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GENERAL ORDINANCE NO. ?c '24'r
<br /> AN ORDINANCE AMENDING GENERAL ORDINANCE NO. 6622-79 ,
<br /> PASSED AUGUST 13 , 1979 , AUTHORIZING THE ISSUANCE OF
<br /> $6 ,000 ,000 CITY OF SOUTH BEND, INDIANA, ECONOMIC
<br /> DEVELOPMENT FIRST MORTGAGE REVENUE BONDS (SOUTH
<br /> BEND FORGE, INC. , PROJECT) (ABS INDUSTRIES , INC, -
<br /> GUARANTOR) AS AMENDED AND GENERAL ORDINANCE NO.
<br /> 6781-80 , PASSED MAY 27 , 1980 , AUTHORIZING THE
<br /> ISSUANCE OF $3 ,000 ,000 CITY OF SOUTH BEND, INDIANA,
<br /> ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS ,
<br /> SERIES 1980 (SOUTH BEND FORGE, INC. , PROJECT) (ABS
<br /> INDUSTRIES , INC. - GUARANTOR) AS AMENDED; AND
<br /> AUTHORIZING THE EXECUTION AND DELIVERY OF AMENDED
<br /> BONDS AND OF A THIRD SUPPLEMENTAL TRUST INDENTURE
<br /> AND THIRD SUPPLEMENTAL LOAN AGREEMENT.
<br /> On August 13 , 1979 , the Common Council (the "Legislative
<br /> Authority") of the City of South Bend, Indiana, (the
<br /> "Issuer") duly passed General Ordinance No. 6622-79 (the
<br /> "Original Bond Legislation") providing for the issuance of
<br /> $6 ,000 ,000 Economic Development First Mortgage Revenue Bonds
<br /> (South Bend Forge , Inc. , Project) (ABS Industries , Inc. -
<br /> Guarantor) , dated as of July 1 , 1979 , (the "Series 1979
<br /> Bonds") for the purpose of making a loan to assist South Bend
<br /> Forge , Inc. (now known as Michiana Forge, Inc. ) (the
<br /> "Company") in the financing of costs of acquiring ,
<br /> constructing and equipping real and personal property
<br /> comprising economic development facilities to be owned and
<br /> operated by the Company.
<br /> In order to provide revenues sufficient to pay the
<br /> principal of, premium, if any, and interest on the Series
<br /> 1979 Bonds , the Issuer and the Company entered into a Loan
<br /> Agreement dated as of July 1 , 1979 , (the "Original Loan
<br /> Agreement") .
<br /> In order to secure the Series 1979 Bonds the Issuer and
<br /> First Bank and Trust Company of South Bend (now known as
<br /> 1st Source Bank) , as Trustee (the "Trustee") , entered into a
<br /> Trust Indenture dated as of July 1 , 1979 , (the "Original
<br /> Indenture") .
<br /> On May 27 , 1980 , the Legislative Authority duly passed
<br /> General Ordinance No. 6781-80 (the "1980 Bond Legislation")
<br /> providing for the issuance , pursuant to the provisions
<br /> regarding Additional Bonds contained in the Original Inden-
<br /> ture , of $3 ,000 ,000 Economic Development First Mortgage
<br /> Revenue Bonds , Series 1980 (South Bend Forge , Inc. , Project)
<br /> (ABS Industries , Inc. - Guarantor) , dated as of May 1 , 1980 ,
<br />
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