$1,000,000 Economic Development Revenue Bonds Dayton-Hudson Corp

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NOW, THEREFORE, Be It Resolved by the South Bend Economic Development Commission, as follows: 1. The proposed financing of the Project by the City for Dayton- Hudson Corporation is hereby found to be of benefit to the economic welfare of the City and to comply with the purposes and provisions of Indiana Code 18- 6 -4.5. 2. The Project will not have an adverse competitive effect on similar facilities already constructed or operating in or near the City. 3. The Commission approves the proposed financing and the proposed form and terms of: (a) $1,000,000 Economic Development Revenue Bonds maturing 15 years from their date and bearing interest at the rate of 13-1/4% per annum proposed to be issued by the City for the purpose of loaning the proceeds to Dayton- Hudson Corporation for paying costs of the Project; (b) Loan Agreement whereby the City loans the bond proceeds to Dayton- Hudson Corporation to pay costs of such facilities and the repayment of which is upon terms sufficient to retire, and is the source of payment of, the Bonds and interest thereon; (c) Indenture of Trust from the City to The Indiana National Bank, as Trustee, securing said Bonds; (d) Bond Purchase Agreement among the City, Dayton - Hudson Corporation, and Thornton, Farish & Gauntt, Inc. providing the terms of sale of said Bonds; (e) Official Statement describing said Bonds; and -2-