Issurance and Sale $20,000,000.00 Economic Development Revenue Bonds Purpose of Making a Loan to Mill Race

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of Series 1985 Note from the Company to the City; (3) form of Regulatory Agreement; (4) form of Investment Agreement; (5) form of Preliminary Official Statement; (6) form of Mortgage and Security Agreement; (7) form of Bond Purchase Agreement; and (8) the Bond Ordinance; and The City is authorized and empowered to acquire economic development facilities as those words are defined in the Act and to make direct loans to companies for the cost of acquis- ition, construction and equipping of economic development facilities to promote the general welfare of the area in and near the City and to issue its economic development revenue bonds to pay all costs of acquisition or renovation of such economic development facilities, including engineering, legal fees and all other expenses relating thereto during construction, including the costs of issuing the bonds, and to secure said bonds pursuant to the Loan Agreement and the Trust Indenture; and The Company has agreed to acquire, construct, install and equip a facility consisting of units of multi-family residential rental housing, together with functionally related and subordinate facilities (the "Project") within the City and thereby assist in providing for the increased general economic welfare in and near the area of the City and has agreed to make payments pursuant to the Loan Agreement evidencing its loan obligations in an amount or amounts designed to be sufficient to pay the principal of, premium, if any, and interest on the Bond; and The Commission has approved a report estimating the public services which would be made necessary or desirable, the expense thereof, the number of residential units developed for use on account of the acquisition of the Project and the cost of the Project and has submitted such report to the Plan Commission, and, if required by the Act, to the Superintendent of the school corporation where the facilities will be located; and After giving notice in accordance with the Act, the Commission held on December 16, 1985 a public hearing on the =proposed financing and adopted a resolution finding the proposed financing complies with the purposes and provisions of the Act, approving the financing and approving the form and terms of the Bond proposed to be issued by the City for the purpose of funding a loan from the City to the Company to fund the cost of acquisition, construction and equipping of the Project, to pay certain costs of issuance, and approving drafts of the forms of financing documents in connection therewith (the "Financing Documents") , all of which are on file for public inspection; and 2 MRAMORD _:.. 1