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