Authorizing Economic Development Bonds American Chain & Cable Co $3,800,000

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I of Trust and the guaranty of the payment thereof by American Chain & Cable Company, Inc. to the Trustee under the guaranty Agreement, will be of benefit to the health and welfare of the City of South Bend, and its citizens. Section 2. The forms of the Lease Agreement, Mortgage and Indenture of Trust and Underwriting Agreement approved by the South Bend Development Commission are hereby approved and all such documents (hereinafter collectively referred to as the "Financing Agreement" referred to in I.C. 1971, 18- 6 -4.5), shall be incorporated herein -by reference and shall be inserted in the minutes of the Common Council and kept on file by the City Clerk. Section 3. The City of South Bend shall issue its Economic Development Revenue Bonds, Series 1974 (American Chain & Cable Company, Inc. Project), in the total principal amount of Three Million Eight Hundred Thousand Dollars ($3,800,000) for the purpose of procuring funds to pay the cost of acquisition, construc- tion and equipping of the economic development facilities, including interest during construction, as more particularly set out in the Mortgage and Indenture of Trust and Lease Agreement incorporated herein by reference, which bonds will be payable as to principal, premium, if any, and interest from the rental payments made by the American Chain & Cable Company, Inc. under the Lease Agreement and from other revenues and income realized under the Lease Agreement, or as otherwise provided in the above described Mortgage and Indenture of Trust. The Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of South Bend. Section 4. The City Controller is authorized and directed to sell such bonds to Goldman, Sachs & Co. (the "Underwriter ") at a rate or rates of interest on the bonds not to exceed 7.625% Pe.- annum and at a price of 98% of the principal amount thereof. Section 5. The Mayor, City Clerk- and City Controller are authorized and directed to execute t"-.c cocuments constituting t:-.e _ Ana nci ng Acreement approved herein on be:-alf of the City of Scut:: Bend and any other documents which may be necessary or -2-