Issuance & Sale $6,400,000 Economic Development Revenue Bonds One Michiana Square Associates

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ORDINANCE NO. Y3 V,� -&4 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF $6,400,000 ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF SOUTH BEND, INDIANA FOR THE PURPOSE OF MAKING A LOAN TO ONE MICHIANA SQUARE ASSOCIATES IN ORDER TO FINANCE THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES LOCATED IN THE CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA; AUTHORIZING EXECUTION OF A LOAN AGREEMENT; PROVIDING FOR THE DELIVERY OF A NOTE AND ASSIGNMENT THEREOF AS SECURITY FOR SAID BONDS; AUTHORIZING AN INDENTURE OF TRUST APPROPRIATE FOR THE PROTECTION AND DISPOSITION OF THE REVENUES FROM SUCH NOTE; AND AUTHORIZING THE TERMS AND SALE OF SAID BONDS AND THE EXECUTION OF THE BOND PURCHASE AGREEMENT; AND APPROVING THE TERMS OF THE MORTGAGE, THE ASSIGNMENT OF RENTS AND L.EASES,AND RELATED MATTERS. STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana (hereinafter called the "Issuer ") is a municipal corporation and political subdivision of the State of Indiana and by virtue of Indiana Code 36 -7 -12, as amended (hereinafter call the "Act ") is authorized and empowered to adopt this ordinance (the "Bond Ordinance ") and to carry out its provisions; and One Michiana Square Associates (the "Borrower ") is a limited partnership duly organized and existing under and '-by virtue of the laws of Indiana, having John T. Phair, Wallace F. Holladay and Charles G. Clark as its sole general partners, with its principal office in South Bend, Indiana, and duly qualified to conduct business in the State of Indiana; and The Borrower intends to and has entered into contracts to acquire, construct and install certain economic development facilities within the corporate limits of the City of South Bend, Indiana, constituting a five -story commercial office building with related improvements, including underground parking (the "Project "), and .the Issuer is willing to issue its economic development revenue bonds to finance a portion of the costs and expenses of such acquisition, construction and installation; and It is estimated that the costs of the Project, including costs relating to the preparation and the issuance of the economic development revenue bonds, will be in excess of $6,400,000; and