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KRAMER & MURPHY <br /> PROFESSIONAL CORPORATION <br /> ATTORNEYS AT LAW <br /> SUITE 200 <br /> F. RICHARD KRAMER <br /> 205 W.JEFFERSON BLVD. <br /> MICHAEL C. MURPHY SOUTH BEND, 1[ND]ANA 4 "'®n 219-233-8275 <br /> DEAN A.COLVIN <br /> December 11 , 1985 <br /> South Bend Common Council <br /> City Clerk' s Office <br /> County-City Building <br /> South Bend, Indiana 46601 <br /> Re: South Bend Forge Project <br /> Members of the South Bend Common Council: <br /> Enclosed please find two copies each of Amended Bonds , <br /> payment schedule and Third Supplemental Trust Indenture and <br /> Third Supplemental Loan Agreement and a form of Ordinance in <br /> connection with the December 16, 1985 , meeting of the South <br /> Bend Common Council. This Resolution provides for the amend- <br /> ment of the Economic Development Revenue Bonds issued in the <br /> South Bend Forge , Inc. ("SBF") Project. <br /> On August 13 , 1979 , the Common Council of the City of <br /> South Bend passed its General Ordinance No. 6622-79 authoriz- <br /> ing the issuance of $6 ,000 ,000 .00 of Economic Development <br /> First Mortgage Revenue Bonds for the South Bend Forge Project . <br /> On May 27 , 1980 , the South Bend Common Council passed its <br /> General Ordinance No. 6781-80 authorizing the issuance of an <br /> additional $3 ,000 ,000 .00 of Economic Development First <br /> Mortgage Revenue Bonds . Thereafter, in September, 1983 , the <br /> South Bend Common Council passed an Ordinance authorizing the <br /> execution and delivery of amended bonds and a Second Supple- <br /> mental Trust Indenture and Second Supplemental Loan Agree- <br /> ment. The purpose of these amendments was to permit the sale <br /> of the stock of South Bend Forge from ABS Industries , Inc. <br /> ("ABS") , to Steven J. Bandawat ("SJB") . ABS continued to <br /> guarantee the payment of the bonds after the sale of the SBF <br /> stock. <br /> In 1984 , the Series 1979 Bonds and the Series 1980 Bonds <br /> went into default. Currently there is a principal balance <br /> outstanding of $6 ,300 ,000 . 00 . Through extended negotiations <br /> among the various bondholders , SBF, ABS and the Trustee , it <br /> appears that an agreement has been reached by which the <br /> default would be remedied. The crux of this agreement would <br />