Authorizing $5,000,000 Economic Development Revenue Bonds - Brethren Care of South Bend Inc Project

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WHEREAS, pursuant to Ordinance 6481 -78 the Issuer has heretofore issued $8,000,000 principal amount of Economic Development Revenue Bonds, Series A (Brethren Care of South Bend, Inc., Project), as authorized and permitted by the Act, in order to finance a portion of the costs of the Project; and WHEREAS, it is proposed to finance the balance of the costs of the Project thorugh the issuance of economic development bonds by the Issuer pursuant to the provisions of the Act; and WHEREAS, the South Bend Economic Development Commission (the "Commission "), after holding a public hearing on the question of financing the balance of the costs of the Project, has, by resolution adopted November 2, 1979, recommended that the balance of the costs of the Project be financed by the Issuer by the issuance of its economic development revenue bonds in order to promote the pur- poses of the Act and has found that the financing will be of benefit to the health and welfare of the Issuer and in compliance with the purposes and provi- sions of the Act; and WHEREAS, the aggregate cost of financing the balance of the costs of the Project (including incidental expenses related thereto and to the issuance of said economic development revenue bonds) has been determined to be not more than $5,000,000; and WHEREAS, in order to finance the balance of the costs of acquiring, constructing and equipping the Project, the Issuer proposes to issue not more than $5,000,000 principal amount of Economic Development Revenue Bonds, 1979 Series B (Brethren Care of South Bend, Inc., Project) (the "1979 Series B Bonds "), as authorized and permitted by the Act and as hereinafter provided; and WHEREAS, the Issuer proposes to enter into a Security Agreement, which is a "financing agreement" within the meaning of the Act, dated as of December 1, 1979 (the "Security Agreement "), with the Corporation, specifying the terms and conditions of financing the balance of the costs of the Project and of completing the acquisition, construction and equipping of the Project, as aforesaid, and setting forth the terms of the Corporation's Promissory Note, 1979 Series B dated December 1, 1979 (the "1979 Series B Note "), which note shall be secured solely by a pledge of the Life Occupancy Fees (as defined in the Security Agreement) received by the Corporation in respect of the Project; and - 2 -