Authorizing $2,300,000 Indiana Economic Development Revenue Bond

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ORDINANCE NO. 7 !Zed -- L j ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF ST. JOSEPH DEVELOPMENT AND INVESTMENT COMPANY, AN INDIANA PARTNERSHIP UNDER THE $2,300,000 CITY OF SOUTH BEND, INDIANA ECONOMIC DEVELOPMENT REVENUE BOND (ST. JOSEPH DEVELOPMENT CO., INC.) TO COMBINED CAPITAL ASSOCIATES VII, AN INDIANA LIMITED PARTNERSHIP STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana has previously issued a $2,300,000 City of South Bend, Indiana, Economic Development Revenue Bond (St. Joseph Development Co., Inc. Project 1975) (the "Bond ") pursuant to authority granted by Indiana law. The said Bond pursuant to the indenture of mortgage and trust and lease agreements were assigned by St. Joseph Development Co., Inc. to the owners of the said corporation being St. Joseph Development and Investment Company, an Indiana General Parntership on the 20th day of December 1976. Combined Capital Associates VII, an Indiana Limited Partnership, desires to assume the right, title, interest, duties, liabilities and responsibilities of St. Joseph Development and Investment Company, the Indiana partnership, under the bonds and under the mortgage and trust and lease agreements. Such assumption is consistent with the provision or preservation of employment opportunities and the other goals for which the Bond was originally issued. Such an assignment is allowed by law and by the terms of the Bonds and the instruments executed in connection therewith. The St. Joseph Investment and Development Company will remain liable on the bonds and under the terms and conditions of the indenture of mortgage and trust and lease agreements. The South Bend Economic Development Commission has