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- ORDINANCE NO. %?,S' - 3
<br />AN ORDINANCE AMENDING GENERAL ORDINANCE NO.
<br />6622 -79, PASSED AUGUST 13, 1979, AUTHORIZING THE
<br />ISSUANCE OF $6,000,000 CITY OF SOUTH BEND, INDIANA,
<br />ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS
<br />(SOUTH BEND FORGE, INC. PROJECT) (ABS INDUSTRIES,
<br />INC. - GUARANTOR) AND GENERAL ORDINANCE NO.
<br />6781 -80, PASSED MAY 27, 1980, AUTHORIZING THE
<br />ISSUANCE OF $3,000,000 CITY OF SOUTH BEND, INDIANA,
<br />ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS,
<br />SERIES 1980 (SOUTH BEND FORGE, INC. PROJECT) (ABS
<br />INDUSTRIES, INC. - GUARANTOR); AND AUTHORIZING THE
<br />EXECUTION AND DELIVERY OF AMENDED BONDS AND OF A
<br />SECOND SUPPLEMENTAL TRUST INDENTURE AND SECOND
<br />SUPPLEMENTAL LOAN AGREEMENT.
<br />On August 13, 1979, the Common Council (the "Legislative Authority ")
<br />of the City of South Bend, Indiana (the "Issuer ") duly passed General
<br />Ordinance No. 6622 -79 (the "Original Bond Legislation ") providing for the
<br />issuance of $6,000,000 Economic Development First Mortgage Revenue Bonds
<br />(South Bend Forge, Inc. Project) (ABS Industries, Inc. - Guarantor), dated as
<br />of July 1, 1979 (the "Series 1979 Bonds ") for the purpose of making a loan to
<br />assist South Bend Forge, Inc. (the "Company ") in the financing of costs of
<br />acquiring, constructing and equipping real and personal property comprising
<br />economic development facilities to be owned and operated by the Company.
<br />In order to provide revenues sufficient to pay the principal of,
<br />premium, if any, and interest on the Series 1979 Bonds, the Issuer and the
<br />Company entered into a Loan Agreement dated as of July 1, 1979 (the "Original
<br />Loan Agreement ").
<br />In order to secure the Series 1979 Bonds the Issuer and First Bank
<br />and Trust Company of South Bend (now known as First Source Bank), as Trustee
<br />(the "Trustee "), entered into a Trust Indenture dated as of July 1, 1979 (the
<br />"Original Indenture ").
<br />On May 27, 1980, the Legislative Authority duly passed General
<br />Ordinance No. 6781 -80 (the "1980 Bond Legislation ") providing for the
<br />issuance, pursuant to the provisions regarding Additional Bonds contained in
<br />the Original Indenture, of $3,000,000 Economic Development First Mortgage
<br />Revenue Bonds, Series 1980 (South Bend Forge, Inc. Project) (ABS Industries,
<br />Inc. - Guarantor), dated as of May 1, 1980 (the "Series 1980 Bonds ") for the
<br />purpose of paying costs of the acquisition, construction and installation of
<br />additional economic development facilities to be owned and operated by the
<br />Company.
<br />In order to provide sufficient and additional revenues to pay the
<br />principal of, premium, if any, and interest on the Series 1980 Bonds, the
<br />Issuer and the Company entered into a First Supplemental Loan Agreement dated
<br />as of May 1, 1980 (the "First Supplemental Loan Agreement ").
<br />In order to secure the Series 1980 Bonds, the Issuer as the Trustee
<br />
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