Authorizing $550,000 Economic Development Revenue Bonds - Automatic Molded Plastics Inc. Project)

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There has been prepared an Official Statement, dated the date hereof (the "Official Statement "), describing the terms and provisions of, and the security for, the Bonds. Forms of the Loan Agreement, Note, Indenture, Bond Purchase Agreement and Official Statement have been presented to this meeting. NOW, THEREFORE, Be it Ordained by the Common Council of the City of South Bend, Indiana, as follows: Section 1. The financing of the cost of acquiring constructing and equipping the Project, including the payment of necessary expenses incidental to the financing thereof, through the issuance and sale of the Bonds, as hereinafter provided, are hereby authorized and approved, and are found and determined to be of benefit to the health and welfare of the Issuer and its residents, and in compliance with the purposes and provisions of the Act. It is further found that the Project will not have an adverse competitive effect on similar facilities already constructed and operating in the Issuer. Section 2. In order to provide funds to finance the cost of acquiring, constructing and equipping the Project, including necessary expenses incidental to the financing thereof, there are hereby authorized to be issued economic development revenue bonds of the Issuer in the aggregate principal amount of $550,000, which economic development revenue bonds shall be designated "City of South Bend, Indiana, Economic Development Revenue Bonds, Series 1981 (Automatic Molded Plastics, Inc., Project)." The Bonds shall be issued as coupon bonds, registrable as to principal only, in the denomination of $5,000. The Bonds shall be dated as of December 1, 1981, and shall bear interest from their date on the unpaid principal amount thereof at the rates per annum, and shall mature on December 1 in each of the years and in the principal amounts as stated in the form of Indenture presented to this meeting. Im