Approving the Resignation National Bank & Trust Co Trustee Naming First Bank & Trust co as Trustee

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ORDINANCE NO. (,S 9 4-7 t AN ORDINANCE APPROVING THE RESIGNATION OF THE NATIONAL BANK AND TRUST COMPANY OF SOUTH BEND AS TRUSTEE AND THE NAMING OF THE FIRST BANK AND TRUST COMPANY OF SOUTH BEND AS TRUSTEE BE IT ORDAINED by the Common Council of the City of South Bend, Indiana as follows: Section 1 Preliminary Statement a. Pursuant to Ordinance No. 6481 -78 adopted by the Common Council of the City of South Bend (City) on October 9, 1978, the City has outstanding $8,000,000 principal amount of Economic Development Revenue Bonds, Series A, (Brethren Care of South Bend, Inc. Project) dated October 1, 1978 issued pursuant to and secured by an Indenture of Trust dated as of October 1, 1978 between the City and the National Bank and Trust Company of South Bend (National Bank) as Trustee. b. The proceeds from the sale of the Economic Development Revenue Bonds were intended to and are to be used to construct a residential retirement facility to be owned and operated by Brethren Care of South Bend, Inc. (Brethren Care). C. As a result of agreements entered into by Brethren Care with respect to financing additional costs of the project, Brethren Care has requested the National Bank to resign as Trustee under the Indenture of Trust and related documents and, purusant to Section 1006 of the Indenture of Trust, the National Bank has by letter dated May 8, 1979 given written notice of its resignation as Trustee to the Issuer, the Company, each registered owner of outstanding bonds and each holder of outstanding bonds as shown on the list of bondholders main- tained pursuant to Section 405 of the Indenture of Trust. d. Brethren Care has requested that the First Bank and Trust Company of South Bend be named as the new Trustee for the bondholders. Section 2 Acceptance of Resignation and Appointment of New Trustee The Common Council of the City hereby finds and determines that the resigna- tion of the National Bank and Trust Company of South Bend should be accepted and that the First Bank and Trust Company of South Bend is hereby appointed as the new Trustee under the Indenture of Trust for the bondholders. Section 3 Effective Date This Bond Ordinance shall be in full force and effect from and after its passage and approval as provided by law. f ATTEST: Irene K. Gammon, City Clerk s APPI WED IKIEFERRID PASSED G ,lam - 7 -' f the Common Council FILED IN CLERK'S OFFICE MAY 1 11979 Irene Gammon COY CLER& SOUTH OENDr IND.