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REGULAR MEETING <br />(�o/3 <br />NOVEMBER 24, 1986 <br />RESOLUTION NO. 142. A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA <br />RELATING TO,THE ASSIGNMENT AND ASSUMPTION BY PRAIRIE <br />PROPERTIES, INC., AN INDIANA CORPORATION OF THE 1985 <br />SERIES SOUTH BEND ECONOMIC DEVELOPMENT REVENUE BONDS, <br />ISSUED FOR THE INLAND DISTRIBUTING CORPORATION PROJECT. <br />WHEREAS, Inland Distributing Corporation, an Indiana corporation ( "Inland ") <br />applied for the issuance of the City of South Bend Economic Development Revenue <br />Bonds in the sum of $625,000.00, and <br />WHEREAS, said bonds were issued by the City of South Bend as Economic <br />Development Revenue Bonds, series 1985 Inland Distributing Corporation Project; and <br />WHEREAS, said bonds were issued pursuant to an Indenture of Trust dated April 1, <br />1985; and <br />WHEREAS, the shareholders of Inland Distributing corporation have sold the stock <br />of Inland Distributing Corporation to Bunzl Building Materials Service, Inc., an <br />Indiana corporation; and <br />WHEREAS, the shareholders intend to keep the real estate in the name of a newly <br />formed corporation, namely Prairie Properties, Inc.; and <br />WHEREAS, said bond issue has been assigned to and all rights, obligations and <br />duties have been assumed by Prairie Properties, Inc.; and <br />WHEREAS, the original intent of the bond issue has been fulfilled and will <br />continue to be fulfilled by the sale, and said assignment is in the best interests <br />of the City of South Bend. <br />NOW, THEREFORE, the Common Council of the City of South Bend hereby resolves as <br />follows: <br />1. The Project constitutes an Economic Development Facility and continues to do <br />so which has been financed by the city through the issuance of revenue bonds <br />pursuant to the provisions of Indiana Code 36 -7 -12. <br />2. The financing has benefitted and will continue to benefit the economic <br />welfare of the City and will comply with the provisions of said Act. <br />3. The assignment and assumption of the responsibilities and obligations of <br />Inland distributing Corporation by Prairie Properties, Inc., furthers the initial <br />financing and requirements of the Act. <br />4. That the liabilities and obligations of the South Bend Economic Development <br />Commission, the South Bend Common Council and the City of South Bend, Indiana, shall <br />continue to be limited solely through its good faith efforts in the issuance of said <br />bonds, and that the said South Bend Economic Development Commission and the City of <br />South Bend, their officers and agents shall not incur any liability for any reason <br />under said bond issue. <br />5. That said assignment and assumption by Prairie Properties is hereby <br />approved. <br />This resolution shall be in full force and effect from and after its adoption by <br />the Common Council. <br />/s/ Beverlie J. Beck <br />Member of the Common Council <br />