Authorizing the Issuance and Sale not Exceeding $4,000,000.00 Revenue Bonds - Health Quest Realty V

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TRANSMITTAL OF ADOPTED COMMISSION RESOLUTION AND PROPOSED ORDINANCE FOR ADOPTION BY THE SOUTH BEND COMMON COUNCIL WE APPROVAL BY THE MAYOR PERTAINING TO THE FINANCING OF FACILITIES FOR HEALTH QUEST REALTY V BY THE ISSUANCE BY THE CITY OF SOUTH BEND, INDIANA OF ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS TO: Irene K. Gammon City Clerk City of South Bend County -City Building South Bend, IN 46601 The South Bend Economic Development Commission (Commission) hereby transmits to you in accordance with the Public Law No. 182 of the Acts of the General Assembly of Indiana for 1973, as such may be amended from time to time, including but not limited to IC 18- 6 -4.5 -1 through IC 1?- 6- 4.5 -30, hereinafter referred to as the "Act ": 1. A resolution adopted by the Commission on August 14, 1981, as called for by the Act; 2. Proposed ordinance for adoption by the Comm Council of the City of South Bend, Indiana, as called for by the Act. You will note from a perusal of the body of these documents that the purpose thereof is to finance the acquisition of real estate and the construction of an economic facility [a one- hundred and fifty (150) bed nursing home] to be located on 12.17 acres of land, located approximately 1500 feet north of the intersection of Ironwood and Cleveland, St. Joseph County, Indiana, pursuant to the terms of a Trust Indenture and Financing Agreement and other related documents, and the issuance by the City of South Bend, Indiana, of Industrial Development Bonds in a total amount of Four Million ($4,000,000.00) Dollars, repayable with interest thereon at the rate of twelve (12%) percent per annum over a period not to exceed thirty (30) years, in accordance with the terms of such Trust Indenture and Financing Agreement . Submitted this day of August, 1981. SOUTH BEND ECONOMIC DEVELOR= Ca+!ISSION