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they shall be replaced by Art Iron, Inc., as the responsible <br />party under the bonds; and <br />WHEREAS, the trustee for the Bonds and the owner of <br />the Bonds, American Valley Bank and Trust Company, South Bend, <br />Indiana, has consented to the assignment, sale and conveyance <br />of the Project, <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL <br />OF THE CITY OF SOUTH BEND, INDIANA THAT: This Council approves <br />the request of South Bend Tool and Die Co., Inc. to assign, <br />transfer and convey its interest in the Project to Art Iron, <br />Inc. with the understanding that Art Iron, Inc. shall assume <br />the obligations of the Developer and shall become primarily <br />liable for the obligations under the Loan Agreememt and the <br />Indenture; and <br />BE IT FURTHER ORDAINED THAT: This Council consents to <br />the sale, assignment and conveyance of the Project from South <br />Bend Tool and Die Co., Inc. to Art Iron, Inc. with the under- <br />standing that Art Iron, Inc. shall assume the obligations of <br />South Bend Tool and Die Co., Inc. and the Guarantor under the <br />Loan Agreement and Indenture of Trust; and <br />BE IT FURTHER ORDAINED THAT: This Council finds that <br />the sale, assignment and conveyance of the Project from South <br />Bend Tool and Die Co., Inc. to Art Iron, Inc. will be of bene- <br />fit to the health and welfare of the City and its citizens; and <br />BE IT FURTHER ORDAINED THAT: This Council finds that <br />the sale, assignment and conveyance of the Project from South <br />CWZ <br />