$8,000,000 Economic Development Revenue Bonds Brethren Care of South Bend

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payroll on account of the acquisition and construction of the Project and the cost thereof, (3) has submitted such report to the plan 'co'nmission(s) and school corporation(s) having jurisdiction over such facilities, and (4) has, after giving notice in acbordanee with the Act, held a public hearing on the proposed financing and adopted a resolution finding the proposed financing benefits the economic welfare of the City and complies with the purposes and provisions of the Act and approving the financing and the proposed form and terms of such revenue bonds, loan agreement and indenture of trust, which resolution and other instruments and information pertaining to the proposed financing have been transmitted to the Common Council of the City by the Secretary of the Commission. Section 2. Public Benefits and Findings. The Common Council of the City hereby finds and determines that the Project as described in Exhibit A to the Loan Agreement dated as of October 1, 1978 between the City and the Company (t,he "Loan Agreement ") to be acquired and constructed in part with the proceeds of $8,000,000 principal amount Economic Development Revenue Bonds, Series A (Brethren Care of Sbuth Bend, Inc. Project) (the "Series A Bonds ") herein authorized are "economic development facilities" as that phrase is used in the Act; that acquisition and construction of the Project will increase employment opportunities and increase diversification of business, commerce and industry in and near the City, will improve and promote the economic stability, development and welfare of the area in and near the City and will encourage and promote the expansion of industry, trade and commerce in the area in and near the City and the location of other new commercial and business facilities in such area; and that this ordinance (the "Bond Ordinance ") complies with the purposes and provisions of the Act and is of public benefit to the economic welfare of the City by tending to overcome the deficiencies previously found to exist, to wit: insufficient employment opportunities and insufficient diversification of business, commerce and industry, and that such_ benefit is greater than the cost of public facilities (as that phrase is defined in the Act) which will be required by the Project. Section 3. Authorization of Series A Bonds. In order to pay a portion of the cost of acquiring and constructing the Project, including interest on the Series A Bonds during the period of construction, there are hereby authorized to be issued, sold and delivered $8,000,000 aggregate principal amount of the Series A Bonds. Pursuant to the terms of the Loan Agreement the balance of the cost of the Project will be paid for by the Company unless paid for out of the proceeds of additional parity bonds (the "Additional Bonds ") as identified in the Indenture of Trust dated as of October 1, 1978 (the "Indenture ") between the City and the National Bank & Trust Company of South Bend, South Bend , Indiana, as Trustee t?.,e "Trustee"). Section 4. Terms for the Series A Bonds. The Series A Bonds shall be dated October 1, 1978, shall bear interest at a rate or rates per annum set forth in the Bond Purchase Agreement identified in Section 9 hereof payable on April 1 and October 1 of each year and shall mature on October 1 of each of the years set forth in and in the principal amount set opposite each year, as follows: Year Amount Year Amount 1981 S.20.000 1 9RR S inn_nnn