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• <br /> • <br /> ORDINANCE NO. 779g -' 7 <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF $6,500,000 <br /> MULTI-FAMILY HOUSING ADJUSTABLE RATE DEMAND REVENUE REFUNDING <br /> BONDS OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF <br /> MAKING A LOAN TO MAPLE LANE ASSOCIATES, PHASE VIII, IN ORDER TO <br /> FINANCE THE REFUNDING AND REDEMPTION OF THE $6,500,000 MULTI- <br /> FAMILY HOUSING REVENUE BONDS (MAPLE LANE ASSOCIATES PROJECT) <br /> ISSUED BY THE CITY OF SOUTH BEND, INDIANA, IN 1984, RELATED TO <br /> ECONOMIC DEVELOPMENT FACILITIES LOCATED IN THE CITY OF SOUTH <br /> BEND, ST. JOSEPH COUNTY, INDIANA; AUTHORIZING EXECUTION OF THE <br /> DOCUMENTS RELATED TO THE ISSUANCE OF SAID BONDS; AND RELATED <br /> MATTERS. <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The Common Council of the City of South Bend, Indiana, <br /> heretofore has created the South Bend Economic Development <br /> Commission (hereinafter referred to as the "Commission" ) pursuant <br /> to the provisions of Indiana Code 36-7-12, as amended <br /> (hereinafter referred to as the "Act" ) . <br /> In connection with the issuance by the City of South Bend, <br /> Indiana of its $6,500,000 Multi-Family Housing Revenue Bonds (the <br /> "Series 1984 Bonds" ) Maple Lane Associates, Phase VIII, an <br /> Indiana limited partnership (the "Borrower" ) , previously filed an <br /> application with the Commission to finance certain economic <br /> development facilities resulting in a substantial number of new <br /> jobs as well as other benefits, and in connection therewith, the <br /> Commission has prepared and placed on file a report containing <br /> the subject matter as specified in Section 23 of the Act and has <br /> forwarded copies thereof to the Chairman of the Area Plan <br /> Commission of St. Joseph County, Indiana, and to the <br /> Superintendent of the South Bend Community School Corporation, <br /> being the area in which the facilities are located, and timely <br /> received favorable reports from each of them. <br /> Maple Lane Associates has filed an application requesting <br /> the City of South Bend, Indiana to issue its $6,500,000 Multi- <br /> Family Housing Adjustable Rate Demand Revenue Refunding Bonds for <br /> the purpose of loaning the proceeds to the Borrower to assist it <br /> in refunding the Series 1984 Bonds (the "Proposed Financing" ) . <br /> The Commission held a public hearing on the Proposed Financing in <br />