Issuance of $650,000.00 Economic Development Revenue Bonds (East Race Housing Project)

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CITY OF SOUTH BEND, INDIANA ORDINANCE NO. 7 ' AN ORDINANCE AUTHORIZING THE ISSUANCE OF $650 ,000 . 00 ECONOMIC DEVELOPMENT REVENUE BONDS (EAST RACE HOUSING PROJECT) OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF FUNDING A LOAN TO THE MADISON, AN INDIANA LIMITED PARTNERSHIP, OF WHICH T. BROOKS BRADEMAS IS THE GENERAL PARTNER, IN ORDER TO FINANCE THE ACQUISITION AND CONSTRUCTION OF CERTAIN REAL ESTATE AND ECONOMIC DEVELOP- MENT FACILITIES LOCATED WITHIN ST. JOSEPH COUNTY, INDIANA, FOR USE BY THE MADISON: AUTHORIZING EXECUTION OF THE LOAN AGREEMENT, AN INDENTURE OF TRUST APPROPRIATE FOR THE PROTECTION AND DISPOSITION OF THE REVENUES FROM THE FINANCING AGREEMENT: AND AUTHORIZING THE TERMS AND SALE OF SAID BONDS STATEMENT OF PURPOSE AND INTENT: The City of South Bend, Indiana, (hereinafter called the "City") is a municipal corporation and political subdivision of the State of Indiana and by virtue of Indiana Code , Title 36 , Article 7 , Chapter 12 (hereinafter called the "Act") is authorized and empowered to acquire economic development facilities as those words are defined in the Act and to make direct loans to Users for the acquisition and construction of economic development facilities to overcome insufficient employment opportunities and insufficient diversification of industry in and near the City and to promote the general economic welfare of the area in and near the City and to issue its economic development revenue bonds to pay all costs of acquisition or construction 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 a Loan Agreement and Trust Indenture . The Madison, an Indiana Limited Partnership (the "User") is a limited partnership organized and existing under the laws of the State of Indiana, with its principal office located in St. Joseph County, Indiana, and duly qualified to conduct business in the State of Indiana.