Preliminary Approval of the Issuance of Bonds for the Purpose of Providing certain Economic Development Facilities for Noble Americas South Bend Ethanol LLC

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RESOLUTION NO. �1 0 / A(— 3 A%9/� A RESOLUTION OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION PROVIDING PRELIMINARY APPROVAL OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING CERTAIN ECONOMIC DEVELOPMENT FACILITIES FOR NOBLE AMERICAS SOUTH BEND ETHANOL, LLC WHEREAS, the South Bend Economic Development Commission (the "Commission ") is a commission operating and existing under and pursuant to the authority of Indiana Code 36 -7 -11.9 and 12, as supplemented and amended (the "Act "); and WHEREAS, the Commission is authorized by the Act to investigate, study, and survey the need for job opportunities, industrial diversification, water services and pollution control facilities in the City of South Bend, Indiana (the "City "), and to recommend action to improve or promote job opportunities, industrial diversification, water services and the availability of pollution control facilities in the City; and WHEREAS, the City may issue revenue bonds pursuant to the Act for the financing of "economic development facilities" or "pollution control facilities" as each are defined by the Act, the funds from said financing to be used for the acquisition, renovation, construction, installation and equipping of said facilities, and said facilities to be either leased to another person or directly owned by another person; and WHEREAS, Noble Americas Corp., on behalf of its subsidiary Noble Americas South Bend Ethanol, LLC, (the "Applicant") has requested that the Commission give preliminary approval to the issuance of economic development revenue bonds under the Act in an aggregate principal amount not to exceed $25,000,000 which request includes the financing by the Applicant of certain economic development facilities consisting of the acquisition, construction, installation and equipping of, including, but not limited to, grain drying systems, process technology upgrades, boilers, cooling towers, water treatment, tanks, piping systems, CIP system, and any other facilities and equipment which may be financed through the issuance of economic development revenue bonds (the "Project ") in conjunction with the Applicant's renovation of the ethanol production facility located at 3201 West Calvert Street in the City; and WHEREAS, such economic development revenue bonds would be issued pursuant to a financing agreement whereby the proceeds of such bonds would be utilized to acquire, construct and install the Project, and the Applicant would make payments sufficient to pay the principal of, premium, if any, and interest on such bonds; WHEREAS, the issuance and sale of said revenue bonds will not reduce the legal bonding capacity of the City, and the City shall bear no expense in connection with the issuance and sale of said revenue bonds with all expenses in connection therewith which are incurred by the City to be reimbursed to the City by the Applicant; and dms.us.53705739.01