Refunding Bonds Series 1987 Maple Lane Associayes Project

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Trust Company, South Bend, Indiana, as Trustee (the "Trustee") providing for the issuance of the Bonds by the City, the terms applicable thereto and the security for the Bonds and for the assignment of the City' s rights under the Loan Agreement; (3) the form of the Bonds (as set forth in the Indenture) ; (4) the Bond Purchase Agreement dated as of October 27, 1987 (the "Purchase Agreement") , among Continental Illinois National Bank and Trust Company of Chicago ("Continental") , the City and the Borrower, providing for the sale of the Bonds; (5) the Amended Declaration of Restrictive Covenants and Regulatory Agreement, dated as of October 30, 1987, among the City, the Trustee and the Borrower; and (6) the Assignment and Assumption of Obliga- tions Agreement, dated as of October 30, 1987 (the "Assumption Agreement") , from the Borrower to Maple Lane Partners, an Indiana limited partnership (the foregoing documents are hereinafter referred to, collectively, as the "Loan Documents" and are incorporated hereby by this reference) . NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, THAT: Section 1. Findings; Public Benefits. The Common Council of the City hereby finds and determines that the Refunding would be of benefit to the health and general welfare of the City and would comply with the Act. Section 2 . Authorization of the Bonds . This Common Coun- cil hereby approves the Refunding and the transfer of the Project and the assignment and assumption of obligations related to the Bonds pursuant to the Assumption Agreement. In order to pay a portion of the cost of the Refunding, the Bonds are hereby authorized to be issued, sold and delivered. Any additional costs of the Refunding will be paid for by the Borrower. Section 3 . Terms of the Bonds. The Bonds shall be in the form set forth in the Indenture and shall (i) be in the aggre-