Issuance of $985,000.00 Revenue Bonds Center City Housing Project

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BILL NO. CITY OF SOUTH BEND, INDIANA ORDINANCE NO. 743 $'!7- AN ORDINANCE AMENDING ORDINANCE NUMBER 7361 -84, BEING AN ORDINANCE AUTHORIZING THE ISSUANCE OF $985,000.00 ECONOMIC DEVELOPMENT REVENUE BONDS CENTER CITY HOUSING PROJECT) OF THE CITY OF SOUTH BEND, INDIANA FOR THE PURPOSE OF FUNDING A LOAN TO CENTER CITY HOUSING, AN INDIANA LIMITED PARTNERSHIP, IN ORDER TO FINANCE THE ACQUISITION AND CONSTRUCTION OF CERTAIN REAL ESTATE AND ECONOMIC DEVELOPMENT FACILITIES LOCATED WITHIN ST. JOSEPH COUNTY, INDIANA, FOR USE BY CENTER CITY HOUSING: 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 WHEREAS, 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; and, WHEREAS, Center City Housing, an Indiana Limited