Approving the Assignment of Economic Development Bond Financing South Bend Tool & Die Co Inc

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RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION RELATING TO SOUTH BEND TOOL AND DIE CO., INC. PROJECT WHEREAS, the City of South Bend, Indiana issued its Economic, Development Revenue Bonds, ( "Bonds "), for the South Bend Tool and Die Co., Inc. Project, ( "Project "), in the original principal amount of Six Hundred Thousand Dollars ($600,000.00) which Bonds were dated January 30, 1980, and the proceeds of such Bonds were used to construct and equip economic development facilities that were leased to South Bend Fabricating Co., Inc., an Indiana corporation, for manufacturing purposes resulting in increased employment in South Bend, Indiana; and WHEREAS, South Bend Tool and Die Co., Inc., ( "Developer "), desires to assign and convey its interest in the Project to Art Iron, Inc., an Ohio corporation; and WHEREAS, the South Bend Tool and Die Co., Inc., and the original guarantors of the Bonds will no longer remain liable to the City of South Bend and holders of the Economic Development Revenue Bonds during the term of such Bonds but they shall be replaced by Art Iron, Inc., as the responsible party under the bonds; and WHEREAS, the trustee for the Bonds and the owner of the Bonds, American Valley Bank and Trust Company, South Bend, Indiana has consented to the assignment, sale and conveyance of the Project.