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

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terms of the economic development revenue bonds proposed to be issued by the City for the purpose of funding a direct loan from the City to the User to finance the cost of acquisition of such facilities, the Loan Agreement, and Indenture of Trust, which resolution and other instruments and information pertaining to the proposed financing have been transmitted to the Common Council of the City by the Secretary of the Commission; and, WHEREAS, pursuant to the Act, this Common Council has adopted a resolution finding that the proposed financing of the acquisition of such economic development facilities by the User will be of benefit to the economic welfare of the City of South Bend and to the County of St. Joseph, approving the proposed financing and authorizing the issuance by the City of $985,000 principal amount of economic development revenue bonds, (Center City Housing Project) (the "Bonds ") payable solely from the sources, having such terms and provisions and secured as provided by an Indenture of Trust (hereinafter called the "Indenture ") between the City and First Community Mortgage Corporation of Mishawaka, Indiana (the "Trustee "), and a Loan Agreement among the City of South Bend, Center City Housing and First Community Mortgage Corp. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. Public Benefits: The Common Council of the City hereby finds and determines that the real estate, interests in real estate, other improvements thereon and other machinery and equipment, to be acquired and constructed with the proceeds of the bonds herein authorized are