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<br />3 <br /> <br />WHEREAS, the Commission expects the Authority to consider the issuance of lease rental <br />revenue bonds in one (1) or more series for the purpose of (i) financing the cost of funding all or <br />any portion of the costs of the Projects and related expenses; (ii) funding a debt service reser ve <br />fund, if necessary in connection with the issuance of bonds to finance the costs of the Projects or <br />purchasing a surety bond to satisfy a reserve requirement; and (iii) pay costs incurred in connection <br />with the issuance of said bonds and which bonds will be payable from the Rental Payments; and <br />WHEREAS, the Commission seeks to authorize execution of the Lease and authorize the <br />publication, in accordance with Indiana Code. 36-7-14-25.2 and Indiana 6-1.1-20-5, of a Notice of <br />Execution and Approval of Lease; <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />REDEVELOPMENT COMMISSION, AS FOLLOWS: <br />SECTION 1. The Commission hereby finds and determines that (i) the terms of the Lease <br />are based upon the value of the Leased Premises, and the Rental Payments to be paid by the <br />Commission, pursuant to the terms of the Lease, at a rate not to exceed Ten Million Five Hundred <br />Thousand Dollars ($10,500,000.00) per year, in semiannual installments, with a term no longer <br />than twenty (20) years beginning on the date the Authority acquires an interest in the Leased <br />Premises and ending on the day prior to a date not later than twenty (20) years (the “Term”) after <br />such date of acquisition by the Authority, are fair and reasonable, (ii) the use of the Leased <br />Premises throughout the term of the Lease will serve the public purpose of the City and is in the <br />best interests of its residents, and (iii) the execution and delivery of the Lease is needed. <br />SECTION 2. The President or Vice-President and the Secretary of this Commission are <br />hereby authorized and directed, on behalf of the City, and subject to obtaining approval from the <br />Common Council of the City (the “Common Council”), to execute, attest, and deliver the Lease in <br />substantially the form presented at this public meeting with such changes in form or substance as <br />the President or Vice-President of this Commission shall approve, such approval to be conclusively <br />evidenced by the execution thereof; provided that the Rental Payments and the Term shall not <br />exceed the amounts set forth in Section 1 hereof. <br />SECTION 3. The Secretary of the Commission is hereby directed to transmit to the <br />Common Council a copy of this Resolution and the Lease and to request the Common Council to <br />adopt a Resolution approving the Lease and its execution by the Commission and the Authority, <br />prior to the execution of the Lease. <br />SECTION 4. The Commission hereby authorizes the publication, in accordance with <br />Indiana Code 5-3-1 and 36-7-14-25.2, of the Notice of Execution and Approval of Lease, following <br />execution of the lease by the Commission. <br />SECTION 5. The President, Vice-President and Secretary of this Commission, and each <br />of them, is hereby authorized and directed to take all such further actions and to execu te all such <br />documents or instruments as are desirable to carry out the transactions contemplated by this <br />Resolution, in such forms as the President, Vice-President or Secretary executing the same shall <br />deem proper, such desirability to be conclusively evidenced by the execution thereof. <br />SECTION 6. This Resolution shall be in full force and effect from and after its adoption