for the purchase of the Remarketed Bonds on the Second Conversion Date. The Bonds shall mature, subject to adjustment in accordance with the Indenture, as amended, on December 15, 2013. The Bonds shall be in fully registered form in - 2 -