Authorizing South Bend Economic Development Revenue Note - South Bend Medical Foundation Inc Project

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RESOLUTION OF THE SOUTH BEND ECONOMIC D EVELOPI4F.NT COMMISSION BE IT RESOLVED BY THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION THAT: Section 1. It finds that the proposed fi- nancing of economic development facilities re- ferred to in the Note Purchase and Loan Agree- ment presented to this meeting for South Bend Medical Foundation, Inc., an Indiana not -for- profit corporation, complies with the purposes and provisions of IND. CODE §§ 18- 6 -4.5 -1 et seq. and will be of benefit to the health and w—elfare of the City of.South Bend and its citizens. Section 2. The final forms of the Note Purchase and Loan Agreement, Promissory Note of South Bend Medical Foundation, Inc., Mortgage and Trust Indenture, Security Agreement, Collat- eral Assignment of Leases and Rents, and the proposed form of Ordinance for the South Bend Common Council presented to this meeting are hereby approved, subject to such changes as the Common Council deems necessary to eliminate any ambiguity or correct technical defects, includ- ing dates. Section 3. The proposed economic develop- ment facilities will not have an adverse compe- titive effect on any similar facilities already under construction or in operation in the City of South Bend. Section 4. The Secretary of this Commis- sion shall initial and then insert a copy of the forms of documents approved by this resolu- tion in the minutes book of this Commission. Section 5. A copy of this Resolution and the other documents approved by this Resolution and the proposed form of Ordinance shall be pre- sented by Counsel for this Commission or by any member of this Commission to the Clerk of the City of South Bend for presentation to the Com- mon Council of the City of South Bend. Dated this _1__ day Approved: (! r President