Authorizing Assignment Interests of max Koenig and Irving Rosenberg $350,000 Economic Development Revenue Bond to Memorial Health Properties

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ORDINANCE NO. 7,2 90 -,F y ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF MAX KOENIG AND IRVING ROSENBERG UNDER THE $350,000 CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BOND TO MEMORIAL HEALTH PROPERTIES, INC. STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana has previously issued a $350,000 City of South Bend, Indiana, Economic Development Revenue Bond (Michiana Wholesale, Inc.) (the "Bond ") pursuant to authority granted by Indiana law. The interest of Michiana Wholesale, Inc. in said bond was assigned to Max Koenig and Irving Rosenberg, Shareholders of Michiana Wholesale, Inca on the 31st day of January, 1983 and said Max Koenig and Irving Rosenberg are current in their payments under the bond issue. Memorial Health Properties, Inc. desires to assume the right, title, interest, duties, liabilities, and responsibilities of Max Koenig and Irving Rosenberg under the bonds. Such assumption is consistent with the provision or preserva- tion of employment opportunities and the other goals for which the bond was originally issued. Such an assignment is allowed by law and by the terms of the bond and the instruments executed in connection therewith. The South Bend Economic Development Commission has approved such assumption. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: Section 1. The City of South Bend, Indiana, hereby consents to the assignment of the right, title, interest, duties, liabili- ties, and responsibilities of Max Koenig and Irving Rosenberg, as Assignees of Michiana Wholesale, Inc., under the terms and conditions of a document entitled "Lease and Trust Indenture" executed on September 1, 1976, and all other documents executed