Authorizing Economic Development revenue Bonds Lock Joint Tube Company Inc $1,250,000.00

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Section 2. This Council further finds that Economic Development Revenue Bond financing of such economic development facilities and such Lock Joint Tube Company, Inc. 1983 Project will be a benefit to the health and welfare to the City and its citizens and complies with the purposes and provisions of the Act. Section 3. This Council hereby approves the Economic Development Revenue Bond financing of such economic development facilities for such Lock Joint Tube Company, Inc. 1983 Project including (i) the form and terms of the aforementioned Loan Agree- ment, Bond Purchase Agreement, Note, Mortgage, Security Agreement, and Economic Development Revenue Bonds, and all related instruments concerning the financing of such economic development facilities; (ii) the issuance and sale of the Economic Development Revenue Bond or Bonds as referred to in such Bond Documents; (iii) the loan of the net proceeds from the sale of such Economic Development Revenue Bond or Bonds to the Developer for the acquisition and construction of such economic development facilities in accordance with the terms of the Bond Documents; (iv) the repayment of such loan by the Developer pursuant to the Loan Agreement, Note, Mortgage, Security Agreement, and other instruments relating to such financing; and (v) the securing of the performance of terms of such Bond Documents and the repayment of such Economic Development Revenue Bond or Bonds by the execution and delivery by the Developer of the Mortgage and Security Agreement, which constitutes a part of such Bond Docu- ments. Section 4. The City shall issue its Economic Development Revenue Bonds relating to such Lock Joint Tube Company, Inc. 1983 Project in the aggregate principal amount of One Million Two Hundred and Fifty Thousand Dollars, ($1,250,000.00) , for the purposes of procuring financing and funds to loan to the Developer in order to finance the acquisition and construction of such economic develop- ment facilities as more particularly described in the Bond Documents evidenced by such Loan Agreement and Note and secured by such Mort- gage and Security Agreement and payable, together with interest thereon from the date of issuance (computed on the basis of a three hundred sixty (360) days year) on the principal amount balance remaining from time to time unpaid, adjusted daily, and.calculated at seventy -five percent (75 %) of the prime rate recognized by American Fletcher National Bank and Trust Company of Indianapolis, Indiana each day, which such principal plus interest shall be pay- able in installments of Thirty -one Thousand Two Hundred Fifty Dollars ($31,250.00) plus interest on or before the lst day of February, 1984, and on or before the lst day of each consecutive three (3) months thereafter until the lst day of November, 1994, when all unpaid principal and interest shall be due and payable, but not less than the Relative Bond Interest Rate as described in such Bond Documents. Such Economic Development Revenue Bond or Bonds shall never constitute general obligations of, indebtedness of, or charges against the general credit of the City. Such Economic Development Revenue Bond or Bonds shall be executed by the manual or facsimile signature of the Mayor and Clerk of the City; shall be executed and delivered on or about December 30, 1983; shall have maturities from February 1, 1984 to November 1, 1984; shall bear interest at rates not to exceed the rates described in such Bond Documents which shall not be less than the Relative Bond, Interest Rate as described in such Bond Documents; shall be in a denomination of either one bond for $1,250,000.00 or such other denominations which does not exceed such amount in the aggregate; shall be issued in registered form; shall be registerable as provided in the Bond Documents; shall be payable in the medium and at the place or places provided in such Bond Documents, and shall be subject to optional and mandatory prepayment as provided in such Bond Documents. Section 5. The Mayor and Clerk of the City are hereby authorized to execute and file on behalf of the City of South Bend, Indiana the statement required pursuant to Section 103 (b) (6) (D) of the Internal Revenue Code, as amended, and regulations issued pur- suant thereto, with the Director of the Regional Services Center of -2-