$11,000,000 Multi Family Housing Revenue Bonds (The Raintree Point Apartments Project)

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ORDINANCE NO. 76- (® F' ._2's ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, RE : $11, 000, 000 CITY OF SOUTH BEND, INDIANA MULTI-FAMILY HOUSING REVENUE BONDS (THE RAINTREE POINT APARTMENTS PROJECT) 1985 SERIES THIS ORDINANCE AUTHORIZES : 1) THE ISSUANCE AND SALE OF MULTI-FAMILY HOUSING REVENUE BONDS IN THE PRINCIPAL AMOUNT OF ELEVEN MILLION DOLLARS ($11, 000, 000) TO FINANCE THE ACQUISITION AND CONSTRUCTION OF A RESIDENTIAL RENTAL MULTI-FAMILY HOUSING PROJECT TO BE LOCATED IN THE CITY OF SOUTH BEND, INDIANA; 2) THE EXECUTION AND DELIVERY OF THE INDENTURE OF TRUST SECURING THE BONDS , THE LOAN AGREEMENT, THE REGULATORY AGREEMENT, THE REMARKETING AGREEMENT AND THE BOND PURCHASE AGREEMENT; AND 3) OTHER MATTERS RELEVANT TO THE ISSUE OF THE BONDS , STATEMENT OF PURPOSES OF INTENT PREMISES The City of South Bend, Indiana (the "City") is empowered under 36-7-12-1 et seq of the State Statutes , as amended, (the "Act") to assist in the financing of economic development facilities through the issuance of its reserve bonds . Raintree Point Associates, Ltd. , an Indiana Limited Partnership (the "Sponsor") has proposed that the Sponsor construct a 204 unit multi-family residential rental housing project to be located in the City (the "Project") . As an inducement therefor, Sponsor has requested that the City assist in the financing of the Project . Under the proposal , the City would issue its multi- family housing revenue bonds in the aggregate principal amount of Eleven Million Dollars ($11, 000, 000) (the "Bonds") under the Act and would use the proceeds to loan funds to the Sponsor to defray the cost of the Project . The Economic Development Commission of the City (the "Commission") has conducted a public hearing to discuss the proposed financing of the Project . A resolution stating that the financing of the Project serves the purposes and meets the provisions of the Act and that such financing will be of benefit to the health and welfare of the citizens of the City was adopted by the Commission. The Commission' s resolution has been transmitted to the Common Council of the City (the "Council") . The Commission has also approved and recommended the adoption of this form of ordinance by the Council and has considered the issue of adverse competitive effect . The City' s participation in the financing of the Project is to enable the Sponsor to utilize applicable provisions of the United States Internal Revenue Code (the "Code") . Section 103 of the Code encourages the construction of certain facilities and thA