Laserfiche WebLink
ORDINANCE NO. %Oy %-J'a <br />AN ORDINANCE CONSENTING TO CERTAIN ACTION APPLICABLE TO <br />THE CITY OF SOUTH BEND ECONOMIC DEVELOPMENT FIRST MORTGAGE <br />REVENUE BONDS, SERIES 1980 (TIMBERLINE TRACE PROJECT) AND <br />OTHER DOCUMENTS RELATED THERETO <br />WHEREAS, the Common Council of the City of South Bend, (the <br />"Common Council ") has heretofore adopted Ordinance No. 6784 -80, on <br />May 28, 1980, authorizing the issuance of the City of South Bend <br />Economic Development Revenue Bonds, Series 1980 (Timberline Trace <br />Project) (the "Bonds "), and the entering into by the City of South <br />Bend (the "Issuer ") in a Loan Agreement dated as of April 1, 1980, <br />between the Issuer and Timberline Trace, an Indiana Partnership (the <br />"Company ") (the "Loan Agreement "), and a Mortgage and Indenture of <br />Trust, dated as of April 1, 1980, among the Issuer, the Company and <br />St. Joseph Bank and Trust Company, South Bend, Indiana, as Trustee <br />(the "Trustee ") (the "Indenture "); and <br />WHEREAS, the Company and the holders of the Bonds are requesting <br />the Issuer and the Trustee to approve such transfer and to waive the <br />event of default under the Loan Agreement and Indenture resulting <br />from such transfer; and <br />WHEREAS, the Issuer is willing to consent to such transfer if <br />the Company is able to secure the consent of the holders of all <br />outstanding Bonds; <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL, THE CITY <br />OF SOUTH BEND, INDIANA, AS FOLLOWS: <br />Section 1. The Issuer approves the transfer of the Company's <br />interest in the Loan Agreement, the Project, the Note and Indenture, <br />and the termination of the Lease, subject to the terms and provisions <br />of the Assignment and Assumption attached hereto, and waives the <br />event of default resulting therefrom subject to the receipt of the <br />unanimous consent from the holders of all outstanding Bonds so <br />provided in the Waivers attached hereto. <br />Section 2. Upon receipt by the Trustee of the unanimous consent <br />of the holders of all outstanding Bonds, the Trustee may waive the <br />default under the terms and provisions of the Loan Agreement, the <br />Indenture, and the Bonds resulting from such transfer. <br />