Authorizing $9,000,000 Economic Development Revenue Bonds

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ORDINANCE NO.20J'S- a AN ORDINANCE AUTHORIZING THE PERMANENT FINANCING OF $9,000,000 ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF SOUTH BEND, INDIANA; AUTHORIZING AN EXTENSION OF THE MATURITY DATE OF THE BONDS AND THE NOTE; AUTHORIZING A FIRST AMENDMENT TO THE INDENTURE OF TRUST, LOAN AGREEMENT AND MORTGAGE AND SECRUITY AGREEMENT; AND RELATED MATTERS. WHEREAS, THE CITY OF SOUTH BEND, INDIANA (hereinafter called the "Issuer "), is a municipal corporation and political subdivision of the State of Indiana and by virtue of IC 3717 -12 (formerly IC 18- 6 -4.5) and IC 5 -1 -5 (hereinafter called the "Act ") is authorized and empowered to adopt this Ordinance (the "Bond Ordinance ") and to carry out its provisions, and WHEREAS, THE ISSUER and FIRST BANK CENTER LIMITED PARTNERSHIP, a Minnesota Limited Partnership (the "Borrower "),entered into a Loan Agreement dated as of March 15, 1981 (the "Loan Agreement "); The ISSUER and THE INDIANA NATIONAL BANK, as TRUSTEE (the "Trustee entered into an Indenture of Trust dated as of March 15, 1981 (the "Indenture "); and the Borrower entered into a Mortgage, Assignment of Rents and Security Agreement with the Trustee dated as of March 15, 1981 (the "Mortgage "), recorded in the Recorder's Office of St. Joseph County, Indiana on March 27, 1981 as Instrument No. 8104582 and said documents are in full force and effect as of this date; and WHEREAS, by virtue of IC 18- 6 -4.5, ORDINANCE NO. 6898 -81 was adopted by the Common Council thereby authorizing the Issuer to issue, sell and deliver its $9,000,000 Economic Development Revenue Bonds (FIRST BANK CENTER PROJECT) to NATIONAL BANK OF DETROIT ( "NBD ") and the INDIANA NATIONAL BANK (the "Banks "), who provided financing for the Project during the period of construction and who intend to sell the Bonds to THE AETNA CASUALTY AND SURETY COMPANY and NATIONWIDE MUTUAL INSURANCE COMPANY (the "Purchasers "), who will provide the permanent financing for the Project, and WHEREAS, construction of the Project has been completed and the parties now desire to extend the maturity date of the Bonds, and the corresponding maturity date of the Note of the Borrower (the "Note ") and the term of the Loan Agreement, the Indenture and the Mortgage, so that the term of the construction and permanent financing is approximately 30 years, with optional prepayment available at any time to the holders of the bonds after 15 years, NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION 1. Execution of the First Amendment. The Mayor and City Clerk shall execute, acknowle ge and deliver in the name and on behalf of the Issuer, the First Amendment in substantially the form submitted to this Common Council, which is hereby approved in all respects. SECTION 2. Execution and Delivery of the Bonds. The Mayor and City Clerk of the Issuer are hereby authorized and directed to execute and deliver to the holders of the outstanding Bonds, replacement bonds (the "Replacement Bonds ") in exchange for and cancellation of the Bonds. The Replacement Bonds shall be substantially in the form set forth herein.