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WHEREAS, at or before the time of the issuance of any of said <br />revenue bonds the City will enter into a Lease of the Project dated <br />March 1, 1975 (the "Lease ") with St. Joseph Development Co., Inc. (the <br />"Company "), an Indiana corporation; and the Company will enter into a <br />Sublease of the Project.with St. Joseph Bank and Trust Company dated <br />March 1, 1975 (the "Sublease "); and <br />WHEREAS, the City has determined that the amount necessary to <br />pay the cost of financing and acquiring the Project, including necessary <br />expenses incidental thereto, requires that revenue bonds of the City in <br />the principal amount of $2,300,000 be authorized as hereinafter provided; <br />and <br />WHEREAS, the City has made the necessary arrangements for the <br />issuance and sale of such revenue bonds; and <br />WHEREAS, it is necessary, in connection with the issuance and <br />sale of said bonds, that the City execute and deliver an Indenture of <br />Mortgage and Trust dated as of March 1, 1975 (the "Indenture ") to <br />American Fletcher National Bank and Trust Company, Indianapolis, Indiana, <br />as Trustee for the bondholders (the "Trustee "): <br />NOW, THEREFORE, Be It Resolved by the Common Council of the <br />City of South Bend, Indiana, as follows: <br />Section 1. This Common Council now hereby finds that the <br />proposed financing and acquisition of the Project in accordance with <br />the plans and specifications referred to in the Indenture and the <br />leasing of the Project to the Company and the subleasing of the Pro- <br />ject to, among others, St. Joseph Bank and Trust Company by the Com- <br />pany as hereinafter provided are hereby determined to be in the public <br />interest and in furtherance of the public purposes contemplated by <br />the Act, and said financing and acquisition comply with the purposes <br />and provisions of the Act and will be of direct benefit to.the health <br />and welfare of the City and its citizens. This Common Council now <br />hereby authorizes and approves, in all respects the proposed financing <br />and acquisition of the Project. <br />- 3 - <br />