Refunding Bonds Series 1987 Maple Lane Associayes Project

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ORDINANCE NO. 77/ 3 Pk 7 AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA, TO ISSUE ITS "CITY OF SOUTH BEND, INDIANA, VARIABLE RATE DEMAND MULTI-FAMILY HOUSING REFUNDING BONDS, SERIES 1987 (MAPLE LANE ASSOCIATES PROJECT) " , LOAN THE PROCEEDS THEREOF TO MAPLE LANE ASSOCIATES-PHASE VIII, AN INDIANA LIMITED PARTNERSHIP, AND AUTHORIZING AND APPROVING OTHER ACTIONS IN RESPECT THERETO STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana (the "City") , is a muni- cipal corporation and political subdivision of the State of Indiana and by virtue of IND. CODE § 36-7-11.9 and IND. CODE §§ 36-7-12-1 et seq. , as amended (the "Act") , is authorized and empowered to adopt this ordinance (the "Bond Ordinance") and to carry out its provisions. Maple Lane Associates-Phase VIII, an Indiana limited part- nership (the "Borrower") financed acquisition, construction and equipping of certain multi-family housing facilities (the "Project") located within the City pursuant to the issuance of the City of South Bend, Indiana Multi-Family Housing Revenue Bonds (Maple Lane Associates Project) dated December 14, 1984 and issued in the original aggregate principal amount of $6, 500, 000 .00 (the "1984 Bonds") . The Borrower has duly filed its application with the City for the issuance of bonds ("Bonds") to refund the outstanding principal amount of the 1984 Bonds (the "Refunding") . The Borrower desires to transfer the Project to Maple Lane Partners, an Indiana limited partnership of which Borrower is the sole general partner, after completion of the Refunding. The 1984 Bonds were issued pursuant to IND. CODE §§ 36-7- 12-1 et sea. , as amended, as in effect at the time of issuance of the 1984 Bonds . The Borrower has forwarded to this Common Council the forms of (1) a Loan Agreement dated as of October 1, 1987 (the "Loan Agreement") , between the City and the Borrower, providing for