Repeal Ordinance No 5407-72 Revenue Bonds Royal Inns of South Bend

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and Trust Indenture and Bonds, and the issuance of economic development revenue bonds in accordance therewith, and WHEREAS, the South Bend Economic Development Commission has transmitted this form of ordinance to the City Clerk of South Bend, Indiana, for the presentation to the Common Council of South Bend, Indiana, and WHEREAS, the City Clerk of South Bend, Indiana, has published once in a newspaper published in South Bend, Indiana, a notice that such form of ordinance has been filed with the Clerk in accordance with the provisions of said Municipal Economic Development Act of 1965, as amended, and WHEREAS, the Common Council of South Bend, Indiana, finds that the proposed development will be of public benefit to the economic welfare of the City of South Bend, Indiana, by tending to overcome the deficiencies previously found to exist and that such benefit is greater than the costs of the public facility which would be required by the proposed project relating to Royal Inn of South Bend, A Limited Partnership. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, that: Section 1. Ordinance No. 5407 -72, adopted by the Common Council on June 26, 1972, is hereby repealed. Section 2. The form and terms of the Lease and Trust Indenture and Economic Development Revenue Bonds as amended at this meeting pertaining to Royal Inn of South Bend, A Limited Partnership, facilities and the issuance of the economic development revenue bonds pursuant thereto are hereby approved and adopted. Section 3. Said forms of Lease and Trust Indenture and Economic Development Revenue Bonds as amended at this meeting are hereby incorporated by reference into this ordinance and said forms shall be inserted into the minutes of the Common Council of South Bend, Indiana, and shall be kept on file by the City Clerk of South Bend, Indiana. OFAE