Approving Economic Development Bonds - South Bend Forge Inc

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WHEREAS, at the time the Original Bond Legislation was adopted, it was provided in Section 8 thereof and in Section 2.08 of the Original Indenture that one or more series of economic development revenue bonds in addition to the Project Bonds (hereinafter and in the Original Bond Legislation and Original Indenture called "Additional Bonds ") may be authenticated and delivered from time to time under the Indenture when authorized by resolu- tion of the Issuer, subject to certain provisions set forth in said Original Indenture; and WHEREAS, the Company has requested that the Issuer issue a series of Additional Bonds in the amount of $3,000,000 (hereinafter called the "Series 1980 Bonds ") for the purpose of paying costs of the acquisition, construction and equipment of additional economic development facilities to be located within the boundaries of the Issuer; and WHEREAS, the Company is a corporation duly organized under the laws of the State of Indiana; and WHEREAS, the Common Council of the Issuer (hereinafter called the "Legislative Authority ") has heretofore by Ordinance No. 5240 -70 passed on October 26, 1970 and pursuant to the Act, created the South Bend Economic Development Commission (hereinafter called the "Commission ") and the members of the Commission have been duly appointed and qualified and the Commission has organized and undertaken the duties imposed upon it by the Act; and WHEREAS, the Commission has entered into negotiations with the Company concerning the providing of funds to assist in the acquisition, construc- tion and equipping of additional economic development facilities (herein- after called the "Series 1980 Project ") to be owned and operated by the Company and in connection therewith has prepared a report describing the Series 1980 Project estimating any public services which would be made necessary or desirable by the Series 1980 Project and the expense thereof, the number of jobs and estimated payroll on account of the operation of the Series 1980 Project, and the total project costs of the Series 1980 Project; -3-