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REGULAR MEETING MAY 22, 1978
<br />REGULAR MEETING RECONVENED (CONTINUED)
<br />WHEREAS, the Corporation proposes to issue the following bonds to effect the financing of
<br />its acquisition of the Parking Facilities:
<br />$3,630,000 Parking Facilities Bonds, Series 1978 ( "Series 1978 Revenue
<br />Bonds "), payable from rentals paid under the Lease and additionally
<br />secured by a mortgage on the Parking Facilities;
<br />$1,230,000 Special Obligation Bonds ( "Special Obligation Bonds "), payable
<br />from investment income derived from money deposited in trust fro the pay-
<br />ment of the 1969 Bonds.
<br />WHEREAS, in order to secure the payment of such bonds and the 1969 Bonds, and to assure the
<br />conveyance of the Parking Facilities back to the City, free of any lien and encumbrance, when
<br />all of the Series 1978 Revenue Bonds shall have been retired, the Corporation proposes to enter
<br />into the following instruments:
<br />A. Indenture of Mortage and Trust ( "Revenue Bonds Indenture ") dated
<br />as of June 1, 1978 between the Corporation and St. Joseph Bank
<br />and Trust Company, South Bend, Indiana ( "Trustee "), securing
<br />the Series 1978 Revenue Bonds;
<br />B. Indenture of Trust ( "Special Obligation Bonds Indenture ") dated
<br />as of June 1, 1978 from the Corporation to the Trustee securing
<br />the Special Obligation Bonds;
<br />C. Trust Agreement ( "Trust Agreement ") dated as of June 1, 1978
<br />between the City, the Corporation and the Trustee securing the
<br />payment of the 1969 Bonds and the Special Obligation Bonds;
<br />D. U. S. Obligations Purchase Agreement ( "Acquisition Agreement ")
<br />dated as of June 1, 1978 between the Corporation and the Trustee
<br />pursuant to which the Corporation will acquire from time to time
<br />direct obligations of the United States of America to fund an
<br />invested sinking fund created by the Revenue Bonds indenture to
<br />provide in part for the payment of the Series 1978 Revenue Bonds;
<br />E. Declaration of Beneficial Interest ( "Declaration ") dated as of
<br />June 1, 1978 from the Corporation to the City to grant and to
<br />preserve a beneficial interest in the Parking Facilities in
<br />favor of the City during the time that the Series 1978 Revenue
<br />Bonds shall be outstanding.
<br />F. Letter of Instructions to the Trustee pursuant to which the
<br />Corporation's warranty deed to the Parking Facilities will be
<br />delivered by the Corporation to the Trustee with instructions
<br />to deliver such warranty deed to the City upon the payment of
<br />all the Series 1978 Revenue Bonds.
<br />WHEREAS, the proposed Revenue Bonds Indenture, Special Obligation Bonds Indenture, Trust
<br />Agreement, Acquisition Agreement, Declaration and Letter of Instructions have been presented
<br />to this Common Council and are attached hereto as Exhibits A,B,C,D,E and F.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana,
<br />that:
<br />SECTION I. This Common Council does hereby request the Board of Directors of the Corpora-
<br />tion to proceed with the Parking Facilities refinancing project as provided in accordance with
<br />the intent of this Resolution and to proceed with the issuance of the proposed Series 1978
<br />Revenue Bonds and the proposed Special Obligation Bonds, under the Conditions described in this
<br />Resolution.
<br />SECTION II. The proposed Series 1978 Revenue Bonds, as described in the Revenue Bonds In-
<br />denture attached hereto as Exhibit A, are hereby approved.
<br />SECTION III. The proposed Special Obligation Bonds, as described in the proposed Special
<br />Obligation Bonds Indenture, attached hereto as Exhibit B, are hereby approved.
<br />SECTION IV. The proposed Trust Agreement, attached hereto as Exhibit C, is hereby approved
<br />and the Mayor and the City Clerk are hereby authorized to join the Corporation in the execution
<br />thereof.
<br />SECTION V.
<br />approved.
<br />SECTION VI.
<br />The proposed Acquisition Agreement, attached hereto as Exhibit D, is hereby
<br />The proposed Declaration, attached hereto as Exhitit E, is hereby approved.
<br />SECTION VII. The proposed letter of instructions to the Trustee, attached hereto as Exhibit)
<br />F, is hereby approved.
<br />SECTION VIII This Resolution shall be in full force and effect from and after its adoption
<br />by the Common Council and approval by the Mayor.
<br />/s /Walter M. Szymkowiak
<br />Member of the Common Council
<br />A public hearing was held on this resolution. Mr. Warren Deahl, attorney for the Parking
<br />Facilities of South Bend, Inc., indicated this resolution requests the Board of Directors of
<br />Parking Facilities of South Bend, Inc., to proceed with the refinancing project and to issue
<br />its special obligation bonds. He said this resolution also approves the form of the documents
<br />described in Exhibits A,B,D, E and F attached to the resolution, and approves and authorizes
<br />
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