Authorozong Revenue Bonds Char-King Inc

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The issuance of revenue bonds by the Issuer as herein- after authorized will in all respects conform to the provisions and requirements of the Act. It has now been determined that the estimated amount necessary to finance the cost of completing the Project, includ- ing necessary expenses incidental thereto, requires that addi- tional revenue bonds of the Issuer in the principal amount of $400,000 be authorized as hereinafter provided and that such bonds shall be designated Economic Development Revenue Bond, Series 1978 (Char -King, Inc. Project) (hereinafter referred to as the "Series 1978 Bond "). The proposed plan of financing has been submitted for approval to the South Bend Economic Development Commission. The South Bend Economic Development Commission has rendered its Report Making Certain Estimates on the financing of proposed economic development facilities for the Company and the South Bend Plan Commission has commented favorably thereon. The South Bend Economic Development Commission, after public hearing, adopted a resolution on the same date, which resolution has been previously transmitted hereto, finding that the additional financing of certain economic development facili- ties for the Company complies with the purposes and provisions of I.C. (1971) 18- 6 -4.5, as amended, and that such additional financ- ing will be of benefit to the health and welfare of the citizens of the City of South Bend. The South Bend Economic Development Commission has heretofore approved and recommended the adoption of the proposed form of ordinance by this Common Council. Necessary arrangements have been made for the issuance and sale of the Series 1978 Bond. The Issuer has caused to be prepared and presented to this meeting proposed forms of the following instruments: (a) a form of First Supplemental Loan Agreement (the "First Supplemental Loan Agreement ") dated as of July 1, 1978 by and between the Issuer and the Company; and -3-