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and satisfy the existing bond issue heretofore issued pursuant to <br />the terms of a Lease and Trust Indenture dated November 1, 1973, <br />as entered into between the City of South Bend, Indiana, <br />the Commission, FBT Bancorp, Inc. and First Bank and Trust <br />Company of South Bend, of South Bend, Indiana, as Trustee, which such <br />existing bond issue is herein referred to as "Original Issue ". <br />C. That the proceeds of such Industrial Development Revenue <br />Bond issue in excess of amounts required to pay and retire such Original <br />Issue should be used to acquire such real estate and construct and erect <br />such additional economic development facilities and should be disbursed <br />in accordance with the terms of such Lease and Trust Indenture. <br />D. That the parcel of real estate described on Exhibit B <br />to such Lease and Trust Indenture should be released by the City of <br />South Bend, Indiana, and reconveyed to FBT Bancorp, Inc. <br />In connection with such application, the Commission has <br />prepared and placed on file a report containing the subject matter <br />as provided in Section 16 of IC 18- 6- 4.5 -16 and has forwarded copies <br />thereof to the Chairman of the Area Plan Commission of St. Joseph <br />County, Indiana, and to the Superintendent of the School Corporation <br />in the area in which such economic development facilities will be <br />located, and has timely received favorable reports from each, and <br />the Commission held a public hearing on the proposed financing of such <br />economic development facilities on August 19, 1977, after giving the <br />required notice as provided for in Section 17 of IC 18- 6- 4.5 -17 and <br />did find that the proposed financing complies with the purposes and <br />provisions of the applicable Indiana statutes governing the issuance <br />of Industrial Development Revenue Bonds and the proposed economic <br />development facilities will not have an adverse competitive affect <br />on similar facilities already constructed and operating in the City <br />of South Bend, and pursuant to such findings, the Commission adopted <br />a resolution which was transmitted to the Common Council of the City <br />of South Bend, Indiana, approving; the application of FBT Bancorp, Inc., <br />together with the terms of the Lease and Trust Indenture (financing; <br />agreement) and bond. <br />-2- <br />