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said Act as herein provided have been in all respects duly and validly <br />authorized by proceedings duly passed on and approved by the Issuer; and <br />WHEREAS, it has been determined that the estimated amount necessary <br />to finance the costs of such facilities, including necessary expenses <br />incidental thereto, will require the issuance, sale and delivery of the <br />Issuer's Economic Development First Mortgage Revenue Bonds (South Bend Forge, <br />Inc. Project) (ABS Industries, Inc. - Guarantor) in the aggregate principal <br />amount of six million dollars ($6,000,000) (herein referred to as the <br />"Project Bonds ") all as set forth and declared in the Bond Legislation; <br />and <br />WHEREAS, the Act further authorizes the Issuer to (a) enter into <br />a loan agreement and to accept security interests to evidence and secure <br />such indebtedness and to provide for revenues, as described in Title 18, <br />Article 6, Chapter 4.5 -18 of the Act, sufficient to pay the principal of <br />and premium, if any, and interest on such revenue bonds, (b) to secure such <br />revenue bonds by a trust indenture and by a pledge and assignment of <br />revenues, as provided for herein, and (c) to enact this Bond Legislation <br />and enter into the Trust Indenture, the Loan Agreement and the acceptance <br />and assignment of the Mortgage, all as hereinafter defined, upon the terms <br />and conditions provided therein; <br />WHEREAS, the Company is a corporation duly organized under the laws <br />of the State of Indiana; and <br />WHEREAS, the Common Council of the Issuer (hereinafter called the <br />"Legislative Authority ") has heretofore by Ordinance No. 5240 -70 passed <br />on October 26, 1970 and pursuant to the Act, created the South Bend Economic <br />Development Commission (hereinafter called the "Commission ") and the members <br />of the Commission have been duly appointed and qualified and the Commission <br />has organized and undertaken the duties imposed upon it by the Act; and <br />WHEREAS, the Commission has entered into negotiations with the <br />- 2 - <br />