Approving Economic Development Bonds - South Bend Forge Inc

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Section 4. Determinations of Legislative Authority. It is hereby determined that (a) the Series 1980 Project is an economic development facility as defined in the Act; (b) the utilization of the Series 1980 Project is in furtherance of the purposes of the Act and will benefit the people of the State by promoting the health, prosperity, economic stability and general welfare of the people of the Issuer and the State by assisting in the reduction of insufficient employment opportunities; and (c) the provision of loan assistance in the financing of costs of acquiring, constructing and equipping the Series 1980 Project, including the financing thereof, will require the issuance, sale and delivery of the Series 1980 Bonds in the principal amount of $3,000,000. Section 5. Authorization and Terms for the Series 1980 Bonds. It is hereby determined to be necessary to issue, sell and deliver, as provided and authorized herein and pursuant to the authority of the Act, $3,000,000 in aggregate principal amount of City of South Bend economic development revenue bonds, designated "Economic Development First Mortgage Revenue Bonds, Series 1980 (South Bend Forge, Inc. Project) (ABS Industries, Inc. - Guarantor) on a parity with the $6,000,000 aggregate principal amount of Project Bonds heretofore authorized by the Original Bond Legislation, for the purpose of making a loan to assist the Company in the financing of the costs of the acquisition, construction and equipping of the Series 1980 Project to be operated by the Company for the Project Purpose including costs incidental thereto and to the financing thereof. The Series 1980 Bonds shall be only issued in fully registered form in the form attached hereto as Exhibit A (which form is incorporated herein by reference and made a part hereof as if set forth in full herein) and shall be dated as of May 1, 1980 with interest paid from the date of their delivery and shall be numbered as determined by the Fisacl Officer. Series 1980 Bonds in fully registered form shall be in the denomination of $20,000 or any integral multiple thereof. The Series 1980 Bonds shall mature, bear