Authorizing Issurance and Sale $6,500,000 Multi Family Housing Revenue Bonds Maple Lane Associates Phase VIII

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ORDINANCE NO." $6 ORDINANCE AUTHORIZING HOUSING REVENUE BONDS NOF THEECIOTY $6,500,000 MULTI-FAMILY OF SOUTH BEND, INDIANA FOR THE PURPOSE OF MAKING A LOAN TO MAPLE LANE ASSOCIATES, PHASE VIII IN ORDER TO FINANCE THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES LOCATED IN THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA; AUTHORIZING EXECUTION OF p° LOAN ASSIGNMENTE THEREOF PROVIDING SECURITY FOR DELIVERY FOR SAID OF A NOTE AND BONDS; AUTHORIZING AN INDENTURE OF TRUST APPROPRIATE FOR D DISPOSITION OF THE REVENUES FROM SUCH THE PROTECTION AN NOTE; AUTHORIZING A DECLARATION OF RESTRICTIVE COVENANTS AND REGULATORY AGREEMENT; AND AUTHORIZING THE TERMS AND SALE OF SAID BO AP AND T AGREEMENT; AND PROVING THE OF ETERMSN OF THE MORTGAGE CHTHE ASSIGNMENT OF RENTS AND LEASES AND RELATED MATTERS. STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (hereinafter called the "Issuer ") is a municipal corporation and political subdivision of the State of Indiana and by virtue of Indiana Code 36 -7 -12, as amended (hereinafter call the "Bond)Ordinance'r)zand ato cand eout to adopt this ordinance its provisions; and Maple Lane Associates, Phase VIII (the "Borrower") is by limited partnership duly organized and existing Wallace F. virtue of the larles G.IClarka ashits sole generals partners, with Holladay and Ch its principal office in South Bend, Indiana, and duly qualifie to conduct business in the State of Indiana; and The Borrower intends to and has entered into contracts to acquire, construct and install certain economic development facilities within the corporate limits Of the City complex fw with South related Indiana, constituting a 96 garages and 230 uncovered parking improvements, including pool facility (the "Project "), spaces, a clubhouse and swimming p and the Issuer is willing ortionsof the costs and expenseslof revenue bonds to finance p such acquisition, construction and installation; and It is estimated ttthe issuance of,thecmultig costs relating to the preparation and family housing revenue bonds, will be in excess of $6,500,000; an 2.4(b)