$200,000.00 City Economic Development Revenue Bond (Dixie Development Partnership Project)

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ORDINANCE NO. 7z zi44 ORDINANCE AUTHORIZING THE ASSIGNMENT OF THE INTERESTS OF DIXIE DEVELOPMENT PARTNERSHIP, AN INDIANA PARTNERSHIP UNDER THE $200,000.00 CITY OF SOUTH BEND, INDIANA, ECONOMIC DEVELOPMENT REVENUE BOND (DIXIE DEVELOPMENT PARTNERSHIP PROJECT) TO GRANNY FRANNY'S, INC., AN INDIANA CORPORATION STATEMENT OF PURPOSE OF INTENT The City of South Bend, Indiana has previously issued a $200,000.00 City of South Bend, Indiana, Economic Development Revenue Bond (Dixie Development Partnership Project) (the "Bond ") pursuant to authority granted by Indiana law. Dixie Development Partnership is delinquent in its payment under the bond issue, causing the purposes for which the bond was issued to be frustrated. Granny Franny's, Inc., an Indiana Corporation ( "Granny Franny's',') desires to assure the right, title, interest, duties, liabilities, and responsibilities of Dixie Development Partnership under the bonds. Such assumption is consistent with the provision or preservation 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, liabilities, and responsibilities of Dixie Development Partnership under the terms and conditions of a document entitled "Lease and Trust Indenture" executed on October 1, 1977, and all other documents executed in connection with the bonds and of the transfer by Dixie Development Partnership of its right, title, and interest to certain real property purchased in connection with said bond issue and certain of the property thereon to