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(b) a form of First Supplemental Mortgage and <br />Indenture of Trust dated as of July 1, 1978 <br />(the "First Supplemental Indenture "), by and <br />between the Issuer and the Trustee. <br />It appears that each of the instruments above referred <br />to which are now before this meeting is in appropriate form and <br />is an appropriate instrument to be executed and delivered for the <br />purposes intended. <br />Pursuant to and in accordance with the provisions of <br />the Act, the Issuer is now prepared to sell its Series 1978 Bond <br />and the Issuer is willing to loan the proceeds thereof to the <br />Company and the Company will agree to repay the loan in amounts <br />sufficient to pay the principal of, premium, if any, and interest <br />on the Series 1978 Bond, together with related expenses, all as <br />set forth in the First Supplemental Loan_ Agreement. <br />It is necessary to authorize the sale of said Series <br />1978 Bond to St. Joseph. Bank and Trust Company, South Bend, <br />Indiana (the "Bond Purchaser ") and to authorize certain other <br />matters in connection therewith. <br />NOW, THEREFORE, Be It Ordained by the Common Council of <br />the City of South Bend, St. Joseph County, Indiana, as follows: <br />Section 1. Ordinance No. 5436 -75 adopted by the Issuer <br />on December 15, 1975 is hereby found to be in the best interest <br />of the Issuer and is in all respects approved, ratified, con- <br />firmed, readopted and declared to be and remain in full force and <br />effect from and after the date of its adoption and execution. <br />Section 2. Based upon representations made by the Com- <br />pany to the Issuer, the Issuer hereby determines that the aggre- <br />gate cost of the Project upon completion will be not less than <br />51,500,000; that the location of the Project within the bound- <br />aries of the City of South Bend, Indiana, will promote the pur- <br />poses of the act; and it is hereby determined that the completion <br />of the Project will require additional financing of an amount not <br />less than 8400,000, will be in furtherance of the public purposes <br />of the act by increasing employment opportunities, providing for <br />-1- <br />