Authorizing $9,000,000 Economic Development Revenue Bonds making a Loan to First Bank Center

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ORDINANCE NO. 6L SI AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF $9,000,000 ECONOMIC DEVELOPMENT REVENUE BONDS OF THE CITY OF SOUTH BEND, INDIANA, FOR THE PURPOSE OF MAKING A LOAN TO FIRST BANK CENTER LIMITED PARTNERSHIP IN ORDER TO FINANCE THE ACQUISITION, CONSTRUCTION AND DEVELOPMENT OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES LOCATED IN THE CITY OF SOUTH BEND, INDIANA; AUTHORIZING EXECUTION OF A LOAN AGREE- MENT, AN INDENTURE OF TRUST AND A BOND PURCHASE AGREEMENT; AND APPROVING RELATED MATTERS. BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. Statement of Purpose and Intent. (a) The City of South Bend, Indiana (hereinafter called the "City ") is a municipal corporation and political subdivision of the State of Indiana and by virtue of IC 18- 6 -4.5, as amended (hereinafter called the "Act ") is authorized and empowered to adopt this ordinance (the "Bond Ordinance ") and to carry out its provisions. (b) First Bank Center Limited Partnership (the "Borrower ") is a limited partnership duly organized and existing under and by virtue of the laws of Minnesota with its principal office in Minneapolis, Minnesota, and duly qualified to conduct business in the State of Indiana. (c) The Borrower has agreed to acquire, construct and develop certain economic development facilities (the "Project ") in the City of South Bend, if the City will finance a portion of the cost of such acquisition, construction and development. (d) The South Bend Economic Development Commission has performed all action required of it by the Act preliminary to the adoption of this Bond Ordinance and has approved and forwarded to this Common Council the forms of (1) Bond Purchase Agreement (the "Bond Purchase Agreement ") dated as of March 15, 1981 among