Express Freight Lines Inc Economic Development Mortgage Revenue Bonds

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referred to in the First Supplemental Loan Agreement, pre- viously approved by the South Bend Economic Development Commission and presented to this Common Council, the issuance and sale of mortgage revenue bonds, the loan of the net proceeds thereof to Express Freight Lines, Inc., for the acquisition and construction of said facilities and the repayment of said loan by Express Freight Lines, Inc., to be evidenced and secured by a promissory note of Express Freight Lines, Inc., will be of benefit to the health, prosperity, economic stability and general welfare of the City of South Bend and St. Joseph County and their citizens and complies with the purposes and provisions of IC 18- 6 -4.5. SECTION 2. The forms of the First Supplemental Loan Agreement, including the Series 1980 Note attached thereto, the First Supplemental Mortgage and Trust Indenture and the Bond Purchase Agreement approved by the South Bend Economic Development Commission are hereby approved and all such documents shall be incorporated herein by reference and shall be inserted in the minutes of the Common Council and kept on file by the Clerk of the Council. SECTION 3. The City of South Bend shall issue its Economic Development Mortgage Revenue Bonds, Series 1980 (Express Freight Lines, Inc., Project) in the total principal amount of Five Hundred Thousand Dollars ($500,000) for the purpose of procuring funds to loan to Express Freight Lines, Inc., in order to pay the increased costs of the acquisition, construction, installation and equipping of the economic development facilities, as more particularly set out in the First Supplemental Loan Agreement and First Supplemental Mortgage and Trust Indenture incorporated herein by reference, which Bonds will be payable as to principal, premium, if -3-