Issue its 1985 Economic Development Revenue Bond (Frank Darnell Project) $2,400,000

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The Common Council has by separate resolution after a public hearing held on October 14, 1985 designated Lot 5, Landmark Business Park an Economic Revitalization Area. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA THAT: Section 1. This Council finds that the facilities described in said report and in the attached Loan Agreement are "economic development facilities" within the meaning of the Act and that such facilities will not have an adverse competitive effect on any similar facilities already constructed or operating in or about the City. Section 2 . This Council further finds that the proposed economic development revenue bond financing of such facilities will be of benefit to the health and welfare of the City and its citizens. Section 3 . This Council further finds that the proposed economic development revenue bond financing of such facilities complies with the purposes and provisions of the Act. Section 4 . This Council hereby approves the proposed economic development revenue bond financing of such facilities, including (i) the form and terms of the aforementioned Loan Agreement, Trust Indenture, Promissory Note, Bond, and a form of Lease attached hereto and incorporated herein by reference (two [2] copies of which are on file in the Office of the Clerk of the City for public inspection) ; (ii) the issuance and sale of said Bond; (iii) the loan of the net proceeds of said Bond to Frank Darnell for the construction of such facilities, such loan to be evidenced by said Promissory Note; (iv) the repayment of said loan by Frank Darnell pursuant to said Loan Agreement, Trust Indenture and said Promissory Note; and (v) the securing of said Bond by said Loan Agreement and said Trust Indenture. Section 5. The City shall issue its Bond in the aggregate principal amount of Two Million Four Hundred Thousand Dollars ($2,400, 000 ) for the purpose of procuring funds to loan to Frank Darnell in order to finance the construction of such facilities and acquisition of equipment and installation therein, as more particularly set out in said Loan Agreement and Trust Indenture, which Bond shall be payable as to principal and interest solely from the payments made by Frank Darnell on his aforesaid Promissory Note in the aggregate principal amount of Two Million Four Hundred Thousand Dollars ($2,400, 000 ) which will be executed and delivered by Frank Darnell to evidence said loan, from other sources under said Loan Agreement and as other- 2.