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

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The South Bend Economic Development Commission has performed all action required of it by the Act preliminary to the adoption by the Common Council of this Bond Ordinance, and has approved and forwarded to this Common Council the forms of (1) Bond Purchase Agreement (the "Bond Purchase Agreement ") dated as and of > December 15, 1984 among the Issuer, he Borrower r, the ale tal of Holding Corporation (the "Purchaser ") P Indenture of Trust the Bonds by the Issuer to the Purchaser, (2) (the "Indenture ") dated as of December 15, 1984, between the Issuer and St. Joseph Bank and Trust Company. conta principal ing he offices in South Bend, Indiana (the "Tru( tee"), Agreement (the form of multi - family housing revenue bond, "Loan Agreement ") dated as of December 15, 1984, between the Issuer and the Borrower, containing. a form of Note from the Borrower to the Issuer, which shall be endorsed to the Trustee, (4) Declaration of Restrictive Covenants and Regulatory Agreement ( the "Regulatory Agreement") dated as of December 15, 198 , amond the Issuer, the Borrower and the Trustee, (5) Mortgage Security Agreement (the "Mortgage ") dated as of December 15, 1984, from the Borrower to the Trustee, (6) Assignment of Rents and Leases (the "Assignment of Rents and Leases ") dated as of December 15, 1984, from the Borrower to the Trustee, and (6) this t forth above hereinafter Bond Ordinance (all of d "Bon the doc ntnts se collectively ca NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. Findings; Public Benefits. The Common Council of the uer hereby finds and determines that the Project to be acquired, constructed and installed with the proceeds of the Multi- Family Housing Revenue Bonds herein authorized are "economic development facilities" as that phase is used in the Act; that acquisition, construction and installing of the Project will increase employment opportunities and increase diversification of ill economic development facilities in and near the development wand improve and promote the economic stability, welfare of the area in and near the Issuer and will encourage and promote the expansion of industry, trade and commerce in the area in and near the Issuer 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 diversification of industry, are greater than the cost of public services (as that phrase is defined in the Act) which will be required by the Project. The issuance of t Bons id s of Indiana Code 362 h reof, comply with the purpose an p Section 2. Authorization portion of t: Revenue Bonds. In order to pay a p acquiring, constructing and installing the Project, hereby authorized to be issued, sold and delivered of Multi -Famil -2- l Housin e cost o there are $6,500,000