Authorizing Economic Development Fortuna Land Company Project

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issuance and sale of a revenue bond, the loan of the proceeds of the revenue bond to Fortuna Land Company for the acquisition and construction of such facilities, the payment of the revenue bond by the note payments of Fortuna Land Company under the Loan Agreement and Mortgage and Note, the guaranty of payment of principal and interest on the revenue bond by Anthony and Francis Fortuna, Harbor Metal Treating of Indiana, Inc., and Harbor Metal Treating Co. under the Guaranty Agreement and the securing of said bond by the mortgaging of such facilities to the City of South Bend under the Loan Agreement and Mortgage and the assignment of the City of South Bend's rights therein pursuant to the Bond Purchase Agreement complies with the purposes and provisions of I.C. 36 -7 -12 and will be of benefit to the health and welfare of the City of South Bend and its citizens. Section 2. The substantially final forms of the Loan Agree- ment and Mortgage, Note, and Bond Purchase Agreement approved by the South Bend Economic Development Commission are hereby approved (herein collectively referred to as the "Financing Agreement" referred to in I.C. 36- 7 -12), and the substantially final forms of the Guaranty Agreement approved by the South Bend Economic Development Commission are hereby approved, and all such documents shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk. In accordance with the provisions of I.C. 36- 1 -5 -4, two (2) copies of all such documents are on file in the office of the Clerk for public inspection. Section 3. The City of South Bend shall issue its Economic Development First Mortgage Revenue Bond (Fortuna Land Company Project), in the total principal amount not exceeding Three Hundred Thousand Dollars ($300,000) and maturing not later than ten years from the date of the first principal payment, which - 2 -