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

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Pursuant to the Act, the Council adopted a resolution finding that the proposed financing of the acquisition and construction of such economic development facilities by the Company will be of benefit to the general welfare of the City, approving the proposed financing and authorizing the issuance by the City of its bonds, upon adoption by the City of a Bond Ordinance, payable solely from the sources, having such terms and provisions and secured as provided by the Indenture and the Loan Agreement; and There have been presented to this meeting the following documents which the City proposes to enter into or accept to effectuate the proposed issuance of the Bonds: 1. The form of Loan Agreement; 2 . The form of Indenture which sets forth the terms of the Bonds (including, without limitation, the maturity dates, rates of interest and redemption provisions) and the conditions and security for the Bonds; 3 . The form of the Bond, as set forth in the Indenture; and 4. The form of Regulatory Agreement; 5. The form of Mortgage and Security Agreement; 6. The form of Investment Agreement; 7. The form of Bond Purchase Agreement; and 8. The form of Preliminary Official Statement. It appears that each of the instruments above-referred to, which are now before the City, is in appropriate form and is an appropriate instrument for the purposes intended; NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON COUNCIL AS FOLLOWS: Section 1. Findings; Public Benefits. The Common Council hereby finds and determines that the Project to be acquired and constructed with the proceeds of the Economic Development Revenue Bond herein authorized are "economic development facilities" as that phrase is used in the Act; that acquisition and construction of the Project will increase employment opportunities and increase diversification of industry in the City, will improve and promote the economic stability, development and welfare of the area in the City and will encourage and promote the expansion of industry, trade and commerce in the City and the location of other new industries in such area, and that the public benefits to be accomplished by this Bond Ordinance, in tending to overcome insufficient employment opportunities and insufficient diversifi- cation of industry, are greater than the cost of public facilities 3 MRAMORD -Iq f.II 1 _ - _ - - - -- --- i