Authorizing the Insurance & Sale of $20,000,000.00 Economic Development Revenue Bonds Pertaining to Mill Race

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• and the Loan Agreement; and There have been presented to this meeting thefollowing 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 abovereferred 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 ELKHART CITY COUNCIL AS FOLLOWS: Section 1. Findings; Public Benefits. The City 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 (as that phrase is defined in the Act) which will be required by the Project. Section 2. Authorization of Economic Development Revenue Bond. In order to pay a portion of the cost of acquiring, reha- bilitating and constructing the Project, there is hereby authorized to be issued, sold and delivered not to exceed $20, 000, 000.00 i principal amount of City of Elkhart, Indiana, Multifamily Housing Economic Development Revenue Bonds, Series 1985 (Mill Race Project) 3 MRORD 1 I:__ 0.i -_L_ --_ - II I