Issuance of Economic Development Revenue Bonds Jeffry S Beardsley - Bernell Corporation Project

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TRANSMITTAL OF ADOPTED COMMISSION RESOLUTION AND PROPOSED ORDINANCE FOR ADOPTION BY THE SOUTH BEND COMMON COUNCIL AND APPROVAL BY THE MAYOR PERTAINING TO THE FINANCING OF FACILITIES FOR JEFFRY S. BEARDSLEY BY THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA OF ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS TO: CITY CLERK CITY OF SOUTH BEND, INDIANA SOUTH BEND, INDIANA 46601 The South Bend Economic Development Commission ( "Commission ") hereby transmits to you in accordance with the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time including but not limited to IC 18- 6 -4.5 -1 through IC 18- 6- 4.5 -30, hereinafter referred to as the "Act ": 1. A resolution heretofore adopted by the Commission on November 20, 1981, as called for by the Act. 2. A proposed ordinance for adoption by the Common Council of the City of South Bend, Indiana, as called for by the Act. You will note from a perusal of the body of these documents that the purpose thereof is to finance the relocation, expansion and construction of a new facility to be located in the Monroe - Sample Redevelopment Area in the 800 Block of Lincolnway East, South Bend, Indiana, such facility to be leased to the Bernell Corporation, an Indiana Corporation, by the execution of an Indenture of Trust and Loan Agreement and the issuance of Industrial Development Revenue Bonds in a total amount not to exceed Three Hundred Thousand ($300,000.00) Dollars, repayable with interest at the rate of either a fixed rate of thirteen (13 %) percent or a floating rate of seventy (70 %) percent of the prime rate per annum', as referred to in said Trust Indenture and Loan Agreement. Submitted this 20th day of November, 1981. SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION By: X [h �LGI ) Walter A. Mucha - Secretary