Authorizing $1,550.000 Economic Development Technologies Corp Project

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"Issuer" means the City of South Bend, Indiana, a municipal corporation and political subdivision of the State of Indiana, and any successor body to the duties or functions of the Issuer. "Land" means the real estate more particularly des- cribed in Exhibit A attached to and made a part of the Agreement, on which the Project is to be located. "Mortgage" means the Mortgage and Security Agreement dated as of November 1, 1984, by and between the Company and the Issuer, as from time to time supplemented and amended. "Note" means the promissory note of the Company made payable to the Issuer and endorsed by the Issuer to the Bank, pursuant to Section 4.2(a) of the Agreement, in order to evidence the obligation of the Company to repay the loan made thereunder, payments on which Note are provided to be sufficient to pay the principal installments of, premium, if any, and interest on the Bond when due. "Ordinance" means this Ordinance, as from time to time supplemented and amended. "Premises" means the Project and the Land. "Project" means the Building, the Improvements and the Equipment to be acquired, constructed and installed by the Company and financed in part with the proceeds of the Bond, as defined and described in the Agreement. AUTHORIZATION AND APPROVAL OF THE PROJECT Section 2. That in order to increase job opportunities and retain existing jobs in the City of South Bend, Indiana, the Project, as described in the preamble hereto shall be and is hereby approved and authorized to be financed through the issuance of the Bond as described herein. The estimated cost of the acquisition, construction and installation of the Project will be at least $1,550,000, of which $1,550,000 will be provided by the issuance of the Bond hereinafter authorized and the loan of the proceeds thereof to the Company. It is hereby found and declared that the financing of the Project and the use thereof by the Company as hereinbefore provided is necessary to accomplish the public purposes described in the preamble hereto, and complies with purposes and provisions of the Act. In order to further secure the Bond, the assignment and pledge of the right, title and interest of the Issuer in and to the Agreement, the Note and the Mortgage (except certain expense and indemnification payments), pursuant to the Assignment, are necessary and proper. -5-