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Approving the Resignation National Bank & Trust Co Trustee Naming First Bank & Trust co as Trustee
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Approving the Resignation National Bank & Trust Co Trustee Naming First Bank & Trust co as Trustee
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6/4/2013 2:41:42 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/11/1979
Ord-Res Number
6594-79
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ORDINANCE NO. (,S 9 4-7 t <br />AN ORDINANCE APPROVING THE RESIGNATION OF THE NATIONAL BANK AND TRUST COMPANY <br />OF SOUTH BEND AS TRUSTEE AND THE NAMING OF THE FIRST BANK AND TRUST COMPANY <br />OF SOUTH BEND AS TRUSTEE <br />BE IT ORDAINED by the Common Council of the City of South Bend, Indiana as <br />follows: <br />Section 1 <br />Preliminary Statement <br />a. Pursuant to Ordinance No. 6481 -78 adopted by the Common Council of the <br />City of South Bend (City) on October 9, 1978, the City has outstanding $8,000,000 <br />principal amount of Economic Development Revenue Bonds, Series A, (Brethren Care <br />of South Bend, Inc. Project) dated October 1, 1978 issued pursuant to and secured <br />by an Indenture of Trust dated as of October 1, 1978 between the City and the <br />National Bank and Trust Company of South Bend (National Bank) as Trustee. <br />b. The proceeds from the sale of the Economic Development Revenue Bonds <br />were intended to and are to be used to construct a residential retirement <br />facility to be owned and operated by Brethren Care of South Bend, Inc. (Brethren <br />Care). <br />C. As a result of agreements entered into by Brethren Care with respect <br />to financing additional costs of the project, Brethren Care has requested the <br />National Bank to resign as Trustee under the Indenture of Trust and related <br />documents and, purusant to Section 1006 of the Indenture of Trust, the National <br />Bank has by letter dated May 8, 1979 given written notice of its resignation as <br />Trustee to the Issuer, the Company, each registered owner of outstanding bonds <br />and each holder of outstanding bonds as shown on the list of bondholders main- <br />tained pursuant to Section 405 of the Indenture of Trust. <br />d. Brethren Care has requested that the First Bank and Trust Company of <br />South Bend be named as the new Trustee for the bondholders. <br />Section 2 <br />Acceptance of Resignation and Appointment of New Trustee <br />The Common Council of the City hereby finds and determines that the resigna- <br />tion of the National Bank and Trust Company of South Bend should be accepted and <br />that the First Bank and Trust Company of South Bend is hereby appointed as the <br />new Trustee under the Indenture of Trust for the bondholders. <br />Section 3 <br />Effective Date <br />This Bond Ordinance shall be in full force and effect from and after its <br />passage and approval as provided by law. <br />f <br />ATTEST: <br />Irene K. Gammon, City Clerk <br />s APPI WED <br />IKIEFERRID <br />PASSED G ,lam - 7 -' <br />f the Common Council <br />FILED IN CLERK'S OFFICE <br />MAY 1 11979 <br />Irene Gammon <br />COY CLER& SOUTH OENDr IND. <br />
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